Cuentas Inc signs Binding LOI to Acquire $2M Membership Interest in Affordable Housing Project

Rhea-AI Summary

Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) has signed a binding LOI to acquire a $2 million membership interest in 4280 Lakewood Road, LLC, a project focused on affordable multi-family housing in Lake Worth, Florida. The project, named Lakewood Village, will offer 96 rental units, comprised of 2-bedroom and 3-bedroom apartments. The transaction requires approval from Cuentas' Board of Directors and third-party appraisals before closing. Cuentas plans to promote these rentals to its Financial Services account holders, marking the first phase of a larger initiative called 'CuentasCasa'.

Positive

• Cuentas is engaging in a $2 million acquisition, potentially enhancing its portfolio in the real estate sector.
• The affordable housing project aligns with Cuentas' target market, supporting economic growth and community development.
• CuentasCasa initiative suggests plans for future expansion and increased revenue streams.

Negative

• The acquisition is contingent on third-party appraisals and board approval, introducing uncertainties.
• Potential financial expenditures related to the acquisition could strain cash flow if not managed properly.

MIAMI BEACH, FL / ACCESSWIRE / January 9, 2023 / Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) ("Cuentas"), announced today it has signed a binding LOI to acquired a $2 million membership interest in 4280 Lakewood Road, LLC by issuing CUEN common shares to Core Development Holdings Corporation ("Core"), a Florida corporation that is a partner in the project.

The project is named Lakewood Village and is an affordable multi-family real estate project located in Lake Worth, Florida. Units are currently available for rent and the entire project is designed for 96 brand new 2 bedroom/2 bathroom and 3 bedroom/2 bathroom apartments. Lakewood Village is taking applications for rental customers to move in.

The transaction is scheduled to close as soon as practicable, when third party project appraisal evaluations are complete and the Cuentas Board of Directors approve the transaction.

Cuentas will promote this project to its Cuentas Financial Services account holders to be able to submit rental applications for these affordable rental properties. The limited number of initial rental apartments are Phase 1 of an expanding project envisioned by Cuentas to be called "CuentasCasa". https://casa.cuentas.com/

About Cuentas

Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a FinTech e-payments and e-commerce service provider with proprietary technology aimed at providing solutions for the underbanked and un-banked Hispanic and Latino population. Its services include, but are not limited to, mobile payments, prepaid debit card, ACH and mobile deposits, peer to peer money transferring, and , domestic and international cash remittances. Cuentas is expanding its offering of essential services to its customers.

About Core

Core is an affiliate of RENCo USA, Inc., who provided a patented, proprietary composite structural technology and system for fast and economical construction of the 4280 Lakewood Project.

Forward-Looking Statements

This news release contains "forward-looking statements", as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements including that we will meet the standard for listing on NASDAQ or successful in our launch of the Cuentas GPR card and mobile app. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "believe", "plan" or "expect" or similar statements are forward-looking statements.

Cuentas

Info@cuentas.com
800-611-3622

SOURCE: Cuentas, Inc.

View source version on accesswire.com:
https://www.accesswire.com/734444/Cuentas-Inc-signs-Binding-LOI-to-Acquire-2M-Membership-Interest-in-Affordable-Housing-Project

FAQ

What is the purpose of Cuentas' acquisition of the $2 million membership interest in 4280 Lakewood Road, LLC?

The acquisition aims to expand Cuentas' involvement in affordable housing through the Lakewood Village project.

How many rental units will be available in the Lakewood Village project?

The Lakewood Village project will feature a total of 96 rental units.

What is the expected impact of the Lakewood Village project on Cuentas' business?

The project is expected to enhance Cuentas' portfolio and support revenue growth through rental income.

When is the acquisition of the membership interest in 4280 Lakewood Road, LLC expected to close?

The acquisition will close upon completion of appraisals and approval from Cuentas' Board of Directors.

What does the CuentasCasa initiative entail?

CuentasCasa is envisioned as a broader project aimed at providing affordable housing solutions.