Tribal Rides International Corp. Announces Strategic Shift Towards Green Hydrogen Solutions and Leadership Appointments

Rhea-AI Summary

Tribal Rides International Corp. has announced major strategic changes focused on green hydrogen solutions. The company completed two significant transactions: the sale of its patents to Boumarang Inc., securing a $5 million equity stake, and the acquisition of Singta Inc. through the issuance of 400 million restricted common shares.

The company also underwent leadership restructuring with Joseph Grimes resigning as CEO, alongside directors Sanjay Prasad and Steven Ritacco. Adam Clode has been appointed as the new CEO, bringing experience in resource project development. Candice Beaumont, CIO of L Investments, and John McMullen, who will serve as interim CEO of Singta Inc., have joined the board of directors.

Positive

• Secured $5 million equity stake through IP sale to Boumarang
• Strategic acquisition of Singta Inc., expanding into green hydrogen solutions
• Appointment of experienced leadership team with relevant industry expertise

Negative

• Significant shareholder dilution through issuance of 400 million new shares
• Complete departure of previous management team indicating potential strategic risks
• Major business model pivot creating execution uncertainty

News Market Reaction – XNDA

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+150.00% News Effect

On the day this news was published, XNDA gained 150.00%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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.

View the original press release on ACCESS Newswire

FAQ

What is the value of Tribal Rides' equity stake in Boumarang following the IP sale?

Tribal Rides secured a $5 million equity stake in Boumarang Inc. through the sale of its patents and intellectual properties.

How many shares did Tribal Rides issue to acquire Singta Inc. in February 2025?

Tribal Rides issued 400,000,000 newly restricted common shares to acquire all 50,000,000 shares of Singta Inc.

Who is the new CEO of Tribal Rides following Joseph Grimes' resignation?

Adam Clode has been appointed as the new Chief Executive Officer, bringing experience in resource project development across Africa, Asia, and Australia.

What strategic changes has Tribal Rides announced in its business focus?

Tribal Rides has announced a strategic shift towards green hydrogen solutions, marked by the acquisition of Singta Inc. and the sale of its patents to Boumarang, a hydrogen-powered drone company.