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MICT's ACQUISITION TARGET, TINGO MOBILE, TODAY LAUNCHES KEY PARTNERSHIPS WITH ALL FARMERS ASSOCIATION OF NIGERIA AND VISA
9:28 am ET November 16, 2022 (Globe Newswire) Print
GlobeNewswireNovember 16, 2022
AFAN Launch Commences Rollout of Nwassa Agri-FinTech Platform and Tingo Visa Products to AFAN's Membership of More Than 20 Million Farmers
Launch of Partnership With Visa Sees Introduction of Tingo Visa Card and a Range of Other New Products
MONTVALE, NJ, Nov. 16, 2022 (GLOBE NEWSWIRE) -- MICT, Inc. (NASDAQ: MICT) ("MICT") and Tingo, Inc. (OTC Markets: TMNA) ("Tingo" or the "Company"), announced that Tingo Mobile PLC ("Tingo Mobile"), which is being wholly acquired by MICT with a scheduled completion date of November 30, 2022, has today launched its partnership with the All Farmers Association of Nigeria ("AFAN") ahead of schedule.
Through its recently announced trade deal with Tingo Mobile, AFAN has committed to deliver a minimum of 20 million additional subscribers, which would more than triple Tingo Mobile's existing customer base of 9.3 million. From today, AFAN has commenced to enroll its members to Tingo's platforms and products, including its Nwassa Agri-Fintech platform.
Also today, Tingo Mobile launched its pan-African partnership with leading global payments technology company, Visa, with the rollout a range of new products and services including Tingo Visa digital payment cards, a Tingo Mobile secure payment service and a Tingo Mobile Point of Sale merchant service. The suite of Tingo Visa products is expected to contribute significantly towards fulfilling MICT's and Tingo Mobile's goals of fostering financial inclusion and driving the social and economic upliftment of their customers.
To mark its milestone achievements, and by way of support of AFAN and Nigeria's Federal Ministry of Agriculture and Rural Development, Tingo Mobile has sponsored today's National Farmers' Day event. Through its work with these organizations, Tingo Mobile has reinforced its commitment to Nigeria's more than 60 million farmers and further underlined its support towards AFAN and the Nigerian Government, as the parties work collectively towards their mutual objectives of increasing food supply and improving food security.
Dozy Mmobuosi, Tingo Founder and CEO, commented: "We are honored to have both AFAN and Visa as our partners. It was only a small number of weeks ago that we announced our trade deal with AFAN, so to be in a position where we have launched our partnership with them today, ahead of schedule, is a huge achievement. We are particularly pleased we have been able to arrange both the AFAN and Visa partnership launches to coincide with National Farmers' Day celebration, which has allowed us to support this important event on Nigeria's agricultural sector's calendar.
"We are very proud of our team at Tingo Mobile as they continue to successfully execute our accelerated rollout strategy, which has all been made possible through the merger with MICT. We are also extremely proud of the valuable contribution we believe we are making towards increasing Nigeria's and Africa's food supply and improving food security."
Darren Mercer, Chief Executive Officer of MICT, commented: "We are delighted to see Tingo Mobile launch two significant revenue generating opportunities today. The launch of the partnership with AFAN has the potential to markedly increase Nwassa's customer numbers and revenues from Q4 2022 onwards. With a high margin in excess of 90%, the impact on profitability should be considerable.
"The partnership with Visa, one of the world's leading global payment solution providers, is also very exciting, and facilitates a number of new products and revenue streams, while also making a huge difference to Tingo Mobile's ability to promote financial inclusion and financial upliftment.
"While we expect the combination of today's two partnership launches to have a material impact on the MICT Group consolidated revenues and profitability in Q4 2022, we expect a more significant acceleration of growth to occur in 2023."
Dr Farouk Rabiu Mudi, the President of the All Farmers Association of Nigeria (AFAN), commented: "We commend Tingo Mobile for their tremendous support of Nigeria's farmers, including for their sponsorship of today's National Farmers' Day Celebration. Tingo's Nwassa platform and other initiatives can make a real difference to the farmers, as has already been demonstrated, and we are very happy to be working with Tingo Mobile to enroll our members with them. We look forward to a long future of partnering with Tingo, and for them to play an even larger role in our farmers' individual and collective success."
About All Farmers Association of Nigeria (AFAN)
The All Farmers Association of Nigeria (AFAN) is the apex of all Farmers Commodity Associations, Cooperatives and other bodies involved in Agriculture and Agro-allied matters in Nigeria. As the umbrella body of all the recognized 56 commodity associations in Nigeria, AFAN has branches and structures in the 36 states of the nation including the Federal Capital Territory (FCT), Abuja, and 774 Local Government Areas Across Nigeria. The Association coordinates, facilitates, supervises, regulates and generally liaises on all issues affecting farmers, as well as promises overall development of farming, agriculture and Agro-allied matters in the country. AFAN is registered with the corporate Affairs Commission and has its secretariat situated in Abuja, FCT. For more information, visit the AFAN website: https://www.afan.ng/.
About MICT
MICT is a financial technology business principally focused on the growth and development of a suite of consumer fintech services across approximately 130 cities in China, with planned expansion into additional markets. MICT has developed highly scalable proprietary platforms for insurance products (B2B, B2B2C and B2C) and financial services/products (B2C), the technology for which is highly adaptable for other applications and markets. MICT has acquired and holds the requisite license and approvals with the Hong Kong Securities and Futures Commission to deal in securities and provide securities advisory and asset management services. MICT also has memberships/registrations with the Hong Kong Stock Exchange and the requisite Hong Kong and China Direct clearing companies. MICT's financial services business and first financial services product, the Magpie Invest app, is able to trade securities on NASDAQ, NYSE, TMX, HKSE, China Stock Connect, LSE, the Frankfurt Stock Exchange and the Paris Stock Exchange.
About Tingo
Tingo, through its wholly owned subsidiary, Tingo Mobile, is the leading Agri-Fintech company operating in Africa, with a marketplace platform that empowers social upliftment through mobile, technology and financial access for rural farming communities. Tingo's novel "device as a service" model allows it to add market leading applications to enable customers to trade, buy top ups, pay bills, access insurance and lending services. With 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. Tingo's strategic plan is to become the eminent Pan-African Agri-Fintech business delivering social upliftment and financial inclusion to millions of SME farmers and women-led businesses.
Tingo offers its comprehensive platform service through use of smartphones - 'device as a service' (using GSM technology) -- to empower a marketplace to enable subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally. The ecosystem provides a 'one stop shop' solution to enable such subscribers to manage everything from airtime top ups, bill pay services for utilities and other service providers, access to insurance services and micro finance to support their value chain from 'seed to sale'.
As of June 30, 2022, Tingo had approximately 9.3 million subscribers using its mobile phones and Nwassa platform. Nwassa is Africa's leading digital agriculture ecosystem that empowers rural farmers and agri-businesses by using proprietary technology to enable access to markets in which they operate. Farm produce can be shipped from farms across Africa to any part of the world, in both retail and wholesale quantities. Nwassa's payment gateway also has an escrow structure that creates trust between buyers and sellers. Tingo's system provides real-time pricing, straight from the farms, eliminating middlemen. Tingo's users pay for produce bought using available pricing on its platform.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made herein contain, and certain oral statements made by representatives of MICT and Tingo and their respective affiliates, from time to time may contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. MICT's and Tingo's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, MICT's and Tingo's expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of MICT or Tingo and are difficult to predict. Factors that may cause such differences include but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement (as defined below); (2) the inability to complete the Business Combination, including due to the failure to obtain approval of the stockholders of MICT or Tingo or other conditions to closing in the Merger Agreement; (3) the inability to obtain or maintain the listing of MICT's common stock on Nasdaq following the Business Combination; (4) the risk that the Business Combination disrupts current plans and operations of Tingo or MICT as a result of the announcement and consummation of the Business Combination; (5) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth economically and hire and retain key employees; (7) the inability to complete the Business Combination due to inability to obtain regulatory approval; (8) changes in applicable laws or regulations; (10) the possibility that MICT or Tingo may be adversely affected by other economic, business, and/or competitive factors; and (11) the impact of the global COVID-19 pandemic on any of the foregoing risks and other risks and uncertainties to be identified in the proxy statement/prospectus (when available) relating to the Business Combination, including those under "Risk Factors" therein, and in other filings with the SEC made by MICT and Tingo. The foregoing list of factors is not exclusive. Readers are referred to the most recent reports filed with the SEC by MICT and Tingo. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MICT and Tingo undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law.
No Solicitation
This Press Release does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination.
ADDITIONAL INFORMATION
MICT intends to file with the SEC a preliminary proxy statement of MICT in connection with Business Combination.The definitive proxy statement and other relevant documents will be mailed to stockholders of MICT as of a record date to be established for voting on the Business Combination. Stockholders of MICT and other interested persons are advised to read, when available, the preliminary proxy statement, and amendments thereto, and the definitive proxy statement in connection with MICT's solicitation of proxies for the special meeting to be held to approve the Business Combination because these documents will contain important information about MICT, Tingo and the Business Combination. Stockholders will also be able to obtain copies of the proxy statement, without charge, once available, on the SEC's website at www.sec.gov.
Tingo has filed with the SEC a definitive information statement of Tingo in connection with Business Combination.The definitive information statement and other relevant documents will be mailed to stockholders of Tingo as of a record date to be established for voting on the Business Combination. Stockholders of Tingo and other interested persons are advised to read, when available, the MICT preliminary proxy statement, and amendments thereto, and the Tingo definitive information statement because these documents will contain important information about Tingo, MICT and the Business Combination. Stockholders will also be able to obtain copies of the information statement, without charge, once available, on the SEC's website at www.sec.gov.
Participants in the Solicitation
MICT and Tingo and certain of their respective directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the stockholders of MICT in favor of the approval of the Business Combination.
Additional information regarding the interests of such potential participants will also be included in the Proxy Statement and other relevant documents when they are filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph.
Investor Relations Contact
Chris Tyson/Larry Holub
949-491-8235
MICT@mzgroup.us
www.mzgroup.us
MICT Inc. Contact Information
Email: info@mict-inc.com
Phone: (201) 225-0190
Tingo, Inc. Contact Information
Rory Bowen
Chief of Staff - Tingo, Inc.
Primary Logo
comtex tracking
TMNA over MICT all in all because of Pref A & B shares and 75% ownership of new entity.
Why not! .....
IMO TMNA over MICT all in all because of Pref A & B shares and 75% ownership of new entity.
Both will win out regardless... Might have seen this already but these are my reasons, hopefully im explaining myself well enough.
See posts:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=170459060
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=170459075
and this one from makinezmoney:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=170460527
Why MICT over Tingo?
HUGE NEWS: MICT, Inc. Reports Third Quarter 2022 Results November 14, 2022 (Globe Newswire) Print
GlobeNewswireNovember 14, 2022
Revenue Increased 15% Quarter-over-Quarter to $13.8 Million
Gross Profit from Insurance Business of$3.2 Million Increased 54% Quarter-Over-Quarter and 16% Year-over-Year
Gross Margin of Insurance Business Increased to a Company Record 23%
Acquisition of Tingo on Track for Completion by November 30, 2022
Tingo, Inc. Reports Q3 2022 Revenues of $291.7 Million and Income Before Tax and Share Based Payments of $160.6 Million
MONTVALE, N.J., Nov. 14, 2022 (GLOBE NEWSWIRE) -- MICT, Inc. (Nasdaq: MICT), (the "Company"), today announced its financial results for the third quarter ended September 30, 2022.
Q3 2022 Highlights and Recent Developments
Insurance revenues for Q3 2022 amounted to $13.8 million, up 15% on Q2 2022 revenues.
Gross profit margins for the insurance business also improved, increasing to 23% for Q3 2022 compared to 17% in Q2 2022 and 15% in the year ago period, due to the ongoing focus on writing more profitable business.
Magpie Securities (Singapore) PTE Ltd received final approval of its Capital Markets License from the Monetary Authority of Singapore, which enables Magpie Securities to onboard clients from numerous countries and offer a number of new services, including, but not limited to, foreign exchange products, commodity trading, leveraged products and CFDs.
Strategic partnership signed with leading global investment bank for foreign exchange and payment services, enabling the provision of competitive products to clients.
Acquisition of 100% of Tingo Mobile Limited is scheduled to complete by November 30, 2022, following the filing of Tingo, Inc.'s (OTC Markets: TMNA) Definitive Information Statement.
Tingo Mobile signed trade deals with (i) the All Farmers Association of Nigeria ("AFAN"), which included a commitment to enroll a minimum of 20 million customers with Tingo Mobile; and, (ii) with the Ashanti Investment Trust ("AIT"), which included a commitment to enroll a minimum of 2 million customers with Tingo Mobile, as well as a target to achieve at least 4 million, the latter of which coincided with the nationwide launch of Tingo Mobile in Ghana.
Tingo Mobile's parent company, Tingo, Inc., announced its own third quarter results earlier this morning, reporting revenues for the three months of $291.7 million (compared to $268.7 million in Q2 2022); and income before tax and share based payments of $160.6 million (compared to $151.3 million in Q2 2022).
Tingo Inc.'s, cumulative income before tax and share based payments for the nine-month period ended September 30, 2022 amounted to $455.2 million, compared to $170.5 million for the year ago period.
Significant strengthening of professional advisory team through the appointment of global investment bank, Haitong Securities USA LLC, leading international Investor Relations firm, MZ Group, and world leading accounting firm, Deloitte.
Darren Mercer, MICT's Chief Executive Officer, commented, "We are very pleased with the continued recovery in our insurance business during the third quarter, as China's COVID-19 protocols continued to ease. Our insurance business has once again delivered a quarter-on-quarter increase in gross profit, achieving our highest ever reported gross margin of 23%.
"Through our nationwide online insurance license, which is supported by our comprehensive coverage of regional, provincial and city licenses, covering the vast majority of developed China, the infrastructure we have established is a necessary and an extremely valuable component to enable us to roll out the Tingo Mobile range of products. This in turn is expected to create substantial value to MICT.
"Magpie's pivoted focus towards a broker-as-a-service model is aimed at giving white-label solutions to financial services and banking organizations, as well as a foreign exchange offering. We are currently at an advanced stage of discussions on deals with several such organizations, which if consummated, would each add considerable high-margin revenues to the Magpie group of companies. Complimentary developments in the quarter included the receipt of full approval of our Capital Markets License from the Monetary Authority of Singapore and the signing of an agreement with a leading global banking organization, which together with the imminently expected approval of our Money Services Operators License, will allow us to offer a full range of highly competitive payment and foreign exchange services to both white-label partners and end clients, and also to incorporate foreign exchange services into our commodities and export businesses.
"Through our Capital Markets License we are able to offer a number of new products, including commodities trading, foreign exchange trading and leveraged investments. This will enable our Singapore Office to operate as the Commodity Center for the group, including to facilitate our commodity trading business with Tingo Mobile and to handle the significant volumes of exports it is expected to generate from 2023.
"Tingo Inc., and sole subsidiary Tingo Mobile, our acquisition of which is scheduled to complete by November 30, 2022, reported its third quarter results earlier this morning, and we are thrilled with its performance and progress. We believe the revenues and net income of Tingo Mobile will increase considerably in 2023, due to its recently announced trade deals with AFAN in Nigeria and AIT in Ghana, together with the planned acceleration of its international expansion and its considerable export opportunities.
"With an annualized revenue run rate approaching $1.2 billion and a net income before tax run rate approaching $650 million, as reported today in Tingo, Inc.'s Q3 2022 results, we expect to see further increases in Q4 2022, followed by a substantial improvement in both revenue and net income run rates in 2023. In our soon to be launched export and commodity trading businesses, we anticipate that a large proportion of next year's revenues will be generated in US dollars.
"With the MICT consolidated group expected to become significantly profitable from Q4 2022 onwards, on a proven business model that will see rapid expansion in terms of both revenue and profitability, it is clear, as previously stated last week, there is a huge disconnect between our current share price and the profitability of the consolidated group. With the appointment of a number of key new advisors, including a leading global investment bank and an international IR firm, the Board is committed to addressing this disconnect and delivering a share price that reflects MICT's true value."
Q3 2022 Financial Review
Revenue in the third quarter was $13.8 million versus $12.0 million in the prior quarter. The increase was due to the growth in insurance business revenues, which increased by 15% quarter over quarter.
Gross profit in the third quarter was $3.2 million, up 54% from $2.1 million in the second quarter. The increase was due to the combination of the increase in revenues in the insurance business, against a partially fixed direct cost base, and a focus on writing more profitable insurance policies.
Selling & marketing expenses in the third quarter were $1.3 million as compared to $1.0 million in the second quarter. The increase was due to an increase in marketing expenses on the insurance businesses in the third quarter, offset in part by a decrease in marketing expenses for the stock trading businesses.
General and administrative expenses were $9.2 million in the third quarter, compared to $13.7 million in the second quarter. This represents a decrease of $4.4 million for the three months ended September 30, 2022, as compared to the three months ended June 30, 2022. General and administrative expenses for the third quarter included $1.7 million of transaction expenses relating to the acquisition of Tingo Mobile Limited and $0.1m of share-based payments, compared to $3.1 million of transaction expenses and $3.8 million of share-based payments in the second quarter.
Operating loss for the third quarter was $8.7 million versus a loss of $13.8 million for the second quarter. This represents a decrease of $5.1 million for the three months ended September 30, 2022, as compared to the three months ended June 30, 2022. The decrease is mainly a result of the decrease in General and administrative expenses and increase in Gross profit.
As of September 30, 2022, the cash position was approximately $68.4 million, compared to $76.1 million at June 30, 2022. Transaction expenses and other cash outflows of $2.4 million were incurred in relation to the acquisition of Tingo Mobile Limited during the third quarter.
About MICT
MICT is a financial technology business principally focused on the growth and development of a suite of consumer fintech services across approximately 130 cities in China, with planned expansion into additional markets. MICT has developed highly scalable proprietary platforms for insurance products (B2B, B2B2C and B2C) and financial services/products (B2C), the technology for which is highly adaptable for other applications and markets. MICT has acquired and holds the requisite license and approvals with the Hong Kong Securities and Futures Commission to deal in securities and provide securities advisory and asset management services. MICT also has memberships/registrations with the Hong Kong Stock Exchange and the requisite Hong Kong and China Direct clearing companies. MICT's financial services business and first financial services product, the Magpie Invest app, is able to trade securities on NASDAQ, NYSE, TMX, HKSE, China Stock Connect, LSE, the Frankfurt Stock Exchange, and the Paris Stock Exchange.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made herein contain, and certain oral statements made by representatives of MICT and Tingo and their respective affiliates, from time to time may contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. MICT's and Tingo's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, MICT's and Tingo's expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of MICT or Tingo and are difficult to predict. Factors that may cause such differences include but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement (as defined below); (2) the inability to complete the Business Combination, including due to the failure to obtain approval of the stockholders of MICT or Tingo or other conditions to closing in the Merger Agreement; (3) the inability to obtain or maintain the listing of MICT's common stock on Nasdaq following the Business Combination; (4) the risk that the Business Combination disrupts current plans and operations of Tingo or MICT as a result of the announcement and consummation of the Business Combination; (5) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth economically and hire and retain key employees; (7) the inability to complete the Business Combination due to inability to obtain regulatory approval; (8) changes in applicable laws or regulations; (10) the possibility that MICT or Tingo may be adversely affected by other economic, business, and/or competitive factors; and (11) the impact of the global COVID-19 pandemic on any of the foregoing risks and other risks and uncertainties to be identified in the proxy statement/prospectus (when available) relating to the Business Combination, including those under "Risk Factors" therein, and in other filings with the SEC made by MICT and Tingo. The foregoing list of factors is not exclusive. Readers are referred to the most recent reports filed with the SEC by MICT and Tingo. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MICT and Tingo undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law.
Additional Information
MICT intends to file with the SEC a preliminary proxy statement of MICT in connection with Business Combination. The definitive proxy statement and other relevant documents will be mailed to stockholders of MICT as of a record date to be established for voting on the Business Combination. Stockholders of MICT and other interested persons are advised to read, when available, the preliminary proxy statement, and amendments thereto, and the definitive proxy statement in connection with MICT's solicitation of proxies for the special meeting to be held to approve the Business Combination because these documents will contain important information about MICT, Tingo and the Business Combination. Stockholders will also be able to obtain copies of the proxy statement, without charge, once available, on the SEC's website at www.sec.gov.
No Offer or Solicitation
This Press Release does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This Press Release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Investor Relations Contact
MONTVALE, N.J. -- November 14, 2022 -- MICT, Inc. (Nasdaq: MICT), (the “Company”), today announced its financial results for the third quarter ended September 30, 2022.
Q3 2022 Highlights and Recent Developments
? Insurance revenues for Q3 2022 amounted to $13.8 million, up 15% on Q2 2022 revenues.
? Gross profit margins for the insurance business also improved, increasing to 23% for Q3 2022 compared to 17% in Q2 2022 and 15% in the year ago period, due to the ongoing focus on writing more profitable business.
? Magpie Securities (Singapore) PTE Ltd received final approval of its Capital Markets License from the Monetary Authority of Singapore, which enables Magpie Securities to onboard clients from numerous countries and offer a number of new services, including, but not limited to, foreign exchange products, commodity trading, leveraged products and CFDs.
? Strategic partnership signed with leading global investment bank for foreign exchange and payment services, enabling the provision of competitive products to clients.
? Acquisition of 100% of Tingo Mobile Limited is scheduled to complete by November 30, 2022, following the filing of Tingo, Inc.’s Definitive Information Statement.
? Tingo Mobile signed trade deals with (i) the All Farmers Association of Nigeria (“AFAN”), which included a commitment to enroll a minimum of 20 million customers with Tingo Mobile; and, (ii) with the Ashanti Investment Trust (“AIT”), which included a commitment to enroll a minimum of 2 million customers with Tingo Mobile, as well as a target to achieve at least 4 million, the latter of which coincided with the nationwide launch of Tingo Mobile in Ghana.
? Tingo Mobile’s parent company, Tingo, Inc., announced its own third quarter results earlier this morning, reporting revenues for the three months of $291.7 million (compared to $268.7 million in Q2 2022); and income before tax and share based payments of $160.6 million (compared to $151.3 million in Q2 2022).
? Tingo Inc.’s, cumulative income before tax and share based payments for the nine-month period ended September 30, 2022 amounted to $455.2 million, compared to $170.5 million for the year ago period.
? Significant strengthening of professional advisory team through the appointment of global investment bank, Haitong Securities USA LLC, leading international Investor Relations firm, MZ Group, and world leading accounting firm, Deloitte.
Darren Mercer, MICT’s Chief Executive Officer, commented, “We are very pleased with the continued recovery in our insurance business during the third quarter, as China’s COVID-19 protocols continued to ease. Our insurance business has once again delivered a quarter-on-quarter increase in gross profit, achieving our highest ever reported gross margin of 23%.
“Through our nationwide online insurance license, which is supported by our comprehensive coverage of regional, provincial and city licenses, covering the vast majority of developed China, the infrastructure we have established is a necessary and an extremely valuable component to enable us to roll out the Tingo Mobile range of products. This in turn is expected to create substantial value to MICT.
“Magpie’s pivoted focus towards a broker-as-a-service model is aimed at giving white-label solutions to financial services and banking organizations, as well as a foreign exchange offering. We are currently at an advanced stage of discussions on deals with several such organizations, which if consummated, would each add considerable high-margin revenues to the Magpie group of companies. Complimentary developments in the quarter included the receipt of full approval of our Capital Markets License from the Monetary Authority of Singapore and the signing of an agreement with a leading global banking organization, which together with the imminently expected approval of our Money Services Operators License, will allow us to offer a full range of highly competitive payment and foreign exchange services to both white-label partners and end clients, and also to incorporate foreign exchange services into our commodities and export businesses.
“Through our Capital Markets License we are able to offer a number of new products, including commodities trading, foreign exchange trading and leveraged investments. This will enable our Singapore Office to operate as the Commodity Center for the group, including to facilitate our commodity trading business with Tingo Mobile and to handle the significant volumes of exports it is expected to generate from 2023.
“Tingo Inc., and sole subsidiary Tingo Mobile, our acquisition of which is scheduled to complete by November 30, 2022, reported its third quarter results earlier this morning, and we are thrilled with its performance and progress. We believe the revenues and net income of Tingo Mobile will increase considerably in 2023, due to its recently announced trade deals with AFAN in Nigeria and AIT in Ghana, together with the planned acceleration of its international expansion and its considerable export opportunities.
“With an annualized revenue run rate approaching $1.2 billion and a net income before tax run rate approaching $650 million, as reported today in Tingo, Inc.’s Q3 2022 results, we expect to see further increases in Q4 2022, followed by a substantial improvement in both revenue and net income run rates in 2023. In our soon to be launched export and commodity trading businesses, we anticipate that a large proportion of next year’s revenues will be generated in US dollars.
“With MICT Group business expected to become significantly profitable from Q4 2022 onwards, on a proven business model that will see rapid expansion in terms of both revenue and profitability, it is clear, as previously stated last week, there is a huge disconnect between our current share price and the profitability of the consolidated group. With the appointment of a number of key new advisors, including a leading global investment bank and an international IR firm, the Board is committed to addressing this disconnect and delivering a share price that reflects MICT’s true value.”
2
Q3 2022 Financial Review
? Revenue in the third quarter was $13.8 million versus $12.0 million in the prior quarter. The increase was due to the growth in insurance business revenues, which increased by 15% quarter over quarter.
? Gross profit in the third quarter was $3.2 million, up 54% from $2.1 million in the second quarter. The increase was due to the combination of the increase in revenues in the insurance business, against a partially fixed direct cost base, and a focus on writing more profitable insurance policies.
? Selling & marketing expenses in the third quarter were $1.3 million as compared to $1.0 million in the second quarter. The increase was due to an increase in marketing expenses on the insurance businesses in the third quarter, offset in part by a decrease in marketing expenses for the stock trading businesses.
? General and administrative expenses were $9.2 million in the third quarter, compared to $13.7 million in the second quarter. This represents a decrease of $4.4 million for the three months ended September 30, 2022, as compared to the three months ended June 30, 2022. General and administrative expenses for the third quarter included $1.7 million of transaction expenses relating to the acquisition of Tingo Mobile Limited and $0.1m of share-based payments, compared to $3.1 million of transaction expenses and $3.8 million of share-based payments in the second quarter.
? Operating loss for the third quarter was $8.7 million versus a loss of $13.8 million for the second quarter. This represents a decrease of $5.1 million for the three months ended September 30, 2022, as compared to the three months ended June 30, 2022. The decrease is mainly a result of the decrease in General and administrative expenses and increase in Gross profit.
? As of September 30, 2022, the cash position was approximately $68.4 million, compared to $76.1 million at June 30, 2022. Transaction expenses and other cash outflows of $2.4 million were incurred in relation to the acquisition of Tingo Mobile Limited during the third quarter.
About MICT
MICT is a financial technology business principally focused on the growth and development of a suite of consumer fintech services across approximately 130 cities in China, with planned expansion into additional markets. MICT has developed highly scalable proprietary platforms for insurance products (B2B, B2B2C and B2C) and financial services/products (B2C), the technology for which is highly adaptable for other applications and markets. MICT has acquired and holds the requisite license and approvals with the Hong Kong Securities and Futures Commission to deal in securities and provide securities advisory and asset management services. MICT also has memberships/registrations with the Hong Kong Stock Exchange and the requisite Hong Kong and China Direct clearing companies. MICT’s financial services business and first financial services product, the Magpie Invest app, is able to trade securities on NASDAQ, NYSE, TMX, HKSE, China Stock Connect, LSE, the Frankfurt Stock Exchange, and the Paris Stock
.90 in premarket! > Let's go MICT.....
Just found out that MICT is the merger shares to own in the transaction. Good luck!
Copied this from dawg and makeinezmoney over on TMNA. They believe TMNA the better side to be on in the merger.
merger closing soon
https://ih.advfn.com/stock-market/USOTC/tingo-pk-TMNA/stock-news/89507424/information-statement-merger-or-acquisition-defi
"77.20% of the total voting power of our common stock, approving the Actions. No further vote of our stockholders is required to affect the Actions, which are expected to become effective on or about November 30, 2022."
The actions:
"In connection with the foregoing, and in furtherance of the Merger, we are notifying you of the following additional actions taken by holders of a majority of our voting shares:
· approval of the Merger Agreement and, in particular, the Merger of a wholly-owned subsidiary of MICT incorporated in the British Virgin Islands (“MICT BVI Sub”) with and into a newly-formed subsidiary of Tingo incorporated the British Virgin Islands (“Tingo BVI Sub”) that has been formed for purposes of the Merger and which holds all of the shares of Tingo Mobile Ltd., the Company’s sole operating subsidiary, with MICT BVI Sub surviving the Merger as a wholly-owned subsidiary of MICT, in exchange for Tingo receiving certain securities of MICT as more particularly described herein; and
· approval, on a non-binding advisory basis, of certain Merger-related compensatory arrangements with the Tingo named executive officers (“Executive Merger Compensation”)."
Timing
"Expected Timing. We expect to complete the Merger during the fourth quarter of 2022, and we expect the MICT shareholders to approve the Series A Conversion within approximately thirty days thereafter. During the first quarter of 2023, we expect MICT to submit a change of control application to Nasdaq and to also seek shareholder approval of the Series B Conversion, both of which we expect to be approved in the second quarter of 2023. The Closing of the Merger and the subsequent Conversions are both subject to a number of conditions and uncertainties.
$TMNA: First time ever Receiving PREF-A&B Shares
On an OTC Uplist to Nasdaq.
I mean, this is the most unique situation I have ever seen for an OTC verified
stock where Dozy owns pretty much ALL the shares, at least over 75% of the shares.
Even all the latest NASDAQ uplist stocks you've seen this year never had any
preferred Shares either.
I think the sum of all of the parts of Combined Commons and the 2classes of
Preferreds will give us a min valuation of 5x where we are right now.
Thats why STXG and CSTI are sitting out there 4.50 on the ASK realizing this.
And yes, OTCX will have their heads handed to them, which sounds Fair !
MICT shareholders looking forward to merging with Tingo. Seems like the money for now is flowing into TMNA shares pre-merger.
Latest PR:
https://tingoinc.com/investor-information/press-releases/
Doesn't really matter... it is all bullshit!
2 scammy companies... one buys the other...
0 + 0 = 0!
.
MICT is cheaper than TMNA. What does that mean?
$MICT: MICT buysout all of $TMNA
Hellloooooooooooooooooooooooooooooooo
GO $MICT
$TMNA: Featured in Forbes !
https://cms.forbesafrica.com/wp-content/uploads/2021/12/Forbes-ITC-Supplement-Online-Final-Edit.pdf
GO $TMNA
Grab your TMNA shares!!! TMNA reported 268 million in revenue, they about to gobble MICT up!
https://www.globenewswire.com/news-release/2022/08/23/2502998/0/en/TINGO-RELEASES-RESULTS-FOR-SECOND-QUARTER-OF-2022.html
So MICT shareholders you coming over to TMNA shares before the merger?
$MICT: $MICT isn't going anywhere.... $TMNA
$MICT will have nothing to show for.
$TMNA is where all the value and assets are.
$TMNA should be over $25/sh when all is said and done
GO $TMNA
Very nice indeed
MICT, Inc's quarterly revenue growth rate YoY of 5205.20% ranked 45 out of 5730 companies in our database.
https://stockideashq.com/stocks/mict?source=twitter-bot $MICT
CryptoNewsBreaks – $TMNA, $MICT Enter Definitive Merger Agreement https://ibn.fm/WfMYU
Looking good too me
combined 4 billion our 22.5% is almost 900 mil or 15x from here
we should be up 15x. maybe tomorrow
since i posted last post stock up 30%. now we r talking $$$$$$$$$$$$$$$$
this is great deal for mict. mict cap 76 mil. tmna market cap 2.6 BILLION
U SHOULD BE BUYING $$$$$$$$$$$$$
RCB, regulatory circuit breaker
already on this morning, down over 10%,
now waiting for new entry.......thought they would do this, go figure~
$MICT
RCB, regulatory circuit breaker
already on this morning, down over 10%,
now waiting for new entry.......
$MICT
$MICT: Backk on down to 0.65 !
Remember............ $TMNA will own 75% of MICT shares and assume this ticker.
So that means, the value is in $TMNA before finalization of deal
$TMNA now at only 2.30 and very very low float trader.
TMNA will easily get over $25
GO $MICT
$MICT : $TMNA shareholders will own 77.5% of $MICT !
So its really $TMNA (TINGO) that you wanna buy
Supperrrrrrrrrr low floater now at 2.20
GO $TMNA
and there it is lol~
definitely looking good today,
see what kind of legs it has, lol~
$MICT
MICT $2.00+ LOOKS LIKE IS COMING FAST...CHART LOOKS HUGE.
MICT news:
TINGO and MICT Announce Execution of Definitive Merger Agreement
May 10 2022 - 09:24AM
GlobeNewswire Inc.
Alert
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Tingo, Inc. (OTC Markets: TMNA) (“Tingo”) and MICT, Inc. (NASDAQ: MICT) (“MICT”) announced that they have executed a definitive agreement to merge and consolidate their operations (the “Merger”) to create an over $900 million annual revenue and highly profitable Nasdaq-listed Fintech and Agri-Fintech company serving the African and Asian markets with a global expansion strategy.
The Merger represents a substantial move by both Tingo and MICT to globalize their businesses and synergistically leverage their proprietary technologies to create best-in-class financial platforms, products and services. The combined technology stack of both Tingo and MICT is expected to create one of the world’s leading fully integrated fintech platforms offering combined financial services, payment services, a comprehensive marketplace and an e-wallet, integrating the successful wealth management, share trading, and insurance offering capabilities of MICT, with the fintech and one-stop-shop marketplace capabilities of the Tingo platform.
Based on recent SEC filings, the combined cash balances of Tingo and MICT are expected to total more than $200m, which together with combined strong balance sheets, leaves the merged group well positioned to take advantage of further growth opportunities and future potential strategic acquisitions. Under the terms of the Merger, which has been approved by the Boards of Directors of Tingo and MICT, Tingo will merge into a newly-formed subsidiary of MICT, with the Tingo shareholders receiving new MICT common shares in an amount equal to approximately 77.5% in the combined company, and current MICT shareholders owning approximately 22.5% on a fully diluted basis following the closing, with a combined estimated group value of $4.09 billion.
The transaction is expected to close by the end of the third quarter of 2022, subject to the satisfaction of regulatory authorities; closing conditions, including approval by both companies’ shareholders; and completion of due diligence by both companies.
As a result of the Merger, Dozy Mmobuosi will become Chief Executive Officer of MICT (which is expected to be renamed “Tingo Inc.”), and the executive officers of Tingo shall be appointed to similar positions within MICT. Darren Mercer, the current Chief Executive Officer of MICT, will become the Executive Vice Chairman and Pacific-Asia Chief Executive Officer.
Tingo is the leading Agri-Fintech platform on the African Continent offering a proprietary technology platform connecting rural farming communities. On a proforma basis, Tingo reported 2021 revenues and operating income for Tingo Mobile PLC, its wholly owned subsidiary of $865.9 million and $327.1 million, respectively, compared to 2020 revenues and operating income of $585.3 million and $201 million, respectively. Tingo also reported, on a proforma basis, sustained strong growth of 48% in year-on-year revenues and 63% growth in year-on-year operating income.
Tingo’s social upliftment- empowering Agri-Fintech marketplace platform, called NWASSA, - recorded significant growth of approximately 101%, from $98.6 million in 2020 to $198.6 million in 2021. Through NWASSA, Tingo aims to meaningly improve food security across emerging markets and foster digital and financial inclusion.
NWASSA comprises several fintech solutions, including Tingo’s proprietary Agri-Fintech platform, access to airtime top-ups, mobile insurance, utility payments and brokerage on loans. Tingo believes that such growth is a demonstration of the value and impact that its Agri-Fintech services offer Tingo’s approximately 9.3 million existing customers. These customers have access to the NWASSA platform on the smartphones that they lease from Tingo over three years through the cooperative associations of which they are members. Based on the fees charged for the suite of Agri-Fintech services, Tingo estimates that Tingo Mobile processed more than $4 billion in customer transactions on its platform during 2021.
Dozy Mmobuosi, Tingo’s CEO commented: “We are truly excited to continue our journey as a Nasdaq-listed public company through this synergistic combination with MICT. We have driven significant growth in our revenue year over year from 2020 to 2021. This trend demonstrates the increased activity resulting from the adoption of the smartphone ‘device-as-a-service’ strategy we have implemented in recent years. The strategy of steadily growing the core customer base with the three-year leasing program of smartphones to an ever-expanding user base, and then incorporating essentially what is an “overlay” of Agri-Fintech platforms of our NWASSA solution and our TingoPay solution to this captive smartphone user base, has allowed us to become a Pan-African Leader with a SuperApp providing holistic financial services across the African Continent. This model provides us with incredibly low customer acquisition cost for the NWASSA platform.”
Mmobuosi added: “Importantly, we believe the merger with MICT will open many doors for us with our business, including through international expansion and broadening of our product range. The result of this will be greater opportunity for all our customers, both existing and new. We are extremely impressed by MICT’s operations in China, and we believe the potential is there for our platform and services to reach a huge available audience, including the estimated 200 to 400 million farming community customers across China. We believe this will be a significant area of potential growth with Darren Mercer leading our efforts there. Moreover, as a Nasdaq-listed company, we believe that new sources of capital for Tingo, together with our significant combined current cash balance, will enable us to continue investing in our range of product offerings, with the end result being further enhancement of the customer experience and, of course, new products and services.”
Darren Mercer, CEO of MICT, commented: “This transaction is transformative for MICT, and represents a significant building block in delivering on MICT’s core promise of offering innovative financial technology platforms to global fast-growing markets including Asian, and now Pan-African markets. We are excited to deliver the Agri-Fintech competencies of Tingo to the hundreds of millions of agricultural communities across China and to further its mission of achieving food security, to China and other geographical markets. The merger with Tingo adds a cutting-edge, strategic technology and business for MICT in pursuing its ambition to provide best-of-breed products as a one-stop-shop financial technology platform in fast growing overseas markets including China, Asia, and the African Continent.”
“MICT has already developed highly scalable and proprietary platforms for insurance products (B2B, B2B2C and B2C) and financial services products (B2C) the technology for which is highly adaptable for other applications and markets, continued Mr. Mercer. “Just within the first 12 months of trading, (calendar year 2021) MICT is expected to report that its B2B insurance platform registered more than 900,000 new customers, generating more than $54.0 million in revenue in only its first full operating year, with more than $9.0 million of gross profit. MICT also has successfully launched its first financial services product, the Magpie Invest app, and is set to roll this out internationally through a combination of direct-to-market launches and white-label partnerships. Through our merger with Tingo, we are very excited to have the opportunity to make our proven and established financial trading platforms available to the approximately 9.3 million users across the Tingo mobile user platform, exposing it to an enormous user base.”
Mr. Mercer further commented: “Under the impressive leadership of its founder and CEO, Dozy Mmobousi, Tingo has an incredible and highly profitable impact business, which we believe, with the technology, products and licences we bring, can accelerate its expansion, including into China and the wider Asia continent. Our strong balance sheet, with well over $90 million dollars of cash, combined with our NASDAQ listing and our ability to access the US capital markets, makes us well positioned to support Tingo’s rollout across the African continent, and onward into other parts of the world, including into China and the rest of Asia.”
Additional information regarding the Merger will be provided in Current Reports on Form 8-K to be filed with the SEC by each of Tingo and MICT.
About Tingo
Tingo is the leading Agri-Fintech company operating in Africa, with a marketplace platform that empowers social upliftment through mobile, technology and financial access for rural farming communities. Tingo’s novel “device as a service” model allows us to add market leading applications to enable customers to trade, buy top ups, pay bills, access insurance and lending services. With 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. Tingo’s strategic plan is to become the eminent Pan-African Agri-Fintech business delivering social upliftment and financial inclusion to millions of SME farmers and women-led businesses.
Tingo, including its subsidiary Tingo Mobile, offers its comprehensive platform service through use of smartphones – ‘device as a service’ (using GSM technology) -- to empower a marketplace to enable subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally. The ecosystem provides a ‘one stop shop’ solution to enable such subscribers to manage everything from airtime top ups, bill pay services for utilities and other service providers, access to insurance services and micro finance to support their value chain from ‘seed to sale’.
As of December 31, 2021, Tingo had approximately 9.3 million subscribers using its mobile phones and NWASSA platform. NWASSA is Africa’s leading digital agriculture ecosystem that empowers rural farmers and agri-businesses by using proprietary technology to enable access to markets in which they operate. Farm produce can be shipped from farms across Africa to any part of the world, in both retail and wholesale quantities. NWASSA’s payment gateway also has an escrow structure that creates trust between buyers and sellers. Tingo’s system provides real-time pricing, straight from the farms, eliminating middlemen. Tingo’s users pay for produce bought using available pricing on its platform.
The platform has created an escrow solution that secures the buyer, funds are not released to Tingo members until fulfilment. The platform also facilitates trade financing, ensuring that banks and other lenders compete to provide credit to our members.
Although Tingo has a large retail subscriber base, it is essentially a business-to-business-to-consumer ("B2B2C”) business model. Each subscriber is a member of one of two large farmers’ cooperatives with whom Tingo has a contractual relationship and which relationship facilitates the distribution of Tingo branded smartphones into various rural communities of member farmers. Tingo’s smartphones and its proprietary applications allow Tingo to distribute its wider array of Agri-Fintech services and generate the diverse revenue streams.
At the operating subsidiary level, Tingo Mobile reported no external debt financing and the generation of strong cash flows that can be used to expand Tingo’s business and financial technology services, including an investment in Tingo’s recently announced ‘SuperApp’ that will seek to combine NWASSA with its new ‘TingoPay’ digital wallet powered with a Visa card, the launch of which is intended to occur in the second quarter of 2022.
Additional information about the Company can be found at www.tingoinc.com.
About MICT
MICT is a financial technology business principally focused on the growth and development of a suite of consumer fintech services across approximately 130 cities in China, with planned expansion into additional markets. MICT has developed highly scalable proprietary platforms for insurance products (B2B, B2B2C and B2C) and financial services/products (B2C), the technology for which is highly adaptable for other applications and markets. MICT has acquired and holds the requisite license and approvals with the Hong Kong Securities and Futures Commission to deal in securities and provide securities advisory and asset management services. MICT also has memberships/registrations with the Hong Kong Stock Exchange, the London Stock Exchange and the requisite Hong Kong and China Direct clearing companies. MICT’s financial services business and first financial services product, the Magpie Invest app, is able to trade securities on NASDAQ, NYSE, TMX, HKSE, China Stock Connect, LSE, the Frankfurt Stock Exchange and the Paris Stock Exchange.
Cautionary Note Regarding and Forward-Looking Statements
This press release and statements of each of Tingo and MICT’s management made in connection therewith contain “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). The words “believe,” “may” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Tingo’s and MICT’s respective current expectations and assumptions and are subject to significant risks and uncertainties that could cause actual results (including whether the Merger will actually be consummated and the anticipated benefits of the Merger to the businesses of each of Tingo and MICT as described herein) to differ materially from those contemplated in such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described in each of Tingo’s and MICT’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Neither Tingo nor MICT undertakes any obligation to release publicly 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 unanticipated events, except as required by law. The inclusion of any statement in this release does not constitute an admission by Tingo, MICT or any other person that the events or circumstances described in such statements will take place as described or are material.
Tingo Contact Information
Rory Bowen
Chief of Staff – Tingo, Inc.
Rory.bowen@tingoinc.com
MICT Contact Information
Email: info@mict-inc.com
Phone: (201) 225-0190
MICT $$$ LOOKS LIKE HIGH MULTI-DOLLARS HERE..
This is bumming me out. expecting news any day. thoughts anyone
The $MICT Magpie Securities soft launch is live! https://cnafinance.com/mict-stock-heads-up-soft-launch-is-live/
Any day now, launch of Magpie. MICT is a go right now in my opinion. Shorts are gonna get burned so you might as well cover. Just telling you in my opinion. good luck longs
Still in this one long. added last week. news any day right? all is going well. lets go
the insurance industry in ASIA is in it s infancy..BOOOOOMING!!!!
fintech...the masses want in on the game...!!!!!!!....added . moooonshot approaching
short it some more. i want to lock up some more at discount.. shorts are not investors..they are vandals
damned shorts own us
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