MICT Moves Core Operations to Hong Kong to Better Reflect Customer and Revenue Base
January 07 2021 - 3:30PM
MICT, Inc. (Nasdaq: MICT) (“MICT” or the “Company”) today announces
it has moved its core operations to Hong Kong to more efficiently
serve its Asian clientele through its recently launched proprietary
insurance platform as well as the anticipated stock trading
platform expected to launch shortly.
“Having launched and commenced revenue generation at the end of
2020, our insurance platform is off to a promising start in 2021
and is growing in line with our expectations. With that
successfully underway, we are in final preparations to launch our
stock trading platform, which we expect to occur during the first
quarter,” commented MICT’s CEO Darren Mercer. “At this exciting
stage of development for the Company, now is the appropriate time
for us to complete the move of our core operations to Hong Kong,
which will provide enhanced, unfettered and timely access to our
client base. We have already established our offices there and our
financial and corporate functions are up and running. We believe
this new location will allow us to best service our clients
efficiently and in real time.”
As part of the transfer of its base of operations, the Company’s
chief financial officer, Arie Rand has opted to leave the company.
Until a permanent, Hong Kong-based replacement CFO is identified,
that function will be filled by the Company’s present, long-time
controller, Moran Amran.
“We have already set up our finance team in Hong Kong and
believe that it is appropriate for the chief financial officer to
be located where the financial operations are based. While Moran
will serve as the temporary functional leader of our finance team,
the process to identify a new CFO has been underway for several
weeks. In the meantime, we wish to thank Arie for his contribution
to MICT and wish him the best of luck in his future endeavors,”
added Mr. Mercer.
About MICTMICT, Inc. (NasdaqCM: MICT) operates
through its subsidiaries, GFH Intermediate Holdings Ltd. (“GFHI”)
and Micronet Ltd. (“Micronet”). GFHI’s versatile proprietary
trading technology platform is designed to serve a large number of
high growth sectors in the global fintech space. Primary areas of
focus include online brokerage for equities trading and wealth
management services and sales of insurance products in several
high-growth foreign markets, including Asia, where GFHI owns a
substantial database of users. Micronet operates in the growing
telematics and commercial Mobile Resource Management market, mainly
in the United States and Europe. Micronet designs, develops,
manufactures, and sells mobile computing solutions that provide
fleet operators and field workforces with computing solutions in
challenging work environments.
Forward-Looking StatementsLitigation Reform Act
of 1995 and other U.S. Federal securities laws. These
forward-looking statements include, but are not limited to,
statements related to revenue targets, the growth of the Chinese
Insurance market and other statements that are not historical
facts. Such forward-looking statements and their implications
involve known and unknown risks, uncertainties and other factors
that may cause actual results or performance to differ materially
from those projected. The forward-looking statements contained in
this press release are subject to other risks and uncertainties,
including those discussed in the "Risk Factors" section and
elsewhere in the Company's annual report on Form 10-K for the year
ended December 31, 2019 and in subsequent filings with the
Securities and Exchange Commission. Except as otherwise required by
law, the Company is under no obligation to (and expressly disclaims
any such obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or
otherwise.
Contacts:info@mict-inc.com(201) 225-0190
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