Correction: CUEN – Cuentas, Inc. Announces Financing Terms for Tampa Real Estate Venture Through Lender $3,000,000 Mortgage Extension

Rhea-AI Summary

Cuentas, Inc. announces key developments in its mortgage and loan agreements, securing a $500,000 Line of Credit for the Tampa real estate project. The company has extended its mortgage by $3,000,000, showcasing strong financial support. Cuentas aims to expedite project development and provide high-quality housing solutions for lower-income families through innovative construction methods.

Cuentas, Inc. discloses the overarching terms of its mortgage and loan agreement conditions, including a $500,000 Line of Credit.  Cuentas Casa is poised to embark on the commencement of the Tampa real estate project development, further reinforcing its commitment to growth and innovation.

MIAMI BEACH, FL, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Cuentas, Inc. (OTC: CUEN & CUENW) (“CUEN” or “the Company”), the trailblazing force behind fully integrated real estate, telecommunications, and financial applications for the unbanked and underbanked Hispanic market, has unveiled key developments related to its Tampa project and associated line of credit, signaling the imminent launch of the transformative Cuentas Casa initiative.

Cuentas proudly announces that it has successfully negotiated favorable terms for the extension of its mortgage, amounting to Three million dollars ($3,000,000), with its current mortgage lender. This extension underscores the strong support from the financial institution for Cuentas' real estate ventures. Simultaneously, in a strategic move, Cuentas and its development partners have secured a line of credit totaling Five hundred thousand dollars ($500,000). This financial injection is aimed at expediting the project by facilitating construction permits and obtaining groundbreaking approval.

This milestone achievement not only highlights the progress of the Cuentas Casa division but also symbolizes the trust bestowed upon Cuentas and its management by both the mortgage and line of credit lenders. The Company's organizational commitment is unwavering, with plans to initiate groundbreaking at the earliest, leveraging its extensive experience, strategic partnerships with building materials suppliers, and cutting-edge technologies. The innovative modular construction method, aligned with the Company's mission, promises durable and high-quality housing solutions for lower-income families.

With a majority stake in the Tampa project, Cuentas has enhanced its terms to include a right of first refusal for any additional equity contributions, potentially increasing its future partnership participation. Notably, the Tampa area has been recognized as one of the fastest-growing real estate markets in 2022 by Zillow. Anticipating a reduction in mortgage rates, Cuentas foresees increased interest from prospective buyers within the targeted demographic market served by Cuentas Casa.

The Company's management team remains dedicated to exploring additional opportunities to enrich the future portfolio of Cuentas Casa. Through this commitment, Cuentas is set to revolutionize essential service sectors by delivering strategic telecommunications, fintech, and housing solutions, solidifying its position as a trailblazer in the industry.

Arik Maimon
Chairman and CEO

About Cuentas

Cuentas, Inc. (OTC: CUEN & CUENW) is creating an alternative financial ecosystem for the growing global population who do not have access to traditional financial alternatives. The Company’s proprietary technologies help to integrate FinTech (Financial Technology), e-finance and e-commerce services into solutions that deliver next generation digital financial services to the unbanked, under-banked and underserved populations nationally in the USA. The Cuentas Platform integrates Cuentas Mobile, the Company’s Telecommunications solution, with its core financial services offerings to help entire communities enter the modern financial marketplace. Cuentas has launched its General Purpose Reloadable (GPR) Card, which includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. In Q1 of 2023 Cuentas launched Cuentas Casa, an alternative housing development initiative that secured a 10-year supply agreement for a patented, sustainable building system that will provide the bridge between its technology solutions and the affordable housing market. Cuentas has made investments to date in affordable housing projects for over 450 apartments. LINK: https://cuentas.com AND https://cuentasmobile.com

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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. These forward-looking statements involve substantial uncertainties and risks and are based upon our current expectations, estimates and projections and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including, but not limited to, OTC and shareholder approval of the proposed transaction, our ability to manage our research and development programs that are based on novel technologies, our ability to successfully integrate WHEN operations and product offerings, the sufficiency of working capital to realize our business plans and our ability to raise additional capital, market acceptance, the going concern qualification in our financial statements, our ability to retain key employees, our competitors developing better or cheaper alternatives to our products, risks relating to legal proceedings against us and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.

Contact Information:

Arik Maimon
CEO at Cuentas Inc
Cuentas Inc. (OTC:CUEN)
Phone:  800-611-3622 
Mobile: 786-774-2835
Web: www.cuentas.com
Email: arik@cuentas.com

FAQ

What are the key developments announced by Cuentas, Inc. regarding its mortgage and loan agreements?

Cuentas, Inc. has disclosed the terms of its mortgage extension by $3,000,000 and secured a $500,000 Line of Credit for the Tampa real estate project.

What is the purpose of the $500,000 Line of Credit obtained by Cuentas, Inc.?

The $500,000 Line of Credit aims to expedite project development by facilitating construction permits and obtaining groundbreaking approval.

How much has Cuentas, Inc. extended its mortgage by?

Cuentas, Inc. has extended its mortgage by $3,000,000, showcasing strong financial support from its current mortgage lender.

What innovative construction method is Cuentas, Inc. planning to utilize for its housing solutions?

Cuentas, Inc. plans to use an innovative modular construction method to provide durable and high-quality housing solutions for lower-income families.

What additional opportunities is Cuentas, Inc. exploring to enrich the future portfolio of Cuentas Casa?

Cuentas, Inc. is dedicated to exploring additional opportunities to enrich the future portfolio of Cuentas Casa, focusing on strategic telecommunications, fintech, and housing solutions.

What stake does Cuentas, Inc. hold in the Tampa project?

Cuentas, Inc. holds a majority stake in the Tampa project, with terms that include a right of first refusal for any additional equity contributions, potentially increasing its future partnership participation.