Tingo Group

Tingo Group Inc (NASDAQ: TIO), a leading fintech and agri-fintech company, strongly refutes the misleading claims made by Hindenburg Research in their recent report. Hindenburg Research’s allegations are baseless and intended to harm the reputation of Tingo and its esteemed founder and CEO, “Dozy” Mmobuosi.

Tingo Group stands by its commitment to transparency, ethical practices, and the pursuit of excellence in all aspects of its business. The company’s growth and achievements are a testament to its dedicated team and visionary leadership.

Hindenburg Research’s claims regarding Dozy Mmobuosi’s background are false and without merit. The Research institution’s allegations regarding Tingo’s food division and its revenue are equally misleading and inaccurate.

Tingo Group has established a robust network of partnerships with Nigerian farmers and third-party food processors, enabling it to operate as an intermediary in the food supply chain. The revenue generated by the food division is a result of these collaborations, and Tingo Group is fully committed to ensuring the highest standards of transparency and accuracy in its financial reporting.

Regarding the groundbreaking ceremony for Tingo’s planned food processing facility, Hindenburg Research’s claim that the rendering used was from a stock photo website is false. The rendering accurately represents Tingo’s vision for the facility, and any suggestion otherwise is baseless.

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Tingo Group is disappointed by Hindenburg Research’s attempt to cast doubt on the company’s agreements and partnerships. The claims made regarding Tingo’s collaboration with Evtec Energy are incorrect.

The funding agreement with Evtec is in progress, and any information regarding the company’s financial status should be sought from official sources. The allegations surrounding the acquisition of Tingo Foods and the disappearance of inventory are entirely misleading.

The inventory transition was a result of operational adjustments and was properly accounted for in Tingo’s financial statements. Any insinuation of impropriety in this matter is without merit.

Additionally, it is unfounded for Hindenburg Research to cast doubt on the existence of farming cooperatives and Tingo Group’s contract with Airtel for mobile services in an effort to damage the company’s reputation. With agricultural cooperatives, Tingo has developed fruitful relationships, and the mobile services agreement with Airtel has been properly established and complies with all legal requirements.

The public is also misled by the false claims made about Tingo’s growth in Ghana and the efficiency of its office. The Tingo Group is dedicated to growing its business in Ghana and providing top-notch client care. Any assertions to the contrary are unsupported and unreliable.

Tingo Group strongly denies the allegations surrounding its payment systems, NWASSA platform, and Tingo DMCC’s export business. The company operates with integrity and adheres to all regulatory requirements in its business operations. Hindenburg Research’s claims regarding financial statements are explicitly untrue and deceiving. Tingo Group’s financials are prepared following industry standards and audited by reputable firms. Any minor errors are rectified and do not impact the accuracy and reliability of the financial reports.

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Tingo Group is confident in the accuracy and integrity of its financial statements and will continue to work diligently to maintain the trust of its shareholders and stakeholders. The company is open to engaging with regulatory authorities and other relevant parties to address any concerns and provide clarity on its operations and financials.

Tingo Group remains focused on its mission to revolutionize the fintech and agri-fintech sectors, and will not be deterred by baseless allegations. The company is committed to upholding the highest standards of corporate governance, transparency, and ethical practices.

Tingo Group is confident in its business model, its talented team, and the positive impact it is making in the fintech and agri-fintech industries.

About Tingo Group:

Tingo Group, Inc. (NASDAQ: TIO) is a global Fintech and Agri-Fintech group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products.

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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 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 that offers 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; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center.

In addition to these business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated financial services Fintech business operating out of Hong Kong and Singapore. For more information visit tingogroup.com

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