Cuentas Signs Binding Letter of Intent to Purchase SDI Black 011 LLC and Mango Tel LLC for $3.2M

Acquisition Will Expand Cuentas’ Retail and Mobile Reach and Drive Growth in Key Target Markets

MIAMI, FL / ACCESSWIRE / January 10, 2022 / Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) (“Cuentas”), a leading fintech provider of mobile banking and payment solutions, has signed a binding letter of intent to acquire the operations and distribution network of prepaid wireless and digital provider SDI Black 011 (SDI), as well as Mango Mobile and Black Wireless. The deal is expected to close by or before May of this year.pic2152

Cuentas previously invested in the expansion of the SDI network, and will leverage these assets to accelerate reach of the Cuentas prepaid debit card and digital wallet via retail, mobile and other channels. SDI generated more than $9 million in retail revenue in 2021.

“This acquisition will drive more recurring revenue and create new operational efficiencies for Cuentas.” said Jeff Johnson, CEO of Cuentas. “We expect SDI’s profitable assets to contribute to economies of scale across our business, and enable more solutions within the Cuentas mobile app, driving higher profits and accelerating market growth in our core fintech business.”

The SDI B2B portal serves over 30,000 US bodegas, wireless retailers and convenience stores, and will enable retailers to sell from a portfolio of hundreds of virtual products without carrying inventory, generating incremental profits in real-time.

Black011 and its brands already have hundreds of thousands of subscribers who purchase services via the SDI website and digital portal, both of which connect via API to the largest wireless companies in the world. This technology allows SDI to be one of the largest distribution channels for wireless services in the New York City metro tri-state area and nationwide.

Through this acquisition, both retailers and Black011 subscribers will benefit from access to Cuentas solutions including the Cuentas Prepaid Debit card, OMNY Transit, Amazon cash, prepaid gift cards, rebates, new offers and more.

About Cuentas

Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a fintech e-banking and e-commerce service provider with proprietary technology that delivers digital financial services to the underbanked and un-banked Hispanic, Latino and immigrant population including mobile and online banking, prepaid debit, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services. 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

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.
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info@cuentas.com

SOURCE: Cuentas, Inc.

 

India Turns to Boosters as It Battles Another COVID Surge

India began administering booster shots of COVID-19 vaccines to vulnerable groups on Monday, as infections surge to their highest levels in seven months fueled by the omicron variant and crowded cities like New Delhi and Mumbai reimpose restrictions to battle the third wave of the pandemic.

Health care and frontline workers and senior citizens with comorbidities lined up Monday to get what India is calling a “precautionary shot.”

“We raised the demand for boosters for health care workers and doctors four months ago,” said J.A. Jayalal, who was president of the Indian Medical Association until December.“The government has taken the decision a little late, but at least now they will get some protection. That is necessary to ensure that we have sufficient doctors to take care of patients.”

In recent days, as India’s COVID-19 infection rate climbed steeply, hundreds of doctors and health care workers have contracted the virus according to reports in local media. That has led to warnings of staff shortages in hospitals.

Early studies suggesting that booster shots may provide more protection against the highly transmissible omicron variant have prompted several countries to expand booster programs.

In India, with a population of nearly 1.4 billion, roughly two-thirds of adults have been fully vaccinated while over 90 percent have received one shot. Last week, the inoculation program was also extended to those between 15 and 18 years old.

India’s vaccination program picked up pace after the country was devastated by a deadly second wave last summer. At that time authorities had been strongly criticized for mismanaging the crisis – most people were unprotected when the delta variant tore through the country while acute shortages of oxygen and hospital beds had overwhelmed the health care system.

As numbers surge again, authorities say they are better equipped to fight the third wave of infections — oxygen facilities have been ramped up and hospital beds set aside to cope with a new wave.

Most of the infections are also reported to be milder this time, giving rise to some optimism.

“Rising COVID cases are a matter of concern but there is no need to panic. Very few people are getting hospitalized,” Delhi’s Chief Minister Arvind Kejriwal said Sunday.

In the past week, as numbers have grown exponentially, worst hit cities like Delhi, Mumbai and Kolkata, are bringing back restrictions – cinema halls, gyms, schools and colleges that opened just months ago have been shut and large events cancelled. Delhi has also imposed a weekend curfew.

However, authorities have announced that they will hold elections to choose local governments starting next month in five states, including the country’s most populous state, Uttar Pradesh.

But the Election Commission has temporarily banned political rallies – it faced strong criticism last year for allowing massive rallies during a regional election even as cases of COVID-19 were spiraling in the country. The rallies had been flagged by public health experts as super spreader events.

On Monday, India reported 179,723 new cases of COVID-19. India is the world’s second worst affected country by the pandemic – it has so far recorded more than 35 million COVID-19 cases and about 484,000 deaths from the virus, although many believe that the toll could be much higher.

Source: Voice of America

EU Scientists: 2021 Was Fifth-Warmest Year on Record

Satellite measurements show that 2021 was one of the warmest years on record, with the past seven years being the hottest period recorded globally.

The European Union’s Copernicus Climate Change Service (C3S) said Monday that last year was the fifth-warmest year according to records dating back to 1850. It said average global temperatures in 2021 were 1.1 to 1.2 Celsius warmer than in the pre-industrial period from 1850 to 1900.

The hottest years on record were 2020 and 2016, according to the group.

C3S, which tracks global temperatures and other climate indicators, also reported that levels of carbon dioxide and methane in the atmosphere continued to rise last year, hitting new highs.

The group found that 2021 was Europe’s hottest summer on record. It followed an unusually cold April that wiped out fruit crops in some countries, including France and Hungary.

Scientists say higher temperatures can cause the air to absorb more moisture and lead to extreme rainfall. Last year saw flooding in several European countries, including Germany, Belgium and the Netherlands.

Countries that signed the 2015 Paris Agreement have pledged to try to limit global temperature rise to 1.5C above pre-industrial temperatures. Scientists say that would help the world avoid the worst impacts of climate change.

To reach that goal, the world would need to limit emissions by about half of current levels by 2030, according to scientists. However, the C3S said that emissions tracked higher in 2021, with the level of CO2 in the atmosphere reaching 414.3 parts per million, up 2.4ppm from 2020.

Source: Voice of America

Hong Kong Travel Restrictions Could Have Dire Consequences

International business groups are urging Hong Kong to restart international flights after a ratings group warned the travel restrictions, imposed last week because of COVID-19 outbreaks, could have dire effects on the territory’s economy.

Fitch Ratings said, “A new wave of restrictions on various social activities within Hong Kong and a further tightening of controls on international travel … are likely to dampen economic growth prospects.”

Some Hong Kong executives who traveled out of the territory for the winter holidays found that they could not return to Hong Kong because of the new restrictions that are designed to be in place for at least two weeks but may last longer. Fitch said, “We believe the tightening of restrictions on international arrivals will create further obstacles to the territory’s ability to serve as a regional headquarters” for foreign multinational companies.

The Cyprus Mail reports that a University of Cyprus scientist and his team have discovered a new COVID variant. Dr. Leontios Kostrikis told the publication that deltacron has the genetic background of the delta variant and some of the mutations of omicron.

“The frequency of the mutations was higher among those in hospital which could mean there is a correlation between deltacron and hospitalizations,” Kostrikis told the Mail.

Australia’s New South Wales state reported 16 deaths from COVID-19 on Sunday, its deadliest day in the two-year pandemic. The state, Australia’s most populous, already has 200,000 people in isolation, and reported more than 30,000 new cases.

On Sunday, New South Wales Health issued a statement allowing essential workers to return to work if they do not have any symptoms, if their employer says they are needed. They must wear a mask and pass a daily rapid antigen test. Some employers are reporting as many as half their workers are staying home because they have had contact with an infected person.

Victoria, Australia’s second-largest state, reported more than 44,000 new cases and four deaths, Reuters reported. The entire country will surpass 1 million infections sometime Sunday, according to the Australia Broadcasting Corp.

Saturday, more than 100,000 people took to the streets across France to protest proposed new restrictions that will require proof of vaccination to eat out, travel on intercity trains or go to a cultural event. The turnout was four times the government’s estimate of 25,000 protesters who marched on Dec. 18, Agence France-Presse reported.

Protesters also marched in several German cities Saturday, demanding a halt to restrictions on those who have not been vaccinated against the coronavirus. The main demonstrations occurred in Duesseldorf, Frankfurt and Magdeburg.

German Chancellor Olaf Scholz announced Friday that proof of vaccination or a recent negative COVID-19 test will now be required to enter bars and restaurants in the country. Currently, proof of vaccination is required to enter many public venues.

Protests of government coronavirus restrictions also took place Saturday in Turin, Italy, and Beirut.

Global surge

The United Kingdom’s death toll from COVID-19 since the pandemic began topped 150,000 on Saturday, more deaths than any other European country except Russia. Britain reported a record of 146,390 new cases on Saturday.

“Coronavirus has taken a terrible toll on our country and today the number of deaths recorded has reached 150,000,” Prime Minister Boris Johnson said in a statement. “Our way out of this pandemic is for everyone to get their booster or their first or second dose if they haven’t yet.”

India’s capital, New Delhi, was shut down Saturday to halt the spread of the coronavirus, after a nearly fourfold nationwide spike in infections in the last week alone. Most shops were closed, but some essential services remained open.

More than 140,000 new cases across the country were reported Saturday, the most since the end of May, the health ministry said. It also reported more than 280 new deaths, for a total of nearly 484,000 since the pandemic began.

The surge in infections in India is fueled by the highly contagious omicron variant as political rallies attended by tens of thousands of people continue to be held by candidates before state elections are held later this year.

Source: Voice of America

EU Under Pressure on ‘Ghost Flights’

The European Union is under increasing pressure to further ease rules on airport take-off and landing slots to cut the number of “ghost flights” airlines are running to retain them.

Carriers say the requirement for them to use 50% of their slots — down from 80% in pre-pandemic days — or lose them is forcing them to operate empty or half-empty flights.

A sluggish return to air travel, as travelers shrink away from the omicron COVID variant and quickly changing rules for passengers, is dragging out the practice longer than they planned.

Belgium’s Brussels Airlines, for instance, says it will have to operate 3,000 under-capacity flights up to the end of March.

Its parent company Lufthansa warned last month it expected it would have to run 18,000 “pointless flights” over the European winter.

Belgium’s transport minister, Georges Gilkinet, has written to the European Commission urging it to loosen the slot rules, arguing the consequences run counter to the EU’s carbon-neutral ambitions.

The current reduced quotas were introduced in March last year in a nod to the hardship airlines faced as COVID washed over Europe for a second year running, shriveling passenger numbers.

In December, the commission said the 50% threshold would be raised to 64% for this year’s April-to-November summer flight season.

“Despite our urgings for more flexibility at the time, the EU approved a 50%-use rule for every flight schedule/frequency held for the winter. This has clearly been unrealistic in the EU this winter against the backdrop of the current crisis,” a spokesperson for the International Air Transport Association (IATA) told AFP.

He said the commission needed to show more “flexibility … given the significant drop in passengers and impact of omicron numbers on crewing planned schedules.”

But a commission spokesperson on Wednesday said the EU executive believed “the overall reduced consumer demand… is already reflected in a much-reduced rate of 50% compared to the usual 80%-use rate rule.”

The spokesperson, Daniel Ferrie, said: “The Commission expects that operated flights follow consumer demand and offer much needed continued air connectivity to citizens.”

Source: Voice of America

Australia’s New South Wales State Sees Record COVID-19 Deaths

Australia’s New South Wales state reported 16 deaths from COVID-19 Sunday, its deadliest day in the two-year pandemic. The state, Australia’s most populous, already has 200,000 people in isolation, and reported more than 30,000 new cases.

On Sunday, New South Wales Health issued a statement allowing essential workers to return to work if they do not have any symptoms, if their employer says they are needed. They must wear a mask and pass a daily rapid antigen test. Some employers are reporting as many as half their workers are staying home because they have had contact with an infected person.

Victoria, Australia’s second-largest state, reported more than 44,000 new cases and four deaths, Reuters reported. The entire country will surpass 1 million infections sometime Sunday, according to the Australia Broadcasting Corp.

Saturday, more than 100,000 people took to the streets across France to protest proposed new restrictions that will require proof of vaccination to eat out, travel on inter-city trains or go to a cultural event. The turnout was four times the government’s estimate of 25,000 protesters who marched on Dec. 18, Agence France-Presse reported.

Protesters also marched in several German cities Saturday, demanding a halt to restrictions on those who have not been vaccinated against the coronavirus. The main demonstrations occurred in Duesseldorf, Frankfurt and Magdeburg.

German Chancellor Olaf Scholz announced Friday that proof of vaccination or a recent negative COVID-19 test will now be required to enter bars and restaurants in the country. Currently, proof of vaccination is required to enter many public venues.

Protests of government coronavirus restrictions also took place Saturday in Turin, Italy, and Beirut.

Global surge

The United Kingdom’s death toll from COVID-19 since the pandemic began topped 150,000 on Saturday, more deaths than any other European country except Russia. Britain reported a record of 146,390 new cases Saturday.

“Coronavirus has taken a terrible toll on our country and today the number of deaths recorded has reached 150,000,” Prime Minister Boris Johnson said in a statement. “Our way out of this pandemic is for everyone to get their booster or their first or second dose if they haven’t yet.”

India’s capital, New Delhi, was shut down Saturday to halt the spread of the coronavirus, after a nearly fourfold nationwide spike in infections in the last week alone. Most shops were closed, but some essential services remained open.

More than 140,000 new cases across the country were reported Saturday, the most since the end of May, the health ministry said. It also reported more than 280 new deaths, for a total of nearly 484,000 since the pandemic began.

The surge in infections in India is fueled by the highly contagious omicron variant as political rallies attended by tens of thousands of people continue to be held by candidates before state elections are held later this year.

Source: Voice of America