Trio Industrial Electronics Group Limited announced that Mr. Tai will resign as Chief Executive Officer of the Company (CEO) and Mr. Kwan Chan Kwong (Mr. Eddie Kwan). will be appointed as CEO and the continuing connected transaction of the Company will be terminated. With effect from 1 September 2022.

Mr. Tai, CEO and executive Director of the Company, will resign his capacity as CEO but remain as an executive Director of the Company. Mr. Eddie Kwan will be appointed as CEO on the same date. The biographical details of Mr. Eddie Kwan are set out below: Mr. Eddie Kwan, aged 73, is one of the founders of the Group and is currently a consultant of the Group.

He had been involved in the overall management as well as supervision of the sales and marketing division of the Group before he retired from his directorship in the Group by the end of 2015. Mr. Eddie Kwan has over 40 years of experience in the electronics industry and has established close and stable working relationships with the customers of the Group. Mr. Eddie Kwan has entered into a service agreement with the Company commencing from 1 September 2022.

Mr. Eddie Kwan is entitled to a remuneration of HKD 310,000 per month, plus allowance and bonus, which is determined by arm's length negotiation between Mr. Eddie Kwan and the Company and with reference to his duties and responsibilities. The amount of the remuneration has been approved by the Board with the authorization of the Shareholders and the recommendation from the Remuneration Committee with reference to Mr. Eddie Kwan's experience and contributions to the Group.