Cuentas’ Proposed Acquisition of a 75% Equity Stake in World Health Energy Holdings, Inc. (OTC Pink:WHEN) is intended to Expand Cuentas’ Mobile business and provide critical Next-Generation Security Against Privacy and Cyber Threats
Cuentas, developer of an alternative financial ecosystem to the underbanked,signed a letter of intent to acquire control of WHEN Group (World Health Energy Holdings, Inc. – OTC Pink: WHEN), pending Nasdaq and shareholder approval and other specified conditions, through a share exchange with WHEN’s principal shareholder, leaving Cuentas uniquely debt-free and well positioned to grow its mobile and FinTech lines.
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The WHEN Group was founded by Israeli engineers and international professionals with deep background in Cyber security and data threat remediation in both government and private sectors. From business and personal privacy to fin-tech security, WHEN has been developing solutions that utilize advanced pattern recognition and AI to create a security screening environment that can detect and defend against a range of threats and attacks on telecom, banking, and other communication infrastructure. Upon closing of the acquisition, Cuentas intends to begin integrating WHEN’s portfolio of Cyber Security solutions into the Cuentas Mobile Platform as well as offering WHEN’s advanced solutions to Cuentas’ fintech partners.
This move comes on the heels of new global conflicts from Ukraine to Israel, conflicts which have increasingly brought to light the dangers that are threatening our global digital infrastructure systems. These threats extend beyond governments to families and individuals. According to a recent report by the Red Cross, “There is no escaping the life-changing and life-endangering impact that digital technologies are having on people affected by conflict.” Digital threats such as surveillance, cyber-attacks, misuse of personal data, misinformation and disinformation are all-pervasive and these risks continue to evolve rapidly with new technologies such as generative artificial intelligence (AI) joining an ever-expanding list of digital dangers.1
Cuentas’ Management has been working with WHEN to identify immediate opportunities to provide WHEN solutions not only to the CUENTAS mobile platform, but also to the businesses and industries that Cuentas serves in the U.S. and around the world. Additionally, the parties are planning on deploying WHEN’s proprietary software to protect families concerned with external cyber threats at home, enabling the monitoring of a child and his environmental behavioral patterns that will alert parents to potential tragedies caused by cyberbullying, pedophiles, other predators, and depression / state of mind.
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, a former Director of Israeli Mossad, and current President of WHEN, and Giora Rosensweig, CEO with major experience in cyber security and artificial intelligence, will be joining the Cuentas Board of Directors and Executive Management. While the companies will initially continue to operate independently, management from both teams believe the synergies between the companies can pave the way to even deeper relationships.
“I have known some of the players on the WHEN team for many years and have always believed that their solutions could become a standard in communications security for businesses and families,” said Cuentas Co-Founder and CEO Arik Maimon. “The world needs what WHEN is developing now more than ever… and we are going to bring it to them!”
WHEN Group was incorporated as a joint venture between SG77 and RNA Ltd, which develop and improve cyber security and cyber monitoring solutions in the B2C and B2B marketplace. WHEN has recently moved into telecommunications platforms with its acquisition of CrossMobile, a licensed Telecom (full core mobile virtual network operator) in Poland, joining a small, rarified group of licensed telecom operators in the EU. Cuentas believes that this will provide a powerful proof of concept for the Company’s planned launch of services into the US.
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“We have been heads down focused on created a state-of-the-art technology platform that defends critical communications and financial infrastructure against attack and compromise,” said Major Gen. (Ret.) Danny Yatom, President of WHEN and Former Director of Israeli Mossad. “The proposed transaction puts us on the world stage and will enable us to bring our innovations more rapidly to market.”
WHEN’s easy-to-use A.I. and machine learning driven platform is a holistic solution that integrates with any system and is fully customizable based on customer needs. Management believes their solutions address a broad segment of the fast-growing, multi-billion-dollar cyber security market.
“We needed to get our solutions in front of major players in the US and around the world,” stated Giora Rosensweig, CEO of WHEN Group. “With Cuentas as partners, we see the opportunity to expand more rapidly across multiple markets and industries.”
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