Tingo, Inc. Reports 2021 Results and Hires Financial Advisor

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tingo inc.

The company’s financial technology platform NWASSA more than doubled its revenue year over year

NEW YORK, March 31, 2022 (GLOBE NEWSWIRE) — via InvestorWireTingo Inc, (OTC markets: TMNA) (“Tingo” or the “Company”) filed its Annual Report on Form 10-K, in which the Company released its audited financial results for the year ended December 31, 2021. As the Company’s audited results reflected a partial operating year resulting from the acquisition of its principal operating subsidiary, Tingo Mobile plc (“Tingo Mobile”), in August 2021, the Company’s annual report also included pro forma financial results for the entire of the year for Tingo Mobile.

On a pro forma basis, the Company reported revenue and operating profit for Tingo Mobile in 2021 of $865.9 million and $327.1 million, respectively, compared to revenue and profit of operating in 2020 of $585.3 million and $201 million, respectively. The Company also recorded, on a proforma basis, strong 48% year-on-year revenue growth and 63% year-on-year operating income growth.

The company’s agri-fintech marketplace platform, NWASSA, has seen significant growth of approximately 101%, growing from $98.6 million in 2020 to $198.6 million in 2021. NWASSA includes multiple solutions fintech, including the company’s proprietary Agri-Fintech platform, access to airtime top-ups, mobile insurance, utility payments and loan brokerage. The Company believes such growth is a demonstration of the value and impact its Agri-Fintech services deliver to the Company’s 9.3 million existing customers. These customers have access to the NWASSA platform on smartphones that they rent to the Company for three years through the cooperative associations of which they are members. Based on the fees charged for its Agri-Fintech suite of services, the company estimates that Tingo Mobile processed more than $4 billion in customer transactions on its platform in 2021.

At the operating subsidiary level, Tingo Mobile reported no external debt financing and strong cash flow generation that can be used to grow the company’s business and fintech services, including an investment in The company’s recently announced “SuperApp” will seek to combine NWASSA with its new Visa-powered “Tingo Pay” digital wallet, slated for launch in the second quarter of 2022.

The announcement of the Company’s financial results comes as the Company seeks to list its shares on the New York Stock Exchange, evaluate potential strategic acquisitions and gain greater exposure to international markets. The company’s strategy is to become Africa’s premier agri-fintech company, delivering strong and measurable financial results while promoting social upliftment, gender equality and financial inclusion as primary objectives.

The Company also announced the engagement of Lazard Ltd as corporate and financial advisor. Lazard advises the Company on its plans to list its shares on the New York Stock Exchange, as well as other strategic growth and development initiatives.

Commenting on the Company’s and Tingo Mobile’s financial results for 2021, Dozy Mmobuosi, General Managerdeclared: “We are pleased to report strong operational performance for 2021 and the continued growth of our Agri-Fintech business. Through our recently announced financial technology partnership with Visa, we plan to expand our Agri-Fintech services to generate more business opportunities for our existing customers, as well as engage more farmers and rural communities to subscribe to and use our fintech platform. We also look forward to working with Lazard to advise the company on its future strategy. »

Dakshesh Patel, the company’s chief financial officeradded: “Our financial results for 2021 demonstrate the effectiveness of the adoption of NWASSA, our Agri-Fintech platform, by our customers. The rapid growth of this high-margin component of our business represents the future of Tingo as we continue to expand our “device as a service” model promoting ESG through the use of smartphones by community members rural farming. »

About Tingo

Tingo is the leading Agri-Fintech company operating in Africa, with a marketplace platform that enables social upliftment through mobile, technology and financial access for rural farming communities. Our unique “device as a service” model allows us to add industry-leading applications to allow customers to trade, buy top-ups, pay bills, access insurance services and ready. With 9.3 million existing customers, Tingo is looking to expand its operations in select markets in Africa. The company’s strategic plan is to become the preeminent pan-African agri-fintech company providing social upliftment and financial inclusion to millions of agricultural SMEs and women-led businesses. Additional information about the Company is available at www.tingoinc.com.

Safe Harbor and forward-looking statements

This press release contains certain forward-looking statements regarding possible future circumstances. These forward-looking statements are based on the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated by such forward-looking statements, including, in particular, any risks and uncertainty regarding the Company’s operations, as well as those contained in the Company’s quarterly, annual and periodic filings with the Securities and Exchange Commission. Actual results, events and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.

contacts

Corporate and media contacts:
Tingo, Inc.
(646) 847-0144

Rory Bowen
Chief of Staff – Tingo Inc
Rory.bowen@tingoinc.com

Contact wire service
InvestorWire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
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