Sekur Private Data Makes a Strategic Entry into the Multi-Billion Dollar Telecom and Fintech Markets, Bolstered by over $5 Million in Capital Contributions from Cuentas, Inc.
Press Release | 05/07/2024
Miami, Florida, and Toronto, Ontario--(Newsfile Corp. - May 7, 2024) - Sekur Private Data Ltd. (OTCQB: SWISF) (CSE: SKUR) (FSE: GDT0) ("Sekur" or the "Company"), a premier Swiss-hosted secure and private communications platform, proudly announces the signing of a Letter of Intent, marking its strategic expansion into the Telecom and Fintech markets. Today, Sekur has signed a pivotal agreement for the intended contribution of a Mobile Virtual Network Operator ("MVNO") telecommunications company, accompanied by a US$500,000 cash infusion into Sekur Private Data, Ltd., by Cuentas, Inc. (OTC Pink: CUEN) (OTC Pink: CUENW) ("CUEN").
Cuentas, Inc. (www.cuentas.com), headquartered in Miami, Florida, stands at the forefront of innovation, seamlessly integrating fintech, mobile telecommunications, and real estate to serve the vibrant Hispanic demographic, particularly the unbanked and underbanked communities.
Cuentas, Inc., will make a capital contribution of US$500,000 in shares of Sekur at a premium rate predetermined above market value. This infusion of capital is strategically earmarked to supercharge the Company's marketing and sales initiatives, fuel further software development endeavors, and elevate the standards of customer care, all in a concerted effort to expedite the journey towards profitability.
Sekur will acquire full ownership of Meimoun & Mammon LLC, operating as M&M Telecom, in an all-restricted-shares transaction. The deal, valuing the company at over US$5 million and offered at a 50% discount, aligns perfectly with the capital injection valuation. Following the definitive agreement, both organizations have committed to seamlessly integrating CUEN's leadership into Sekur's distinguished Board of Directors.
The acquisition of the MVNO operation marks a significant milestone in service excellence, setting new standards in oversight and safety for both individual and corporate clients. Managed by M&M Telecom, Cuentas Mobile will now feature Sekur's extensive array of Swiss-hosted security solutions-including encrypted email, secure messaging, privacy-focused VPN, and soon, secure video conferencing. This strategic integration is tailored to propel Sekur into both the corporate and retail spheres, ensuring unmatched security and confidentiality for all users.
Enhanced by comprehensive regulatory support and powered by an advanced portfolio of cybersecurity tools, Sekur's partnership with Cuentas will innovate through a licensing agreement for financial services offered by Cuentas Fintech. This collaboration not only aims to revolutionize industry benchmarks but also to open new channels for revenue growth and innovation for both Cuentas, Inc. and Sekur Private Data, Ltd.
With this pivotal acquisition, Sekur is strategically positioned to expand its reach into vital industries including finance, healthcare, telecommunications, defense, and law enforcement, reinforcing its role as a leader in secure and private communications.
The terms of this landmark transaction remain subject to rigorous mutual diligence and corporate approvals, slated for completion prior to May 31, 2024. Further details regarding this transaction will be disclosed by Sekur Private Data Ltd. through forthcoming communications and the requisite regulatory filings.
