MICT’s MERGER TARGET, TINGO MOBILE, SIGNS TRADE AGREEMENT

Agreement Includes Commitment to Enroll a Minimum of 20 Million Additional Subscribers to Tingo Mobile’s Agri-Fintech Platforms

MONTVALE, NJ, Oct. 20, 2022 (GLOBE NEWSWIRE) — MICT, Inc. (NASDAQ: MICT) (“MICT”) and Tingo, Inc. (OTC Markets: TMNA) (“Tingo” or the “Company”), today announced that Tingo Mobile PLC (“Tingo Mobile”), which is being wholly acquired under a Merger Agreement with MICT (the “Business Combination”), has signed a trade agreement with the All Farmers Association of Nigeria (AFAN), the umbrella body of the 56 recognized commodities and agricultural associations in Nigeria. Under the terms of the agreement, AFAN has committed to add a minimum of 20 million additional subscribers, which would more than triple Tingo Mobile’s existing customer base of 9.3 million. These new subscribers would be comprised principally of owners of small and medium-sized agricultural enterprises throughout the country.

Tingo Mobile will provide the new AFAN subscribers with its full range of value-added products and services under its proven business model and fintech platforms, including:

• Tingo branded smartphones (in partnership with several handset manufacturers);
• Access to the Nwassa Agri-Fintech marketplace platform, allowing subscribers to trade their produce;
• Access to the TingoPay Fintech super-app, allowing subscribers to purchase airtime, data, telephony services and mobile telephone insurance, and also utilize TingoPay’s mobile wallet services, utility bill payment service and micro-loan facilities;
• Visa-Tingo debit and credit cards;
• Access to a wide range of agricultural products and tools, including, for example, farming equipment, seeds, fertilizer and pesticides;
• Access to warehousing, transport and storage facilities; and
• Opportunities to wholesale produce locally and nationally, and/or export surplus produce, without suffering multiple layers of middle-men costs.

The enrollment of AFAN’s members with Tingo Mobile is…