To mark its milestones, and with AFAN and Nigeria’s Federal Ministry of Agriculture and Rural Development, Tingo Mobile sponsored today’s National Farmers’ Day event. Through its collaborations with these organizations, Tingo Mobile has strengthened its commitment to the more than 60 million Nigerian farmers. and highlighted his for AFAN and the Nigerian government, as the parties work together towards their mutual goals of expanding the food source and obtaining better food security.
Dozy Mmobuosi, founder and CEO of Tingo, said: “We love having AFAN and Visa as partners. Just a few weeks ago, we announced our advertising agreement with AFAN, to be in a position where we have introduced our partnership with them today, ahead of schedule, is a wonderful achievement. We are pleased to have been able to organize the launches of the AFAN and Visa partnerships to coincide with the National Farmer’s Day birthday party, which allowed us to participate in this vital occasion. in the calendar of the Nigerian agricultural sector.
“We are very proud of our team at Tingo Mobile as they continue to effectively execute our accelerated deployment strategy, which was made imaginable through the merger with MICT. We are also incredibly proud of the valuable contribution we believe we are making to expanding food. materials to Nigeria and Africa and improving food security. “
Darren Mercer, Managing Director of MICT, said: “We are very pleased to see Tingo Mobile launch two vital profit-generating opportunities today. The launch of the partnership with AFAN has the prospect of particularly building Nwassa’s visitor base and benefiting from the fourth quarter of 2022. With a maximum margin above 90%, the impact on profitability is expected to be considerable.
“The partnership with Visa, one of the world’s leading payment solution providers, is also very exciting and facilitates a number of new products and profit streams, while making a huge difference to Tingo Mobile’s ability to announce monetary inclusion and monetary improvement.
“While we expect the combination of today’s two partnership launches to have a significant effect on MICT Group’s consolidated earnings and profitability in the fourth quarter of 2022, we expect a more significant acceleration in expansion in 2023. “
Dr. Farouk Rabiu Mudi, President of All Farmers Association of Nigeria (AFAN), commented: “We congratulate Tingo Mobile on their super for Nigerian farmers, adding their sponsorship of today’s National Farmers’ Day celebration. Tingo’s Nwassa platform and other projects can make a genuine difference for farmers, as has already been demonstrated, and we are very pleased to be working with Tingo Mobile to register our members with them. We anticipate a long-term partnership with Tingo, and that they will play an even more vital role in the individual and collective good fortune of our farmers. “
About the Nigeria Farmers Association (AFAN)
The All Farmers Association of Nigeria (AFAN) is the summit of all agricultural commodity associations, cooperatives and other bodies concerned with the problems of agriculture and agribusiness in Nigeria. As an overarching framework of the 56 commodity associations identified in Nigeria, AFAN has branches and structures in all 36 states of the country, adding the Federal Capital Territory (FCT), Abuja and 774 local government spaces across Nigeria. The Association coordinates, facilitates, supervises, regulates and liaises on all issues affecting farmers, and promises the overall progress of agriculture, agriculture and agriculture-related issues in the country. AFAN is registered with the Corporate Affairs Commission and has its secretariat located in Abuja, FCT. For more information, visit the AFAN website: https://www. afan. ng/.
About MICT
MICT is a fintech company that focuses primarily on creating and creating a set of fintech clients in approximately 130 cities in China, with planned expansion to other markets. MICT has developed highly scalable proprietary platforms for insurance products (B2B, B2B2C and B2C) and monetary products (B2C), whose generation is highly adaptable to other programs and markets. MICT has acquired and holds the required license and approvals from the Hong Kong Securities and Futures Commission for the securities industry and supply securities advisory and asset controlArrayMICT is also a member/registered on the Hong Kong Stock Exchange and the required Hong Kong and China direct clearing companies. MICT’s monetary business and first monetary product, the Magpie Invest app, can trade securities on NASDAQ, NYSE, TMX, HKSE, China Stock Connect, LSE, Frankfurt Stock Exchange and Paris Stock Exchange.
About Tingo
Tingo, through its wholly-owned subsidiary, Tingo Mobile, is the leading agricultural technology company operating in Africa, with a market platform that enables social improvement through mobile, technological and monetary access for rural farming communities. The new device as a device of Tingo -The style of service allows you to load market-leading programs so that consumers can negotiate, purchase recharges, pay bills, access insurance services and loans. With 9. 3 million existing consumers, Tingo is looking to expand its operations in select markets in Africa. Tingo’s strategic plan is to become the leading pan-African agricultural fintech company delivering social improvements and monetary inclusion to millions of agricultural SMEs and women-led businesses.
Tingo provides its full platform service through the use of smartphones, “device as a service” (using GSM technology), to enable a marketplace that allows subscribers/farmers inside and outside the agricultural sector to manage their commercial development and promotion activities. its products to market players, either nationally and internationally. The ecosystem provides a “one-stop-shop” solution to allow those subscribers to manage everything from airtime top-ups, bill payment facilities for utilities and other service providers, access to insurance and microfinance facilities to their “seed-to-sale” price chain.
As of June 30, 2022, Tingo had approximately 9. 3 million subscribers using its cell phones and the Nwassa platform. Nwassa is Africa’s leading eco-friendly virtual farming formula that empowers rural farmers and self-generating agricultural enterprises to enable access to the markets in which they operate. Agricultural products can be shipped from farms across Africa to anywhere in the world, in retail and wholesale quantities. Nwassa’s payment gateway also has an escrow design that creates acceptance between buyers and sellers. Tingo’s formula provides real-time costs, directly from the farms. , getting rid of intermediaries. Tingo users pay for the products purchased using the costs they have on their platform.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made herein contain, and certain oral statements made through representatives of MICT and Tingo and their respective affiliates, may from time to time contain, “forward-looking statements” within the meaning of the “safe harbor” provisions. of the Private Securities Litigation Reform Act of 1995. The actual effects of MICT and Tingo may differ from your expectations, estimates and projections and, accordingly, you deserve not to rely on such forward-looking statements as predictions of long-term events. Words like “expect”, “estimate”, “project”, “budget”, “expect”, “anticipate”, “intend”, “plan”, “possibly”, “will” Array “can also just”, “deserves “, “believes”, “predicts”, “potential”, “also may simply” and “continues” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, MICT’s and Tingo’s expectations regarding the long-term functionality and expected monetary effects of the Business Combination, the satisfaction of the Business Combination endpoints, and the moment of the finishing touch of the Business Combination. These forward-looking statements involve significant threats and uncertainties that may also cause actual effects to differ materially from expected effects. Most of those points are outside the control of MICT or Tingo and are difficult to predict. Factors that may also cause such differences include, but are not limited to: (1) the occurrence of any event, replacement, or other circumstance that may also result in termination of the Merger Agreement (as explained below); (2) the inability to complete the Business Combination, including due to failure to discharge MICT or Tingo shareholder approval or other final situations in the Merger Agreement; (3) the ability to download or maintain the directory of not unusual MICT inventory on Nasdaq after the business combination; (4) the threat that the Business Combination will disrupt Tingo’s or MICT’s existing plans and operations following the announcement and consummation of the Business Combination; (5) the ability to recognize the expected benefits of the Business Combination, which could potentially be affected by, among other things, competition, the combined company’s ability to grow and manage expansion economically, and hire and retain key workers; (7) the inability to complete the Business Combination due to the inability to download regulatory approval; (8) adjustments in applicable legislation or regulations; (10) the option that MICT or Tingo may be adversely affected by other economic, commercial and/or competitive issues; and (11) the effect of the global COVID-19 pandemic on any of the aforementioned threats and other threats and uncertainties to be disclosed in the proxy/prospectus statement (if any) in connection with the business combination. Companies, adding those indexed under “Risk Factors” in this document, and in other filings with the SEC through MICT and Tingo. The above list of points is not exclusive. Readers are referred to the most recent reports filed with the SEC through MICT and Tingo. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. MICT and Tingo do not assume any legal responsibility to update or revise any forward-looking statement, whether as a result of new information, long-term events, or otherwise, subject to applicable law.
No request
This press release constitutes a request for representation, consent or authorization with respect to any security or commercial combination.
ADDITIONAL INFORMATION
MICT intends to file with the SEC an initial power of attorney of MICT in connection with the business combination. The final power of attorney circular and other applicable documents will be mailed to MICT shareholders on a record date to be set to vote on the business combination. The shareholders of MICT and Other interested persons are requested to read, when available, the initial power of attorney circular and its amendments, as well as the definitive power of attorney circular in relation to the request for proxy of the MICT for the special meeting to be held to approve the business combination, because those documents involve vital data about MICT, Tingo and the business mix. Shareholders will also be able to download loose copies of proxyArray, once available, from the SEC’s online page at www. sec. gov.
Tingo has filed with the SEC a definitive disclosure of Tingo in connection with the business combination. Final disclosure and other applicable documents will be mailed to Tingo shareholders on a record date to be set for voting on the business combination. Stakeholders are kindly requested to read, where available, the MICT initial power of attorney circular and its amendments, as well as Tingo’s final dataArray, as these documents will include vital data on Tingo, the MICT and the business combination. Shareholders will also be able to download copies of the Array disclosure free of charge, as it becomes available, from the SEC’s online page at www. sec. gov.
Participants in the call
MICT and Tingo and insurance of their respective directors, officers, other officers and employees, under SEC rules, may be considered as participants in MICT’s application for proxy for approval of the business combination.
Additional data relating to the interests of those potential participants will also be included in the proxy and other applicable documents when filed with the SEC. Free copies of these documents may be received as described in the previous paragraph.
Investor Relations ContactChris Tyson/Larry Holub949-491-8235MICT@mzgroup. uswww. mzgroup. us
MICT Inc. Contact InformationEmail: info@mict-inc. com Phone: (201) 225-0190
Tingo, Inc. contact informationRory BowenChief of Staff – Tingo, Inc.
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