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Cyngn Announces the Appointment of Bill Ong and Ben Mimmack to Investor Relations Team

Cyngn announces the appointment of Bill Ong as Head of Corporate Planning and Strategy, and Ben Mimmack as Head of Investor Relations.

Cyngn |

MENLO PARK, Calif. January 25, 2023. Cyngn Inc. (the “Company” or “Cyngn”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial applications, today announced the appointment of Bill Ong as Head of Corporate Planning and Strategy, and Ben Mimmack as Head of Investor Relations, signaling the company’s commitment to Investor Relations.

Bill Ong brings nearly 40 years of background in investor relations, corporate finance, engineering, and Wall Street experience to the company. Prior to Cyngn, Ong served as Head of Investor Relations at Embark Trucks, a company specializing in software to power autonomous trucks, and VIAVI Solutions, a global provider of network test, monitoring, and assurance solutions. While at VIAVI, Ong specifically oversaw the IR Department, which was recognized as the second-best in the mid-cap Technology, Media, and Telecommunications (TMT) sector by Institutional Investor magazine in 2018. Ong has additionally worked at numerous major investment banking and brokerage firms as a sell-side and buy-side analyst. During this tenure, he was honored with the Top Stock Picker award from The Wall Street Journal, in 2006 and 2010, and from Financial Times in 2011.

Ben Mimmack also brings a wealth of knowledge in investor relations, having accumulated nearly 15 years of experience in banking and corporate finance. Prior to joining Cyngn, Mimmack served as Head of Investor Relations at Sarcos Technology and Robotics Corporation, a developer and manufacturer of advanced mobile robotic systems. As Head of IR, he played a key role in taking the company public in 2021. Mimmack has also previously held the role of Director and Head of Investor Relations at a private equity firm, Baymark Partners. In addition, he spent over 5 years, from 2014 to 2019, working as a part of the Investor Relations team at American Airlines, where he most recently held the role of Senior Manager of IR. During this time, Mimmack’s team was recognized as a Global Top 50 IR program in the 2018 Investor Relations Magazine Awards.

“We are thrilled to be welcoming Bill and Ben to the Cyngn team. Their extensive experience in investor relations and corporate finance, coupled with their expertise in the automated robotics field will be a tremendous asset to our company as we continue to expand. They are proven leaders, making us confident that with their addition, Cyngn will be able to develop and execute a proactive, results-driven investor relations strategy,” says Lior Tal, CEO and Chairman of Cyngn.

About Cyngn

Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.

Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.

Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

Investor Contact:

Don Alvarez

Media Contact:

Luke Renner

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (the "SEC"), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 7, 2024. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Cautionary Note. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites.

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