Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a
profitable and fast growing fintech, agri-fintech, food and
commodity trading company, today announced the opening of a
prestigious new Africa headquarters in Lagos, Nigeria.
The new headquarters, which is located in the
main business and financial center of Victoria Island, Lagos,
becomes the Company’s second office in the city, complementing its
former headquarters, on Lagos Island, which has now become Tingo’s
commodity trading and operational support office.
The new three-story 60,000 square foot
headquarters building has capacity to accommodate a workforce of up
to 500, which is in addition to the 100 employees and consultants
that can be accommodated at the 12,000 square foot office space on
Lagos Island. The new headquarters, incorporating the latest
communications and information-technology infrastructure, will
enable the Company to accelerate its growth, including through the
expansion of Tingo Mobile, Tingo Foods, TingoPay and several new
businesses currently under development.
Dozy Mmobuosi, Interim Co-Chief
Executive Officer of Tingo Group, Inc., commented: “I am
extremely proud to increase our investment into my home country of
Nigeria, and significantly enhance our infrastructure and human
resource capacity. This major upgrade and expansion of our
facilities is expected to enable us to accelerate the growth of our
business, not only in Nigeria, but also throughout the continent of
Africa and ultimately, globally.
“As we scale-up our operations, facilitated by
the further considerable expansion of our workforce, our Tingo
eco-system continues to grow stronger. This is particularly
gratifying as it allows us to increase our impact on Nigeria’s and
Africa’s agricultural sector, and in turn make a meaningful
difference towards tackling the world’s ongoing food security
crisis, while at the same time further enhancing shareholder
value.”
Ken Denos, Interim Co-Chief Executive
Officer of Tingo Group, Inc., commented: “As a
fast-growing business, with an abundance of expansion opportunities
in front of us, we are very excited about this considerable upgrade
to our facilities, and the recruitment drive that it is already
facilitating.
“Through key partners in our domestic market,
such as the All Farmers Association of Nigeria (“AFAN”), and the
partnerships we are developing elsewhere, for example in Ghana,
Malawi, the Middle East and Asia, we could not be more thrilled
about our prospects. The Company’s new Africa headquarters,
together with the significantly enlarged workforce it facilitates,
is set to be a very valuable component as we strive to fulfill our
ambitions and deliver global growth.”
About Tingo Group
Tingo Group, Inc. (Nasdaq: TIO) is a global
Fintech, Agri-Fintech, food processing and commodity trading 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, which, as relatively small
businesses within the Company, are currently in the process of
being reviewed and re-positioned. 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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