MISSION VIEJO, CA / ACCESS Newswire / February 13, 2025 / Tribal Rides International Corp. (the "Company") is pleased to announce a significant strategic transition, underscored by recent corporate actions aimed at positioning the Company at the forefront of the green hydrogen economy.
Strategic Business Developments:
1. Intellectual Property Divestiture: The Company has successfully completed the sale of its proprietary patents and intellectual properties to Boumarang, Inc., an AI-driven enterprise specializing in hydrogen-powered drones. In exchange, Tribal Rides has secured an equity stake valued at $5 million in Boumarang, thereby enhancing the Company's asset base by this amount.
2. Acquisition of Singta Inc.: On February 6, 2025, the Company acquired 100% of the issued and outstanding shares of Singta Inc., a leader in hydrogen solutions dedicated to advancing the green hydrogen economy. This acquisition was completed through the issuance of 400,000,000 newly issued restricted common shares of the Company in exchange for all 50,000,000 shares of Singta Inc.
Leadership Transitions:
In alignment with these strategic initiatives, the Company announces the following leadership changes:
Resignations:
Joseph Grimes has resigned from his roles as Chief Executive Officer, Officer, and Director of Tribal Rides International Corp. Additionally, Sanjay Prasad and Steven Ritacco have resigned from their positions as Directors.
Appointments:
Adam Clode has been appointed as the new Chief Executive Officer, Officer, and Director. Mr. Clode brings extensive experience in developing resource projects from defined resources through to operations across Africa, Asia, and Australia. He holds an honors degree from the University of Western Australia and has held key positions, including Site Manager for Equinox's Lumwana Copper Project in Zambia and Interim CEO at Kainantu Resources Ltd.
Candice Beaumont joins the Board of Directors. Ms. Beaumont is the Chief Investment Officer of L Investments, a single-family office with an endowment-style portfolio of public and private equity. She also serves as Chairman of the Salsano Group, a Panama-based family office, and has been recognized as a Young Global Leader by the World Economic Forum.
John McMullen has been appointed as a Director of the Company and will also serve as the interim CEO of Singta Inc. Mr. McMullen is a seasoned financial leader with over 30 years of experience in both public and private markets with a strong track record in corporate restructuring, mergers and acquisitions, and strategic investment management. Currently, he operates Cl3ar Inc., where he consults and supports companies across industries.
These strategic decisions underscore Tribal Rides International Corp.'s commitment to pioneering sustainable energy solutions and leading the transition towards a carbon-neutral future.
About Tribal Rides International Corp.:
Tribal Rides International Corp., headquartered in Mission Viejo, California, is dedicated to advancing sustainable energy solutions, with a focus on the green hydrogen economy. Through strategic acquisitions and leadership appointments, the Company is poised to play a pivotal role in the global shift towards sustainable energy.
For media inquiries, please contact:
Investor Contact:
Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: info@skylineccg.com
SOURCE: Tribal Rides/Xinda International, Inc.
