The Board of Directors of Allterco JSC has decided to found a subsidiary company based in Germany - Allterco Europe GmbH. The German subsidiary will have its registered office in the city of Munich, Germany and capital of EUR 500 000, 100% owned by Allterco JSCo. As managers of the new company there were elected Mr. Wolfgang Kirsch, who has significant managerial experience in the European retail of consumer electronics, gained in some of the largest European retail chains for electronics and Mr. Mirche Atanasovski ? longtime commercial director in the holding. The registration of a subsidiary company in Germany, which is one of the main European markets for Shelly branded IoT devices, is aimed to optimize the distribution, logistics and customer service, as well as to further develop the retail network in the country and to strengthen the brand's position.