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Next Group Holdings Announces Reverse Split, Corporate Name Change to "Cuentas", New Stock Symbol and Initiation of New Fintech Services

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Next Group Holdings Announces Reverse Split, Corporate Name Change to "Cuentas", New Stock Symbol and Initiation of New Fintech Services

PR Newswire

MIAMI, August 13, 2018 /PRNewswire/ --

Cuentas, Inc. (formerly Next Group Holdings, Inc.) (OTCQB:NXGHD) (the "Company" or "NGH"), a FinTech service provider delivering mobile banking, credit and telecommunications to the underbanked and underserved population, has announced that effective today, FINRA has confirmed the Corporate Action which includes a reverse stock split of 1:300, changing the company's corporate name to Cuentas, Inc. and within 20 days, changing the stock symbol to CUEN.

The name Cuentas and associated FinTech product branding provide an invitation and connection to Spanish speaking communities. Development of this brand name was done with our marketing partner, a major advertising and branding organization.

Cuentas has been developing the Fintech / Telecommunications integration for the past nine years. It became clear that digital / virtual banking was becoming mainstream but was still an incomplete solution and was not able to reach nor provide the solutions required by the unbanked, underbanked and underserved populations in the USA. The estimated 2015 Hispanic population in the US was greater than 56 million people and the total estimated underbanked and underserved US population is greater than 70 million people.

The basic philosophy was to capitalize on the experience and knowledge gained from providing telecommunications services to recently immigrated populations in the USA who needed to maintain family and business ties back in their native country. These communities require a wide variety of financial, commercial and communications services to become part of the US economy and society.

"I am very pleased to share the new vision for our Cuentas FinTech project which has been in development for many years now and should begin to create new revenues and profits for our Company and shareholders," stated Arik Maimon, CEO & Founder of Cuentas. "We continue to add more services and capabilities as our mobile wallet integration continues to expand," added Maimon.

"The Cuentas banking and consumer services should bring new financial and social benefits to the forgotten segments of the US population - namely the underbanked and under serviced populations, helping to bring them into mainstream commerce, banking and communications," stated Michael De Prado, President & Founder of Cuentas. "Cuentas has partnered with a US nationwide leading prepaid financial institution to provide services to our current and prospective client base," added De Prado.

"Changing the branding to Cuentas should be key to developing the Hispanic market in the US for the Prepaid General Purpose Reload (GPR) cards, Gift Cards and other FinTech products and Services," stated Jeff Lewis, President of Jeff Lewis Advisory and an advisor to the Board of Cuentas.

"The corporate rebranding to Cuentas should be instrumental to help raise awareness, value and marketability of the company as it enhances its offerings into this exciting FinTech marketplace," stated Adiv Baruch, Cuentas Board Member, Chairman of HI-Tech at The Israel Export & International Cooperation Institute and Board member of many high tech companies.

About Cuentas, Inc. (formerly known as Next Group Holdings, Inc.)  

Cuentas is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative mobile banking, mobility, and telecommunications solutions, including wireless MVNO, to underserved, unbanked, and emerging markets. For more information, visit http://www.cuentas.com.

Cautionary Note Regarding Forward-Looking Statements

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. The potential risks and uncertainties include, among others, that the reverse stock split may not have the intended benefits, that the Company may not meet applicable NASDAQ Capital Market requirements necessary for listing and/or NASDAQ may not approve the Company's listing application; and any capital raises. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward-looking statements.

 

For inquiries:

Cuentas Inc.  Investor Relations:

ThinkEquity, a division of Fordham Financial Management Inc

E-mail: info@think-equity.com

Ph: +1(646)-968-9355

SOURCE Cuentas, Inc.

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