Tingo Group Opens New Headquarters for Africa to Facilitate Acceleration of Expansion Plans and Growth
MONTVALE, N.J., Oct. 20, 2023 (GLOBE NEWSWIRE) -- 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.
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