Cuentas Signs Supply Agreement with Renco USA for Affordable Housing Projects

Rhea-AI Summary

Cuentas, Inc. (Nasdaq:CUEN) has entered a 10-year supply agreement with Renco USA to utilize its patented Mineral Composite Fiber Reinforced (MCFR) construction technology for sustainable rental housing projects. This system offers resilience against hurricanes (up to Category 5) and earthquakes, making it suitable for South Florida and other prone areas. Cuentas' new division, CuentasCasa, aims to address affordable housing challenges amid rising home costs. Renco's unique building materials promise cost efficiency and eco-friendly construction, eliminating the need for traditional materials while providing robust, disaster-resistant structures.

Positive

• 10-year supply agreement with Renco USA enhances Cuentas' project pipeline.
• Renco's construction technology improves resilience against natural disasters, appealing to housing markets in hurricane and earthquake-prone areas.
• CuentasCasa division targets affordable housing solutions in response to rising rental prices.

Negative

• None.

Renco USA Patented Construction System is Hurricane, Earthquake, Mildew and Termite resistant.

MIAMI BEACH, FL / ACCESSWIRE / March 1, 2023 / Cuentas, Inc. (Nasdaq:CUEN & CUENW) ("Cuentas") has signed a 10 year supply agreement with Renco USA, Inc ("Renco"), to provide its patented building materials for new, sustainable rental housing projects. Renco is an innovative green construction technology company that has a patented MCFR (Mineral Composite Fiber Reinforced) Construction System which provides cost efficiency, reduced build time, and sustainable benefits.

Renco's system is hurricane proof up to Category 5, which is a major benefit for developing housing projects in the South Florida market and other hurricane prone areas where Cuentas is planning to develop projects.

Renco's system is also earthquake resistant and the company is now providing the Turkish government with a long term housing solution to rebuild cities and areas recently affected by catastrophic M7.8 & M7.5 earthquakes and multiple aftershocks.

Renco USA was the supplier of building technology and materials for the first affordable housing project in the USA using its MCFR system. The Lakewood Village project is an affordable multi-family real estate development located at Palm Beach County.

Renco USA has the exclusive rights in the USA to the patented process. The Renco Wall, Floor and Roofing System is a unique MCFR Building System that creates interlocking, fiber reinforced, composite building blocks and other construction related products that can be connected in an almost limitless variety of designs. Renco's system can be used to create homes, apartment buildings, hotels, office buildings, warehouses, infrastructure products and more.

Cuentas recently disclosed its 6% equity position in the Lakewood Village project, that used Renco's construction system. Cuentas has now formed "CuentasCasa" as a new division that is now planning on developing additional affordable housing projects in Florida and other areas around the US as many housing markets are pricing the local workers out of affordable living spaces due to quickly rising rental rates and home purchase prices.

"Cuentas' recent acquisition in the Lakewood project was the first step to develop this very strategic relationship with Renco USA as their patented technology should revolutionize the affordable housing construction market, especially in Florida where hurricanes are a formidable, yearly threat," stated Arik Maimon, Co-founder and CEO of Cuentas. "The relationship with Renco USA should be instrumental in supporting new areas of business development for Cuentas, as we follow our original goal of providing solutions for the unbanked, underbanked and underserviced residents of the US." added Maimon.

"Cuentas is very excited to gain access to Renco USA's game-changing construction technology as it is "Green To The Core", stressing its Sustainability and Eco-Friendly components as it uses naturally occurring raw and recycled materials to build self-supporting, efficient, structurally sound single and multi-family dwellings," stated Co-founder and President, Michael De Prado. "Renco's patented construction technology can produce lower cost, strong, hurricane resistant (up to Cat 5), fire resistant, water resistant, termite resistant and even earthquake resistant (Seismic Cat A & B - soon C, D & E) apartment buildings that are becoming more necessary as natural disasters and extreme conditions become more prevalent." added De Prado.

"As Renco USA, we are very proud of the technology and sustainability benefits that we have developed over the past 12 years," stated Engin Yesil, co-founder of Renco USA. Using Renco's MCFR system in building design eliminates the need for lumber, steel or concrete, which are major sources of deforestation and CO₂ contamination worldwide." added Yesil.

About Cuentas

Cuentas, Inc. (Nasdaq:CUEN & CUENW) is a fintech e-finance and e-commerce service provider with proprietary technology that delivers digital financial services to the underbanked and un-banked Hispanic, Latino and immigrant populations including mobile and financial services, prepaid debit card, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services. CuentasCasa is the new division of Cuentas that will focus on developing affordable, eco-friendly, sustainable housing in the US with a focus on hurricane and earthquake-prone areas. The Cuentas General Purpose Reloadable (GPR) Card includes 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.

About RENCO

RENCO is a state-of-the-art structural building system comprised of interlocking composite structural building blocks and pultruded composite joists and decking that are all adhesively joined into a monolithic structure. RENCO Building System, blocks, joists, decking and adhesives have been evaluated in ANSI certified laboratories for structural performance, physical characteristics and fire resistance. After thorough evaluation, IAPMO approved Renco's Evaluation Criteria and issued its Evaluation Report to permit the use of RENCO Building System under the International Building Code including High Velocity Hurricane Zones. RENCO Building System design is currently limited to five story structures, however expanded approvals are pending. Visit www.RENCO-USA.com to learn more.

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.

Investor Relations

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

SOURCE: Cuentas, Inc.

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FAQ

What is the recent supply agreement between Cuentas and Renco USA?

Cuentas has signed a 10-year supply agreement with Renco USA to provide patented building materials for sustainable housing projects.

How does Renco's MCFR system benefit construction?

Renco's MCFR system is hurricane and earthquake resistant, offering cost-efficiency and reduced build times, which is crucial for areas prone to natural disasters.

What is the focus of CuentasCasa?

CuentasCasa is a new division focused on developing affordable, eco-friendly, sustainable housing in the US, particularly in regions facing rising housing costs.

Why is the supply agreement significant for Cuentas?

The agreement allows Cuentas to leverage innovative construction technology that addresses critical housing issues while expanding their market presence.