Gibraltar technology group Valereum Plc announces that James Formolli has been appointed as Chairman of the Company and that Richard Poulden has resigned as Chairman and director of the Company, Jack Sun has resigned as Finance Director with immediate effect.

Alan Gravett has agreed to remain a director until Monday, 30th October 2023 to keep the Company legally compliant but has resigned as Non-Executive Director with effect from that date.

Valereum commented:

“The board changes have been made to promote the best interests of the company and its shareholders. It is intended that additional board members will be appointed in the near future and a further announcement of their identities and of the composition of the corporate governance committees will be made once these appointments have been finalised”.

James Formolli is an entrepreneur with 35 years of experience in capital raising, aviation, property development and investment. He has long standing links with Gibraltar, having co-founded Chestertons Estate Agents in 2005 as well as partnering with a large Gibraltar based property fund.

James Formolli said:

“I am pleased to become the new Chairman and I look forward to working with all stakeholders. On behalf of Valereum and its shareholders I would like to take this opportunity to thank Richard and his colleagues for their service to the company and to wish him every success in his future endeavours.”