River Tech - Market Update
Malta, 28 June 2023:
River Tech p.l.c. (the "Company", and together with its subsidiaries, the
"Group") is pleased to update the market on the achievements undertaken so far
this year and its plans.
As announced on 1 June 2023, the Company is delighted to share that it has
successfully settled the entire remaining loan well before its maturity date.
This remarkable achievement not only reflects the Company's strong financial
position but also demonstrates its commitment to financial prudence and
stability. Furthermore, the Company is pleased to announce that it has taken the
necessary steps to eliminate all encumbrances on its business, resulting from
the loan. This pivotal milestone represents a significant turning point for the
Group as it explores and evaluates its strategic options for the forthcoming
In alignment with the financial statements published for the year ended 2022 and
the Q1 2023 report, the Company's directors anticipate continued and steady
growth in the Group's profitability, as previously reported. The exceptional
performance witnessed in Q1 2023, building upon the momentum gained in the
previous year, foreshadows a period of cash accumulation for the Group.
During the latest board meeting, the board of directors engaged in fruitful
discussions regarding the Group's plans. As a result, the following proposals
are currently under consideration:
1. The creation and maintenance of a cash reserve allocated explicitly for
the Group's operational needs, ensuring financial stability and flexibility.
2. The establishment and management of a separate cash reserve dedicated to
investment purposes, allowing the Group to actively pursue mergers and
acquisitions that will further strengthen its line of business.
3. The development of a comprehensive dividend policy to distribute returns to
the shareholders, acknowledging their continued support and confidence in the
Group's vision and strategic direction.
4. The exploration of a potential share buyback policy, which would serve as a
mechanism to enhance shareholder value and optimise the Group's capital
The Group firmly believes that implementing the aforementioned proposals will
empower the board of directors to shape a well-defined and robust strategy. With
unwavering commitment and trust in its management team, the Group is highly
confident in achieving all identified milestones once the strategy is finalised.
Additionally, the Company would like to take this opportunity to acknowledge the
recent annual general meeting, during which Mr Kent Staahle decided to step down
from the board of directors. The board wholeheartedly expresses its sincere
gratitude to Mr Staahle for his invaluable contributions throughout his tenure.
Concurrently, the board warmly welcomes Mr Luke Ciantar, CEO of the Company, as
a new board member. Given his diverse background and extensive knowledge in the
technology industry, Mr Ciantar's appointment is expected to enrich the
expertise of the board of directors.
The Group remains firmly committed to providing regular updates to the market,
reaffirming its dedication to transparent communication and its steadfast focus
on the Group's development. The next update is anticipated in August with the
publication of the Half-yearly Report, which will offer further insights into
the Group's progress and prospects.
For further information please contact:
Luke Ciantar, CEO RIVER TECH
Phone: +356 99854724
Email: [email protected]
About RIVER TECH: RIVER TECH P.L.C. is a technology company offering a B2B
technology product. Focusing on assisting companies with specialist
competencies, by providing secure and tailormade, yet user-friendly solutions,
for the delivery of services within the online sphere. RIVER TECH P.L.C. is
registered in Malta and is listed on Euronext Growth under the ticker symbol
For more information about RIVER TECH P.L.C: https://www.river.tech/