Addvalue Technologies Ltd. announced that Dr. Colin Chan Kum Lok retiring as Executive Chairman, the Board has elected Mr. Richard John Denny, who has extensive experience in the satellite industry, to be the Chairman of the Company with effect from 1 April 2023. Mr. Denny will cease as Lead Independent Director with effect from 1 April 2023. Job Title is Board Chairman Risk Committee Chairman Audit Committee Member Nominating and Remuneration Committee Member.

Mr. Denny was appointed to the Board on 1 May 2018 and serves as an Independent Director of the Company. At present, he is the Chairman of the Risk Committee and member of the Audit Committee as well as the Nominating and Remuneration Committee. On 1 Aug.

2019, he was appointed Lead Independent Director of the Company. Mr. Denny, an Australian national, has had over 45 years of experience in the space and satellite sector. Mr. Denny joined Inmarsat in 1988 and held a range of positions spanning across the technical and operational functions of Inmarsat before he retired in 2012.

From 1998 to 2008, He held the position of Vice President of Satellite and Network Operations, and was responsible for Inmarsat s fleet of satellites, network operations activities, satellite gateways, spectrum regulatory and spectrum management activities as well as satellite navigation services. In 2009, Mr. Denny moved from heading the Operations Division to heading Inmarsat s Engineering Division, which included the development of Inmarsat s first satellite phone. From 2006 to 2012 and in conjunction with his operational and engineering responsibilities at Inmarsat, Mr. Denny was appointed as the President Commissioner of PT ISAT, a new satellite business established by Inmarsat in Batam, Indonesia to expand the engineering and operational functions of Inmarsat in the Asia region.

In the period since retiring from Inmarsat, Mr. Denny has held a number of Board positions in the satellite industry, including with Odyssey Moon Inc. (Isle of Man) and the Society of Space and Satellite Professionals International (New York). Additionally, he currently advises the CEO/CTO of two other satellite companies. Prior to joining Inmarsat, Mr. Denny was with AUSSAT (now OPTUS) in Australia, supporting the launch and in-orbit operations of its first generation satellites.

Before his four-years with AUSSAT, Mr. Denny worked with the Overseas Telecommunications Commission (now part of Telstra), in roles involving satellite launch and in-orbit support activities for Intelsat and the European Space Agency.