Tingo Group Realigns CFO Post Due to Impact of the Gaza Conflict

Rhea-AI Summary

Tingo Group, Inc. (NASDAQ: TIO) announces Kevin Chen to re-assume duties as Group Chief Financial Officer on an interim basis, while Amir Ayalon moves into a part-time consulting role due to personal circumstances in Israel. The company will start a search for a permanent CFO.

Positive

• Kevin Chen's re-assumption of duties brings stability to the company's financial leadership.
• The company's proactive approach to finding a permanent CFO demonstrates a commitment to maintaining strong financial management.
• Amir Ayalon's continued involvement in a part-time role ensures the company benefits from his financial advisory services.

Negative

• None.

Kevin Chen to Re-Assume Duties as Group Chief Financial Officer on an Interim Basis

Amir Ayalon to Move into Part-Time Consulting Role as a Result of Circumstances in Israel

MONTVALE, N.J., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable, multi-national fintech, agri-fintech, food processing and commodity trading company, today announced a change of personnel in connection with the role of Group Chief Financial Officer.

Amir Ayalon, who accepted the position of Group Chief Financial Officer on October 2, 2023, has moved into a part-time consultancy role due to a significant change in his personal circumstances. Mr. Ayalon, currently residing in Israel, cited personal difficulties and family commitments stemming from the conflict in the region, which combined with associated travel restrictions, has meant it is no longer possible for him to devote the time and attention required to properly fulfill his duties as CFO of the Group. Mr. Ayalon and the Company have entered into a consulting agreement, wherein Mr. Ayalon will continue to provide financial advisory services to the Company on a part-time basis.

Kevin Chen, the Group’s prior Chief Financial Officer, who currently serves as the CFO for the Company’s operations in Asia, has agreed to resume his duties as Group CFO on an interim basis, pending his formal appointment by the Company’s Board of Directors later this week. The Company, with the assistance of Messrs. Ayalon and Chen, as well as the Board of Directors and a leading global executive recruitment agency, will now commence a search for an industry-experienced permanent Chief Financial Officer.

Ken Denos, Interim Chief Executive Officer of Tingo Group, Inc. commented: “We regret, but fully understand, the personal circumstances under which we have received the resignation of Amir Ayalon as our Chief Financial Officer. Amir made an impressive start towards serving the Company during his short tenure, and we look forward to his continued service in a part-time role to assist the Company in strengthening its finance and reporting functions as a world class agri-fintech and food processing company. We are fortunate to have our previous CFO, Kevin Chen, ready to serve in an interim capacity while we secure a permanent industry-experienced executive to lead our finance and accounting team.”

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 Contact
949-491-8235
TIO@mzgroup.us
www.mzgroup.us

FAQ

Who will be the interim Group Chief Financial Officer for Tingo Group, Inc.?

Kevin Chen will serve as the interim Group Chief Financial Officer.

Why is Amir Ayalon moving into a part-time consulting role?

Amir Ayalon cited personal difficulties and family commitments stemming from the conflict in Israel, making it impossible for him to devote the necessary time and attention to fulfill his duties as CFO.

What will Amir Ayalon's role be after moving into a part-time consulting position?

Amir Ayalon will continue to provide financial advisory services to the company on a part-time basis.

What is the company's plan for finding a permanent Chief Financial Officer?

The company will commence a search for an industry-experienced permanent Chief Financial Officer with the assistance of Messrs. Ayalon and Chen, the Board of Directors, and a leading global executive recruitment agency.