Cuentas Inc signs Binding LOI to Acquire $2M Membership Interest in Affordable Housing Project
MIAMI BEACH, FL / ACCESSWIRE / January 9, 2023 / Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) ("Cuentas"), announced today it has signed a binding LOI to acquired a $2 million membership interest in 4280 Lakewood Road, LLC by issuing CUEN common shares to Core Development Holdings Corporation ("Core"), a Florida corporation that is a partner in the project.
The project is named Lakewood Village and is an affordable multi-family real estate project located in Lake Worth, Florida. Units are currently available for rent and the entire project is designed for 96 brand new 2 bedroom/2 bathroom and 3 bedroom/2 bathroom apartments. Lakewood Village is taking applications for rental customers to move in.
The transaction is scheduled to close as soon as practicable, when third party project appraisal evaluations are complete and the Cuentas Board of Directors approve the transaction.
Cuentas will promote this project to its Cuentas Financial Services account holders to be able to submit rental applications for these affordable rental properties. The limited number of initial rental apartments are Phase 1 of an expanding project envisioned by Cuentas to be called "CuentasCasa". https://casa.cuentas.com/
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a FinTech e-payments 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 payments, prepaid debit card, ACH and mobile deposits, peer to peer money transferring, and , domestic and international cash remittances. Cuentas is expanding its offering of essential services to its customers.
Core is an affiliate of RENCo USA, Inc., who provided a patented, proprietary composite structural technology and system for fast and economical construction of the 4280 Lakewood Project.
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 including that we will meet the standard for listing on NASDAQ or successful in our launch of the Cuentas GPR card and mobile app. 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.
SOURCE: Cuentas, Inc.
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