Cuentas Inc. signed a letter of intent to acquire 75% stake in World Health Energy Holdings, Inc. from UCG Inc.
October 15, 2023
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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.
World Health Energy Holdings, Inc. is a holding company comprised of CrossMobile Sp z o.o., Instaview ltd, RNA Ltd, and SG 77, Inc. The Company is primarily engaged in the global telecom and cybersecurity technology field. Its product offerings are comprised of three segments: Cyber Care, AI-based image processing systems, and Mobile telecom GSM. Its business-to-business (B2B) Cybersecurity system software development and implementation program focuses on developing threat management software that provides solutions for the constantly evolving cyber challenges of businesses, non-governmental organizations (NGOâs) and governmental entities. Its business-to-consumer (B2C) System offers a solution which is designed to enable parents wishing to observe their childrenâs online behavior to learn if they are accessing inappropriate websites and content and/or to protect them from a range of threats including cyberbullying, pedophiles and other predators and identity theft.