MICT Enters Into New Merger Agreement To Acquire 100% of

New Merger Structure is Expected to Lead to a Number of Significant and Immediate Benefits to MICT:

• Expedited Acquisition of 100% of Tingo’s Operating Business and Assets
• MICT to Consolidate the Revenues, Income and Balance Sheet of Tingo’s Operations from Closing (Income Before Tax for 1HY 2022: $298.4 million – as previously reported within Tingo Inc Q2 2022 Form 10-Q)
• Allows for the Launch of Tingo’s Food Produce Export Business in Q4 2022
• Accelerates the Shift to US Dollar Denominated Revenues for Tingo
• Expedited Launch of Global Commodity Trading Platform

MONTVALE, NJ, Oct. 07, 2022 (GLOBE NEWSWIRE) — MICT, Inc. (NASDAQ: MICT) (“MICT”) and Tingo, Inc. (OTC Markets: TMNA) (“Tingo”), today announced the Company has signed a new merger agreement with Tingo, under new acquisition terms, whereby MICT is now acquiring 100% of the Operating Business and Assets of Tingo at the initial closing of the transaction, in return for the issuance by MICT of a combination of 19.9% of MICT’s common stock and two series of convertible preference shares (which if fully converted by Tingo and all conversion conditions are met, would result in Tingo owning 75% of MICT).

The primary reasons for the new merger structure are to expedite the launch of Tingo’s food-produce export business, as enabled through funding from MICT, benefiting from several high-margin and material export contracts that will allow the shift of a substantial part of Tingo’s revenues directly into US dollars. The transaction also enables the acceleration of the development and launch of Tingo’s commodity platform and commodity trading business.

Tingo is a leading Fintech and Agri-Fintech business on the African Continent, offering its growing number of customers a range of technology backed solutions and platforms, a key objective of which is to foster digital inclusion and financial empowerment, including to the farming sector, with the aim of enabling farmers to increase crop yields,…