MIAMI BEACH, FL / ACCESSWIRE / November 16, 2022 / Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) ("Cuentas"), a leading fintech provider of mobile payment solutions, announced today that its Board of Directors has authorized a share repurchase program of its outstanding shares of common stock.
Arik Maimon, CEO and Executive Chairman of Cuentas, said, "Our Board of Directors has authorized this stock buyback to exercise our financial flexibility to buy our common stock from time to time as market conditions warrant. With no outstanding corporate debt and a, historically low, market valuation of 1.9 times projected 2022 revenue of $3 million, the Company sees an opportunity to reduce its shares outstanding at very attractive valuations."
The Board authorized the Company to purchase its common stock periodically on a discretionary basis through open-market purchases utilizing existing cash balances. The amount and timing of purchases under the share buyback program is contingent upon cash on hand, cash flows from operations, general market conditions and other factors. The program is anticipated to commence now that Cuentas has released its third quarter financial statements. The program does not require the Company to acquire a minimum amount of its common stock, has no set termination date and may be suspended or discontinued by the Board of Directors at any time.
Other Business Updates:
- No corporate debt as of September 30, 2022
- $2.1million cash on hand as of September 30, 2022
- Insider Share Ownership Approximately 47%
- In process to diversify revenue sources (Fintech App, Digital distribution network, Combo Product for Financial & Wireless services)
- Exclusive Fintech Provider and Sponsor of MASL Professional Soccer League. League launches Black Friday, Nov 25, 2022 at same time as Cuentas launches Combo Product for Financial & Wireless services.
- Annualized revenue run rate at $4.4 Million vs. 2021 revenue of $593,000
- As of November 15, 2022, company market valuation approx. $5.8 Million and Price to Annualized Sales Ratio of 1.3
- Increase in revenues projected from organic growth from Cuentas Combo Product for Financial & Wireless services.
- Expanding POS Bodega network with state of the art POS devices.
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a fintech e-finance and e-commerce service provider with proprietary technology that delivers digital financial services to the underbanked and un-banked Hispanic, Latino and immigrant populations including mobile and financial services, prepaid debit, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services. The Cuentas General Purpose Reloadable (GPR) Card includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit https://cuentas.com.
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. 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.
View source version on accesswire.com: