RichReach Corporation Public Ltd (the “Company”) would like to provide an update to the investors, the general public and the Cyprus Stock Exchange about the impact of the COVID-19 pandemic and the relevant decrees on the Company.

Operations

We are applying the health and safety regulations and relevant guidelines issued by the Ministry of Health. Whenever possible, the personnel of the Company are working remotely. Our business office is operational with skeleton staff who handle coordination, administration and other tasks.

The Company is continuing the development of new RichReach Application functions and tools and the enhancement of existing ones. Significant work has been performed in the RichReach App Builder and Business App Portal that are key tools for the international release of the RichReach App and which will significantly simplify the new clients onboarding process.

Two new developers have joined our team in April 2020 which brings the total number of personnel to 13.

Revenue

The RichReach Application Ecosystem for mobile devices enables businesses of any size operating at any market to promote and (soon) to sell their products and services online (in addition to many other functions). Following the COVID-19 lock-down, we have received increasing interest from existing and potential clients to utilise the RichReach Application with a view to continue selling their services/products while their physical stores are closed. In May 2020 the first version of the RichReach VShop will be released, which will result in an increase of customers and RichReach application revenue.

The new RichReach application revenue is expected to set-off a short-term/temporary reduction of the communication services revenue.

The Company is monitoring the COVID-19 situation and will issue a new announcement if necessary.