Cuentas Inc Acquires Majority Control of CuentasMAX With Exclusive Rights to WaveMax’s SharedFi (R) WiFi6-5G Patented Technology
MIAMI BEACH, FL / ACCESSWIRE / December 15, 2022 / Cuentas Inc. (NASDAQ:CUEN & CUENW) (“Cuentas”) announced today that it has signed an agreement to acquire controlling interest of its CuentasMAX LLC (“CuentasMAX”) Joint Venture with WaveMAX Corporation (“WaveMAX”) and Execon Smart Solutions LLC (Execon) in a cash transaction, pending board approval.
WaveMAX, the pioneer of the world’s first shared WiFi network, has successfully implemented and demonstrated its WiFi6-5G shared network in Bodegas and small stores in New York, Los Angeles and Puerto Rico.
CuentasMAX was incorporated as a joint venture between WaveMAX, Cuentas, a leading FinTech provider (Top 4 Fintech) of mobile payments, digital wallet and financial solutions focused on Hispanic and Latino communities, and Execon, an innovative WiFi6 as a service provider.
CuentasMAX has exclusive rights to WaveMAX’s patented technologies and Execon’s specialized supervisory & control technology which, together with Cuentas’ distributed bodega network and payments platform, is well suited to serve Bodegas and small independent retail shops in both urban and rural areas.
WaveMax’s SharedFi® patented technology allows for a shared network of WiFi access points and small cells. The end-user has access to this shared network and, if opted in, can be impacted with location-based advertising. These ads are configured by advertisers using WaveMAX’s dashboard targeting, manually or programmatically, the right audience, at the right time, and the right place. Advertisers may transparently optimize their advertising investment with zero fraud and no user privacy invasion and analyze aggregated data and results. The user may also pay an ad-free subscription service, or have the service be included as part of their data plan with roaming agreements. Access points and small cell owners receive a share of the ad, subscription or roaming revenue.
Cuentas Mobile was formed by Cuentas to deliver quality mobile services coupled with mobile payment, digital wallet and other financial services. Cuentas Mobile prepaid subscribers can be automatically connected to any SharedFi network generating substantial savings to their data plans. Cuentas app users will be able to make money and receive payouts when they share and monetize their WiFi homespot or mobile hotspot on SharedFi, and retailers distributing Cuentas Mobile SIMs will be able to provide WiFi6-5G at their stores and advertise offers and deals when users connect to the WiFi6 as well as to attract customers by advertising in the SharedFi Network in their city or neighborhood.
“We have worked now for over 1 year on this CuentasMAX joint venture project and have shown the value of the technology and the impressive capabilities provided by sharing network resources,” stated Michael De Prado, Co-founder and President of Cuentas. “The CuentasMAX capabilities, when combined with the 32,000 bodegas in the Cuentas SDI Network, provides needed services and digital capabilities to this market segment”, added De Prado.
“The CuentasMAX/WaveMAX/Execon system can provide great value and benefits to bodegas and their clients,” stated Jay Adams, CEO of Cuentas Mobile. “Allowing our subscribers to save even more money by using the shared network capabilities should strengthen our relationship with these consumers”, added Adams.
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.
About WaveMAX Corporation
WaveMAX is a WiFi-5G sharing company leveraging US patented technology to create an ecosystem monetizing mobile interactions between Telcos, Retailers, Providers, Apps, and Users. WaveMAX ecosystem is rapidly growing worldwide, creating new synergies and network effects.
Execon is a managed WiFi and IASS (Infrastructure As A Service) provider serving more than 20,000 locations and convenience stores in the USA and México.
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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