Tingo Group’s Commitment to Corporate Social Responsibility and Sustainability Recognized with SERAS Africa CSR / Sustainability Awards Nominations

Five Nominations Include Best Company in Food Security and Best Company in Poverty Reduction

Fellow Nominees Including Nestle, Unilever, Dangote Sugar, Anheuser-Busch’s International Breweries, Fidelity Bank, Total Energies and Airtel

MONTVALE, N.J., Dec. 05, 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 that its Corporate Social Responsibility (CSR) and Sustainability efforts have been recognized through its nomination as a finalist in five categories at the 17^th annual SERAS Africa CSR & Sustainability Awards.

The SERAS, standing for Sustainability, Enterprise, and Responsibility Awards, are regarded as the gold-standard and first and foremost accolade for corporate social responsibility and sustainability in Africa. With the support of their partners such as UN Global Impact, the Senior Special Assistance to the President on SDGS, the Journalists and Writers Foundation and Nigeria’s Federal Inland Revenue Service, The SERAS have become recognized as the most credible business award in Africa. The growing importance of The SERAS has led to participation from organizations from 19 countries in Africa, including Cocoa 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.

Tingo has been nominated for five award categories, including Best Company in Food Security, Poverty Reduction, Outstanding New Entry, Stakeholder Engagement, and Use of Storytelling/Communications. Other nominees for these awards include some of the world’s and Africa’s biggest companies, including Nestle, Unilever, Dangote Sugar, Anheuser-Busch’s International Breweries, Fidelity Bank, Total Energies and Airtel.

Separately, Tingo has also recently been recognized and selected by Nigeria’s Presidential Enabling Business Environmental Council (“PEBEC”) as one of five firms in the country with worker-friendly practices. The specialized agency, which was set up by the President of Nigeria in 2016 and is chaired by the vice-president, commended Tingo Group saying the following: “With a young and smart Nigerian workforce, Tingo Group, a global Fintech and Agri-Fintech conglomerate, exemplifies gender equality, good remuneration, safe working conditions, and a futuristic organizational approach. Driven by technology, Tingo Group prioritizes a positive work environment, infrastructure, and various sustainable goals, led by strong corporate governance and a robust organizational culture.”

Dozy Mmobuosi, Interim Co-Chief Executive Officer of Tingo Group, Inc. commented: “Our nominations for the SERAS Awards, where we have been selected alongside and, in many cases, ahead of so many of the world’s and Africa’s most highly regarded companies, highlights Tingo’s progress and commitment towards Environmental, Sustainability and Governance initiatives. The nominations also underscore our mission, including 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. While Africa’s farming industry is highly dislocated and lacking in infrastructure to get produce to market and process foods, we continue to engage our stakeholders and utilize our mobile fintech, agri-fintech and food processing solutions to make a real difference.

“I am extremely proud of the work we have accomplished during 2023, especially in the face of the challenges put in our way. We have made remarkable progress in advancing our ESG initiatives and our overall business, including through the delivery of 6 million new Tingo Mobile handsets to farmers and their onboarding onto Nwassa, which delivers both technological inclusion and financial inclusion.

“We also delighted to be recognized and selected by Nigeria’s Presidential Enabling Business Environmental Council for our workers-friendly practices. We fully appreciate that we could not have achieved the progress we have made without our dedicated workforce, which we are continuing to grow as we expand the business and launch new products.”

Ken Denos, Interim Co-Chief Executive Officer of Tingo Group, Inc. commented: “Our agri-fintech eco-system and full solution makes such a difference to farmers’ lives, delivering financial and technological inclusion, and improving farmers’ access to vital inputs, increasing crop yields, and reducing post-harvest losses, all of which contribute to food security and poverty reduction. In parallel, our food processing business benefits Africa’s farmers and agricultural sector through its substantial expansion of the continent’s processing capabilities – increasing crop demand, reducing food wastage, delivering better prices to farmers and generating financial upliftment. Taken together, we have achieved remarkable progress in our mission, and believe these nominations not only validate our strategy but also celebrate our work. We thank SERAS for the nominations and look forward to receiving news of the final awards.”

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.

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