Cuentas Inc. Announces Strong Q3 Revenue and Appointment of New Chief Financial Officer

MIAMI, December 20, 2018 /PRNewswire/ --

Cuentas, Inc. (CUENTAS) (OTCQB: CUEN), a FinTech service provider delivering mobile banking, online banking, prepaid debit and digital content services to unbanked, underbanked and underserved communities, announced today that it reached over $61 million in sales for the nine months ending Sept 30, 2018 and that the Board of Directors appointed a new Chief Financial Officer.

Financial Results

Total combined revenues for the nine-month period ending September 30, 2018 increased to $61.5 million, as compared to $1.7 million for the nine-month period ending September 30, 2017. Gross profit for the nine-month period ending September 30, 2018 increased to $1.1 million, as compared to $0.4 million for the nine-month period ending September 30, 2017. Operating expenses for the nine-month period ending September 30, 2018 increased to $2.8 million, as compared to $2.3 million for the nine-month period ending September 30, 2017. The increase in the total combined revenues, the gross profit and operating expenses was mainly due to the acquisition of Limecom. Net income before controlling interest for the nine-month period ending September 30, 2018 increased to $0.07 million, as compared to a net loss before controlling interest of $2.5 million for the nine-month period ending September 30, 2017. The increase in the net income before controlling interest was mainly due to gain from Change in fair value of stock-based liabilities and the acquisition of Limecom.

Total Combined Revenues for the three-month period ending September 30, 2018 increased to $20.6 million, as compared to $0.6 million for the three-month period ending September 30, 2017. Gross profit for the three-month period ending September 30, 2018 increased to $0.4 million, as compared to $0.1 million for the three-month period ending September 30, 2017. Operating expenses for the three-month period ending September 30, 2018 increased to $1.1 million, as compared to $0.5 million for the three-month period ending September 30, 2017. The increase in the total combined revenues, the gross profit and operating expenses was mainly due to the acquisition of Limecom. Net loss before controlling interest for the three-month period ending September 30, 2018 increased to $0.5 million, as compared to a net income before controlling interest of $1.7 million for the three-month period ending September 30, 2017. The decrease in the net income before controlling interest was mainly due to decrease in the gross profit and a gain on derivative liability during the three-month period ending September 30, 2017.

Appointment of Ran Daniel to serve as the Company's Chief Financial Officer (CFO)  

On November 28, 2018, the Board of Directors of Cuentas Inc. appointed Ran Daniel to serve as the Company's Chief Financial Officer. Mr. Daniel has more than 20 years of financial and business management experience. Since June 2018, Mr. Daniel has served as a member of the Board of Directors of Maayan Ventures Ltd (MAYN.TA). Mr. Daniel has also served as the Chief Financial Officer of Blue Sphere Corporation from April 2016 through April 2018. From August 2014 to March 2016, Mr. Daniel served as the General Counsel and Head of the Family Office of Elie Tahari Ltd., and from December 2012 to August 2014, he has served as Executive Vice President of IDH Properties LLC, an affiliate of the Elad Group. He was responsible for the financial and accounting functions in several companies and has extensive experience working as a CFO in both rapidly growing companies and publicly traded companies. He has worked with real estate, fashion, high-tech companies as well as remote institutional and high net worth individuals. Ran is licensed as a CPA, CFA and is admitted to practice law in New York. Mr. Daniel is licensed as a Certified Public Accountant (CPA) in the United States and Israel, admitted to practice law in the State of New York, licensed as a Real Estate Broker in the State of New York and a Chartered Financial Analyst (CFA). Mr. Daniel is a member of the CFA Institute, the New York Society of Security Analysts and the New York State Bar Association. Mr. Daniel holds a Bachelor of Economics, a Bachelor of Accounting and an MBA in Finance from the Hebrew University, as well as a Graduate Degree in Law from the University of Bar-Ilan.

"The appointment of Ran has had a very positive effect on the operations and SEC reporting capabilities of Cuentas", stated Arik Maimon, CEO of Cuentas, Inc. "Ran's experience, business acumen and dedication should help Cuentas tremendously as the company enters a very exciting expansion with the activation of 31,600 distribution retail locations (POS) for major brand 3rd party digital content services, especially during this holiday season and prepaid open loop J-hook debit cards will begin to be deployed in our retail distribution locations in 2019." added Maimon.

"I am extremely excited to be part of Cuentas. Fintech is a very strong space these days and Cuentas Mobile Banking and Online Banking products and partnerships are on the cutting edge of technology", stated Ran Daniel, CFO of Cuentas Inc. I am confident that I will be able to help executive management to improve on the control of company financials along with its target acquisitions that have been identified and secured with existing LOIs." added Daniel.

About Cuentas, Inc.

Cuentas, Inc. (OTCQB: CUEN) is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative Mobile Banking and Mobile Payment solutions to underserved, unbanked, and emerging markets. Learn more at http://www.cuentas.com

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For inquiries:
Dave Gentry
RedChip Companies Inc.
[email protected]
+1-407-491-4498

Cuentas, Inc.
[email protected]
+1-800-611-3622

SOURCE Cuentas, Inc.