Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a
profitable and fast growing fintech, agri-fintech, and food
company, today announced a further significant strengthening of its
Board of Directors and Executive Team through the appointments of
Amir Ayalon as the Group’s Chief Financial Officer, C. Derek
Campbell as a Group Independent Director and Chairman of the
Company’s new Strategic Growth Committee, and Gabriel David as
Chief Audit Executive. All three appointments, which are effective
immediately, bring a wealth of financial, strategic and leadership
expertise and experience to the Company.
Having qualified as a Certified Public
Accountant with Ernst & Young at the start of his career, Mr.
Ayalon’s experience as an accomplished CEO and Executive at
numerous public and private growth companies in the technology and
food manufacturing sectors, as an investment banker with UBS and
Bank of America, and as Chief Executive Officer of one of Israel’s
largest hedge funds, makes him uniquely qualified for the position
of Group CFO, and to work with the Company’s Co-CEOs and management
team to execute its growth plans and maximize the group’s
potential.
Mr. Ayalon is a highly accomplished senior
executive with over 20 years of cross-industrial involvement in
global financial advisory and investment, as well as operational
management roles within corporates, hedge funds and investment
banks. Mr. Ayalon’s operational experience spans a variety of
industries including fintech, financial services, software and food
manufacturing, which are complementary to the Company’s business.
Until earlier this year, Mr. Ayalon served as CEO of Celsius
Mining, where he was instrumental in rapidly building and scaling
the business to a multi-billion-dollar valuation and preparing the
company for its planned IPO in mid-2022. Prior to joining Celsius
Mining, Mr. Ayalon served in multiple roles including as CEO of a
private capital raising and M&A advisory firm, as well as CEO
of two venture stage technology companies. From 2011 to 2015, Mr.
Ayalon was the CEO of Sphera Funds Management, one of Israel’s
largest hedge funds with offices in Tel Aviv and New York City,
prior to which he worked as an M&A banker with UBS and Bank of
America, was head of M&A at Nasdaq listed company, Amdocs, and
head of corporate development at Tel Aviv Stock Exchange listed
company, Strauss Group. Mr. Ayalon also served on the board of
Fruitura Bioscience Ltd., an emerging nutraceutical and food
manufacturing company from 2011 to 2015 and holds a Bachelor of
Arts degree in Accounting & Economics from Tel Aviv University
and a Master of Business Administration from Duke University.
The appointment of C. Derek Campbell as a Group
Independent Director and Chairman of the new Strategic Growth
Committee at Tingo represents a significant enhancement to our
board. Mr. Campbell is an experienced senior executive leader and
strategic advisor with business interests across the energy,
natural resources, infrastructure, security, and defense sectors.
He is the Group Managing Partner of LVC Global Holdings, LLC, an
international asset acquisition, investment, and consulting
platform that optimizes and monetizes opportunity flow across the
Emerging and Frontier Markets, with a particular focus on
Africa.
Mr. Campbell is also a Distinguished Fellow of
the Global Federation of Competitiveness Councils, a former
Principal Committee Member of U.S. EXIM Bank’s Sub-Saharan Africa
Advisory Committee, and a former Advisory Board Member of the
African Energy Chamber. He holds a Bachelor of Science Degree from
the University of Maryland and a Master of Strategic Studies from
the U.S. Army War College. Additionally, Mr. Campbell is a Colonel
in the United States Marine Corps Reserves, having served with
distinction in operational combat tours in Iraq, Afghanistan, and
South Sudan. He also served in high-level staff tours as the U.S.
Marine & Naval Attaché to Nigeria, the Chief of Military Plans
for the U.N. Mission in South Sudan (UNMISS), and the U.S. Marine
Corps Liaison Officer to the Defense Threat Reduction Agency
(DTRA).
The Company has also appointed Gabriel David as
Chief Audit Executive. Mr. David has extensive experience as a
financial compliance and internal audit leader with international
public companies. Prior to joining Tingo, Mr. David was Regional
Director of Financial Compliance at Orbia, a company providing
specialty products and methodologies in the agriculture, building
and infrastructure and data communications sectors. He was the
Corporate Internal Auditor at Nasdaq listed Tower Semiconductor and
Newport Corporation, where he was responsible for all internal
audit staff and assignments; and also served with Ernst & Young
in Israel and Australia for seven years, specializing in risk
advisory, internal audit and SOX compliance. Mr. David is a
Certified Fraud Examiner of the Association of Certified Fraud
Examiners, Member of the Institute of Internal Auditors, and Member
of the Institute of Chartered Accountants in Australia. Mr. David
holds bachelor’s degrees in Commerce and Accounting &
Information Systems from the University of New South Wales.
Concurrent with the above three appointments,
the Company’s current Group Chief Financial Officer, Kevin Chen,
will move into the position of Asia Chief Financial Officer to
oversee the finances of the Company’s businesses in China, Hong
Kong and Singapore.
John Scott, Chairman of Tingo Group,
Inc. commented: “We welcome Amir, Derek and Gabriel to the
Company and look forward to working with them in their respective
roles. We are delighted to be in a position to benefit from the new
appointees’ collective skillsets and extensive experience covering
a broad spectrum of specialties, all of which should prove hugely
valuable as we expand and develop our business further.”
Dozy Mmobuosi, Interim Co-Chief
Executive Officer of Tingo Group, Inc. commented: “Amir’s
appointment, with his depth and breadth of experience in leading
and growing public companies and overseeing their finances, as well
as in investment banking and financial institutions, represents a
significant strengthening of our executive team. This, alongside
the appointment of Gabriel, will also further improve our internal
audit function and develop and implement additional internal
controls. In addition, Derek’s vast experience in Africa will
provide valuable insight to the Board and help us expand our reach
across the African Continent and improve the profile and status of
our Company in the U.S. and global markets.”
Ken Denos, Interim Co-Chief Executive
Officer of Tingo Group, Inc. commented: “Amir Ayalon and
Gabriel David join us at a critically important time as we continue
to strengthen our internal infrastructure, financial management,
internal controls and financial reporting to position the Company
for further growth and development. C. Derek Campbell’s appointment
is equally important, bearing in mind his extensive U.S. and Africa
diplomatic and strategic experience, as we seek to improve the
market’s awareness of the Company and our vision.”
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 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.
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.
Investor Relations
Contact949-491-8235TIO@mzgroup.uswww.mzgroup.us
Grafico Azioni Tingo (NASDAQ:TIO)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Tingo (NASDAQ:TIO)
Storico
Da Set 2023 a Set 2024