Tingo Group Realigns CFO Post Due to Impact of the Gaza Conflict

Kevin Chen to Re-Assume Duties as Group Chief Financial Officer on an Interim Basis

Amir Ayalon to Move into Part-Time Consulting Role as a Result of Circumstances in Israel

MONTVALE, N.J., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable, multi-national fintech, agri-fintech, food processing and commodity trading company, today announced a change of personnel in connection with the role of Group Chief Financial Officer.

Amir Ayalon, who accepted the position of Group Chief Financial Officer on October 2, 2023, has moved into a part-time consultancy role due to a significant change in his personal circumstances. Mr. Ayalon, currently residing in Israel, cited personal difficulties and family commitments stemming from the conflict in the region, which combined with associated travel restrictions, has meant it is no longer possible for him to devote the time and attention required to properly fulfill his duties as CFO of the Group. Mr. Ayalon and the Company have entered into a consulting agreement, wherein Mr. Ayalon will continue to provide financial advisory services to the Company on a part-time basis.

Kevin Chen, the Group’s prior Chief Financial Officer, who currently serves as the CFO for the Company’s operations in Asia, has agreed to resume his duties as Group CFO on an interim basis, pending his formal appointment by the Company’s Board of Directors later this week. The Company, with the assistance of Messrs. Ayalon and Chen, as well as the Board of Directors and a leading global executive recruitment agency, will now commence a search for an industry-experienced permanent Chief Financial Officer.

Ken Denos, Interim Chief Executive Officer of Tingo Group, Inc. commented: “We regret, but fully understand, the personal circumstances under which we have received the resignation of Amir Ayalon as our Chief Financial Officer. Amir made an impressive start towards serving the Company during his short tenure, and we look forward to his continued service in a part-time role to assist the Company in strengthening its finance and reporting functions as a world class agri-fintech and food processing company. We are fortunate to have our previous CFO, Kevin Chen, ready to serve in an interim capacity while we secure a permanent industry-experienced executive to lead our finance and accounting team.”