Cuentas Inc. (NasdaqCM:CUEN) signed a letter of intent to acquire 75% stake in World Health Energy Holdings, Inc. (OTCPK:WHEN) from UCG Inc. on October 16, 2023. In consideration of the acquisition of the 75% stake in WHEN, Cuentas will issue to UCG, Inc. the principal shareholder of WHEN, such number of common shares of CUEN which will represent on the date of issuance 50% of Cuentas? issued and outstanding capital (on a fully diluted basis), in exchange for UCG?s stake in WHEN. Subject to the terms of the agreement, WHEN Group management, including Major Gen. (Ret) Danny Yatom and Giora Rosensweig, Chief Executive Officer will be joining the Cuentas Board of Directors and Executive Management. While the companies will initially continue to operate independently.

Cuentas? Board of Directors has approved the transaction and the Companies expect to complete the transaction this year. The closing is contingent on several factors, including without limitation, the approval of Nasdaq and the shareholders of Cuentas approving the transaction.