Cuentas Signs Marketing Agreement with SDI Black 011 and granted option to purchase 51% for $1 Million

Rhea-AI Summary

Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) has signed a marketing agreement with SDI Black 011, enhancing its distribution of the Cuentas Prepaid Mastercard® and mobile banking services. The partnership will target 1,000 prime locations in the NY, NJ, and CT areas, backed by a $200,000 escrow deposit. SDI, with 31,600 locations, will promote Cuentas to its 1 million subscribers. Additionally, Cuentas has an option to acquire 51% of SDI Black 011 for $1 million within a year, potentially broadening their market reach and services for underserved communities.

Positive

• Partnership with SDI Black 011 to increase Cuentas' service distribution.
• Targeting 1,000 new locations in high-density areas to expand customer reach.
• SDI's existing network of 31,600 locations supports growth potential.
• Option to acquire 51% of SDI Black 011 bolsters strategic positioning.

Negative

• None.

MIAMI, FL / ACCESSWIRE / April 14, 2021 / Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) ("Cuentas"), a leading FinTech provider of mobile banking and payment solutions focused on Hispanic and Latino communities signed a Marketing Agreement with SDI Black 011 (SDI), a leading prepaid telecom and digital provider, to incorporate sales of the Cuentas Prepaid Mastercard®, Cuentas Mobile App and digital wallet into its electronic portal while the parties work together to expand the SDI distribution network.

The SDI network currently has 31,600 locations in the USA and Cuentas will deposit $200,000 in escrow to jump start the expansion of the SDI network, initially in the New York, New Jersey, Connecticut tri-state area. The initial goal is to sign up 1,000 new targeted prime locations, including convenience stores and "bodegas", especially near Mass Transit stations in CT & NY as the Cuentas App is currently linked with the GO_CT Transit Reload system and plans to be connected to the NY MTA when it expects to start digital sales to the public in September. Up to 250 of these locations may be set up with free WiFi hotspots provided by Cuentas that may generate marketing interest and revenue from the advertising platform.

SDI Black 011 (SDI) will promote to its 1 million subscribers the Cuentas Prepaid Debit Mastercard®, the Cuentas Mobile App and when available, the Cuentas Starter Prepaid Mastercard®.

Heading this project for Cuentas is Executive Vice President Jeff Jorgge, who recently left Sprint, where he was involved in building its nationwide indirect sales channel. Jeff is uniquely qualified for this position as he has been in the industry for over 20 years and has done similar work with several major companies.

"I have been involved in indirect channel distribution for the past 15 years in the New York, New Jersey & Connecticut area and am very excited that Cuentas and SDI are working together in this marketing agreement to bring quality products and services to a segment of the population that really needs these financial solutions," stated Jeff Jorgge, Executive Vice President of Cuentas. The Cuentas Mobile App and portfolio of solutions should help to bridge the digital divide for the unbanked, underbanked and underserviced population," added Jorgge.

The Cuentas GPR program will be supporting the SDI wireless brands, Black Wireless and Mango Mobile with a rebate program that will allow SDI to subsidize some of their current wireless programs through its master distributors and dealers. Through the Agreement, Cuentas will have the right to acquire 51% of SDI Black 011 for $1 million in consideration and/or shares within 1 year.

About Cuentas

Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) is a FinTech e-banking 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 banking, online banking, prepaid debit, ACH and mobile deposits, cash remittance, peer to peer money transferring, and providing access to bank accounts for customers who previously could not obtain bank accounts. The proprietary Cuentas General Purpose Reloadable (GPR) Card provides holders with a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit https://cuentas.com

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. 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.

CONTACT:

Cuentas, Inc.
800-611-3622
info@cuentas.com

SOURCE: Cuentas, Inc.

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FAQ

What is the recent agreement signed by Cuentas (CUEN) and SDI Black 011?

Cuentas signed a marketing agreement with SDI Black 011 to expand its prepaid Mastercard and mobile banking services across targeted locations.

How many locations is Cuentas targeting in its agreement with SDI?

Cuentas aims to target 1,000 new prime locations in New York, New Jersey, and Connecticut as part of the agreement.

What financial commitment has Cuentas made in the SDI agreement?

Cuentas has deposited $200,000 in escrow to support the expansion of the SDI network.

What option does Cuentas have regarding SDI Black 011?

Cuentas has the right to acquire 51% of SDI Black 011 for $1 million within one year.

What is SDI Black 011's current subscriber base?

SDI Black 011 currently has approximately 1 million subscribers.