Addvalue Technologies Ltd. announced the promotion of Lau Cheok Joo Richard, Senior Vice President, Commercial & Marketing to Chief Commercial Officer was recommended by the Nominating and Remuneration Committee ("NRC") of the Company and approved by the Board of Directors based on his qualifications and work experience. The Board has reviewed the qualifications and experience of Mr. Lau is of the view that he can contribute to the growth of the Company. The appointment is executive.

Mr. Lau will assist the Chief Executive Officer in the overall commercial and operations of the Company and its subsidiaries which includes developing, establishing and implementing the Group's business development and operating policies and business plans. Mr. Lau joined the Addvalue Group in January 2022 as Senior Vice President, Commercial & Marketing. Prior to his appointment, Mr. Lau held senior leadership positions at some of Singapore s leading companies, across a span of 25 years.

He spent 13 years at Certis CISCO Security Pte Ltd, Singapore's largest security company. He started as VP, Business Development of the Group to expand into overseas markets. Later, he headed the Recruitment of security officers in Singapore and promoted to SVP for Group Marketing and Communications and led to various brand transformations including the group s branding.

He also spent 12 years in Singtel Ltd, one of the region's largest telecommunication companies. He held management roles in Singapore and overseas, notably as Head of Singtel Hong Kong Office and later appointed as Director of Sales for Satellite Service. Over 2022, Richard Lau has proven himself to be effective in his SVP commercial and marketing role: - He widened the business network for Addvalue by connecting with his business contacts including Singtel, STEE and Tamagawa.

Through his introduction Tamagawa became a strategic investor in Addvalue Technologies Ltd. - He organised and launched various marketing campaigns on Addvalue Innovation and the IDRS. These campaigns have elevated positive image of company and the IDRS. - Given his strong interpersonal skills, he was able to forge effective working relationships both externally and internally.

He created strong rapports within relatively short time with key stakeholders in Inmarsat, Capella Space, Loft Orbital and others in the new space industry. In particular, his connection with the key management in Tamagawa will help company open new business opportunities in the Japan market and forge mutually beneficial relationships. Equally important is he knows how to rally staff around to get things done.

- He has developed a keen understanding in the challenges of the company and is developing the business plan to scale business for FY2024. Mr. Lau graduated from National University of Singapore with a degree in Business Administration majoring in Marketing. He also holds a Masters in Management of Information Systems from Institut National des Telecommunications in France.