TIO Tingo Group Inc

Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable, multi-national fintech, agri-fintech, food processing and commodity trading company, won ‘Outstanding New Entry’ at the 17th annual SERAS Africa CSR & Sustainability Awards held on the evening of Friday, December 15, 2023, having been nominated as a finalist in five categories.

The other nominees for the ‘Outstanding New Entry’ award included Vodacom Tanzania Foundation (a company in the Vodafone Group), Bamburi Cement (a company in the Lafarge group), KBL (a company in the Diageo group) and Seplat Energy PLC.

Tingo also received nominations in four other award categories, including Best Company in Food Security, Poverty Reduction, Stakeholder Engagement, and Use of Storytelling/Communications. Other nominees for those awards included some of Africa’s, and the world’s, largest companies, including Nestle, Unilever, Dangote Sugar, Anheuser-Busch’s International Breweries, Fidelity Bank, Total Energies and Airtel.

The SERAS, standing for Sustainability, Enterprise, and Responsibility Awards, are regarded as the gold-standard and most prestigious accolades for corporate social responsibility and sustainability in Africa. With partners including the UN Global Compact, the Senior Special Assistant to the President on SDGS, the Journalists and Writers Foundation, and Nigeria’s Federal Inland Revenue Service, The SERAS are recognized as the most credible business awards in Africa. The growing importance of The SERAS has led to participation from organizations from 19 countries in Africa, including Coca Cola, DHL, Nestle, Diageo, Procter & Gamble, Access Bank, Zenith Bank, Unilever, Shell, Samsung, Airtel, Cadbury, Chevron, Dangote, Exxon Mobil, Total Energies, Fidelity, Investec, Lafarge and First Bank.

Dozy Mmobuosi, Interim Co-Chief Executive Officer of Tingo Group, Inc. commented: “I am extremely proud to win our first SERAS Award and of Tingo’s recognition at Africa’s most prestigious CSR and Sustainability Awards. It is also great testament to the progress we have made towards achieving our Environmental, Sustainability and Governance objectives that we were nominated for no less than five SERAS Awards alongside some of Africa’s, and the world’s, most well-known and highly regarded organizations.

“Our recognition by the SERAS Awards and its esteemed panel of judges underscores our commitment to our mission, which includes our goals of making a difference towards improving global food supply, overcoming poverty and tackling the world’s food security crisis by delivering farmer empowerment, improved crop yields, reduced spoilage and better access to markets.

“We look forward to building on this success as we further develop and grow our business in 2024 and beyond, not only in terms of making a difference towards sustainability, but also as we strive to increase shareholder value.”

Ken Denos, Interim Co-Chief Executive Officer of Tingo Group, Inc. commented: “Our win in the ‘Outstanding New Entry’ category and nominations in four additional award categories is further validation that our agri-fintech eco-system and full solution is making a difference to farmers’ lives, delivering financial and technological inclusion, improving access to vital inputs, increasing crop yields, and reducing post-harvest losses, all of which contribute to our goals of food security and poverty reduction. We would like to thank SERAS for this prestigious award and nominations as we continue making significant progress towards achieving our mission.”

For more information about the awards, visit www.theseras.com.

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