Tingo completes investigation into allegations in short-seller report

Tingo Group announced it has completed the investigation of the allegations made by short seller Hindenburg Research, that relate directly to the Company and its businesses. At the direction of the Company’s independent directors, independent counsel investigated certain of the Hindenburg allegations and provided the independent directors with an interim report summarizing evidence it had reviewed, along with items requiring further investigation. The Company’s outside counsel then conducted its own investigation into the allegations, which included following up on the items identified by independent counsel. Based on the Company’s outside counsel’s investigation and further investigative work of its own, the Company has concluded it can now provide the following response to the allegations in the Hindenburg report: Agri-Fintech Holdings, Inc. Resignation of Director; Tingo Foods Revenue and Operating Margin; Tingo Foods Business Relationships; Food Processing Facility – construction of the Tingo Foods processing facility in Nigeria is well underway; Tingo Foods Sale of Inventory – the inventory held by Tingo Foods at the time it was purchased by the Company in February 2023 was sold to a customer on March 20, 2023; Tingo Mobile Business Relationships with Farming Organizations – Tingo Mobile leases mobile phones to four co-operatives and farming organizations; Mobile License – Tingo Mobile does not directly provide airtime and data services on the phones it leases to customers, or through its Nwassa platform; Tingo Mobile’s Phone Suppliers – Tingo Mobile has purchased mobile phones from two suppliers: UGC Technologies Limited and Bullitt Mobile; Tingo Mobile Ghana – its recently established operations in Ghana are currently conducted exclusively through its trade agreement with the Ashanti Investment Trust; Tingo Mobile’s NWASSA Platform – The Nwassa USSD platform is pre-loaded on the Tingo Mobile phones that are leased to the cooperatives and their farmers; Tingo DMCC – Tingo DMCC is the Company’s new agricultural export business; Financial Statement Errors – The “errors” identified by Hindenburg in Tingo Group’s financial statements and MD&A in its year-end 2022 Form 10-K and Q1 2023 Form 10-Q were typographical errors that were obvious to the reader from the remainder of the numbers and other information.