The board of directors of Timeless Software Ltd. announced that Dr. Cheng Kin Kwan retired as executive Director due to personal reasons with effect from the conclusion of the annual general meeting of the company on July 29, 2016, and accordingly ceased to be the Chairman of the Board and Chief Executive Officer of the company with effect from 29 July 2016. The Board also announced that Dr. Cheng has been appointed as Honorable Chairman of the company with effect from the conclusion of the AGM. Dr. Cheng remains as an employee of the Group after his retirement.

Following the aforesaid changes, the Company has a vacancy for the Chief Executive Officer. The Board announced that Mr. Felipe Tan has been appointed as the Chairman of the Board with effect from 29 July 2016 following the retirement of Dr. Cheng. As the Chairman of the Board, Mr. Tan will provide leadership to the Board and will be responsible for business strategy and management of the Group.

Mr. Tan has served as an executive Director of the Company since September 2012. Mr. Lam Kai Ling Vincent resigned as a non-executive Director due to personal reasons with effect from 29 July 2016. The Board also announced that Ms. Chan Choi Ling, an independent non-executive Director of the company, has been appointed as member of audit committee, nomination committee and remuneration committee of the company with effect from 29 July 2016.