Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a
profitable and fast growing fintech, agri-fintech, and food
company, today announced the appointments of Dozy Mmobuosi and
Kenneth Denos each as interim co-Chief Executive Officers,
following the decision by Darren Mercer to retire to spend time
with his young family and to coincide with his milestone birthday
yesterday. Mr. Mercer has led the Company through numerous key
developments and milestones in its recent history, including its
transformational acquisitions of Tingo Mobile Limited and Tingo
Foods Plc, as well as a rigorous investigation and response to
allegations made by short seller Hindenburg Research (the
“Investigation”). As the Company announced on May 10, 2022, Mr.
Mercer planned to step down as Chief Executive following the merger
of MICT and Tingo, Inc. under the original merger transaction. That
move, however, was postponed under the new merger structure, which
completed on November 30, 2022, and then delayed further by the
Investigation.
As the founder and visionary of both Tingo Foods
plc (“Tingo Foods”) and Tingo Mobile Limited (“Tingo Mobile”),
which has become one of Africa’s leading agri-fintech companies
over the past 23 years, Mr. Mmobuosi is uniquely positioned to lead
the Company, develop it further and provide continuity, while the
Company completes a global search for a permanent world-class Chief
Executive Officer, who has relevant expertise and experience. Mr.
Denos has served as a director of Tingo since its acquisition of
Tingo Mobile in November 2022, and an executive of Tingo Mobile’s
prior parent company, Agri Fintech Holdings, Inc. (formerly known
as Tingo, Inc.) since August 2021. He also brings decades of
experience with U.S. public companies and associated governance,
reporting, communication, and compliance requirements.
In addition, the Company is pleased to appoint
Jamal (Jamie) Kurshid as an independent member of the Board of
Directors. Mr. Kurshid brings more than 20 years of investment
banking experience with several leading financial institutions
including Goldman Sachs, Credit Suisse and Jacobi Asset Management
Holdings Limited, together with executive experience in the
technology, digital payments and the fintech sectors, most recently
as Chief Operating Officer and Director of Caduceus Foundation, a
blockchain technology company in Singapore. Previously, he was COO
of Droit Financial Technology, an enterprise technology firm, and a
co-founder of Digital RFQ, a leading digital payments service. Mr.
Kurshid also serves on the Board of Directors for Financial
Strategies Acquisition Corp., 4Phyll Private Limited, and OneCycle
Group. Mr. Kurshid’s appointment follows the retirement of Robert
Benton as independent member of the Board and Chair of the Audit
Committee.
Concurrent with the above three appointments,
the Company’s long-standing Deputy Chairman John Scott will move
into the role of Chairman, and Sir David Trippier will expand his
role as an independent member of the Board of Directors to assume
the position of Chair of the Audit Committee.
Darren Mercer, former Chief Executive
Officer of Tingo Group, Inc. commented: “While I have
known for quite some time that the day of my retirement as Chief
Executive Officer of the Company would come since May 10, 2022 when
I originally agreed to hand over the role to Dozy Mmobuosi as part
of the Tingo Mobile acquisition, today is tinged with some
melancholy, as well as pride, as I leave a position I have devoted
myself to and worked tirelessly in over the past four years.
“I am privileged to have played a major role in
transforming the Company from having de minimis market
capitalization into a fast-growing group of innovative businesses
at the forefront of their sector, now delivering billions of
dollars of revenue each year, generating hundreds of millions of
dollars per quarter of profitability, as well as the recently
initiated dividend program, which is expected to deliver material
dividend increases over the coming quarters. I am enormously proud
of what we have achieved, not least of which are the acquisitions
of Tingo Mobile and Tingo Foods. I do, however, readily acknowledge
that the near unlimited potential of this business requires a Chief
Executive Officer that has specific expertise in both the relevant
sectors and geographical markets and is able to spend most of their
time on the African continent.
“With a young family, including newly born
twins, and having reached a milestone birthday yesterday, I believe
that now is the appropriate time for me to hand over the baton. I
had intended to do this earlier in the year, but clearly had to
reassess when the investigation into the Hindenburg allegations
became a priority. With that now behind us, and the business
currently performing very strongly with material further growth
expected in the fourth quarter I feel it is important to have the
right team in place, not only to maximize the unlimited
opportunities we have at hand, but also to continue the Company’s
impressive growth trajectory.
“With our recently launched export business
experiencing significant growth, which is expected to increase
substantially in the fourth quarter, together with major
developments in Tingo Foods including next year’s launch of our own
food processing facility among other exciting prospects, I believe
I leave the Company very well placed to deliver considerable
shareholder value, including regular quarterly dividends moving
forward. I feel it is also worth mentioning that the Company’s cash
balances have increased significantly over the past two months, and
currently stand at more than $400 million, having been $53.2
million as of June 30, 2023, following our investment in the second
quarter of close to $1 billion in mobile phones for new customers
and inventory payments for Tingo Foods and Tingo DMCC. I am also
pleased to report that we have made significant progress with the
conversion of $20 million in value of Naira into U.S. Dollars for
the purpose of paying the Company’s first quarterly dividend.”
“I wish Dozy, Ken and the Board the very best of
fortune and success and would like to thank shareholders for their
support during my tenure. As a significant long-term shareholder, I
very much look forward to sharing in the Company’s future
accomplishments and prosperity.”
John Scott, Chairman of Tingo Group,
Inc. commented: “I would like to thank Darren for the
significant contribution he has made to both the old MICT
shareholders and to the new Tingo shareholders. He has worked
tirelessly to deliver shareholder value while embracing and
enhancing strong corporate governance procedures.
“Darren leaves the Company in a vastly different
position to the one he entered four years ago, and I will miss his
vision and commitment to the cause. I wish him and his family
happiness in his well-earned retirement.”
“I also wish to thank Robert Benton for his
service, and to welcome Dozy, Ken and Jamie into their new
positions as we enter this exciting new chapter for the Company and
our shareholders.”
Dozy Mmobuosi, Interim Co-Chief
Executive Officer of Tingo Group, Inc. commented: “Darren
has been a valuable asset to the Company and the Board. His vision
and belief in acquiring Tingo Mobile and Tingo Foods has added
immense value to the Company’s shareholders. On behalf of our team,
I would like to thank Darren for believing in them and the welfare
of Africa. His decision to retire is understood by us all and I am
sure his continued support of the company will be evident for a
long time to come. I wish Darren and his family much happiness in
his retirement.
“As we move into this new chapter of the
Company’s development with Ken and I each assuming the role of
co-Chief Executive Officer on an interim basis while we search for
a sector-experienced and accomplished candidate to take on the role
permanently, we are delighted to report that the Company’s cash
balances have increased significantly to a current level of more
than $400 million thanks to a strong period of trade. I am also
pleased to report significant progress towards completing our first
quarterly dividend and once approved, we will make the next
application, this time for a larger amount, with the goal of
increasing the amount of the dividend for our third quarter.”
Ken Denos, Interim Co-Chief Executive
Officer of Tingo Group, Inc. commented: “Dozy and I are
grateful to Darren for the unwavering commitment and devotion he
gave to the role of Chief Executive, and we are excited to build on
the foundations he established for the Company and its
shareholders. Darren will be greatly missed, but as a continued
long-term shareholder and friend to the Company I know that should
we require his services in the future he will be only too willing
to oblige. We have been privileged to witness Darren’s tireless
work, including throughout the Tingo Mobile acquisition, and he
deserves our thanks and a well-deserved rest in his
retirement.”
About Tingo Group
Tingo Group, Inc. (Nasdaq: TIO) is a global
Fintech and Agri-Fintech group of companies with operations in
Africa, Southeast Asia and the Middle East. Tingo Group’s wholly
owned subsidiary, Tingo Mobile, is a leading Agri-Fintech company
operating in Africa, with a comprehensive portfolio of innovative
products, including a ‘device as a service’ smartphone and a
value-added service platform. As part of its globalization
strategy, Tingo Mobile has recently begun to expand internationally
and entered into trade partnerships that are contracted to increase
the number of subscribed farmers from 9.3 million in 2022 to more
than 32 million, providing them with access to services including,
among others, the Nwassa ‘seed-to-sale’ marketplace platform,
insurance, micro-finance, and mobile phone and data top-up. Tingo
Group’s other Tingo business verticals include: TingoPay, a
SuperApp in partnership with Visa, offering a wide range of B2C and
B2B services including payment services, an e-wallet, foreign
exchange and merchant services; Tingo Foods, a food processing
business that processes raw foods into finished products such as
rice, groundnut oil, nut products, wheat, millet and maize; and
Tingo DMCC, a commodity trading platform and agricultural
commodities export business based out of the Dubai Multi
Commodities Center. In addition to its Tingo business verticals,
Tingo Group also holds and operates an insurance brokerage platform
business in China; and Magpie Securities, a regulated finance
services Fintech business operating out of Hong Kong and Singapore.
For more information visit tingogroup.com.
Disclaimer
The information in this news release includes
certain information and statements about management and the
Company’s board of director’s view of future events, expectations,
plans and prospects that constitute forward looking statements.
These statements are based upon assumptions that are subject to
significant risks and uncertainties. Because of these risks and
uncertainties and as a result of a variety of factors, the actual
results, expectations, achievements or performance may differ
materially from those anticipated and indicated by these
forward-looking statements. Any number of factors could cause
actual results to differ materially from these forward-looking
statements as well as future results. Although the Company believes
that the expectations reflected in forward looking statements are
reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct. These
forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, those discussed and identified in public
filings made with the SEC by the Company and: (i) the results of
the independent review; (ii) the risk of restatement of the
Company’s previously reported financial statements or the
identification of one or more material weaknesses in internal
control over financial reporting; (iii) costs relating to the
independent review, which are likely to be material; (iv) the
outcome of any legal proceedings that may be instituted against the
Company, including as may result from the independent review and
(v) the ability to meet stock exchange continued listing standards.
Except as required by law, the Company disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in
factors affecting such forward-looking statements or otherwise.
Investor Relations
Contact949-491-8235TIO@mzgroup.uswww.mzgroup.us
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