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2020/07

Taiwan The 2020 Annual General Meeting of CTCI Advanced Systems Inc. & the 1st Meeting of the 12th Term Board of Directors　
　

The 2020 Annual General Meeting of CTCI Advanced Systems Inc. (CTCI ASI) was held at Taipei Computer Association Executive Club Room 501 on May 27, 2020. During the meeting, motions regarding business report for fiscal year 2019, financial statements, distribution of fiscal year 2019 earnings, and amendments to “Articles of Incorporation” were all carried.



According to the business report, consolidated sales revenues amounted to TWD 1,035,372 thousand in 2019, a 26.44% decrease against year 2018. Consolidated net income was reported at TWD 74,941 thousand, a 1.70% decrease against 2018. Total new contract awarded to CTCI ASI in 2019 was TWD 1,039,002 thousand. The major reason for the decrease in consolidated sales revenue is that large-scale projects contracted in 2018 had entered acceptance stage, while sales revenues for most of the new contracts secured in 2019 have not yet been recognized. Another reason is due to the postponement of Taoyuan Airport Third Terminal’s main infrastructure tender, which affected our large project progress at the airport.



Cash dividend payable to shareholders of TWD 69,913,745 was approved during the meeting (TWD 2.9761 per share based on 23,491,500 common outstanding shares).



Meanwhile, the election of the Company’s 12th term Directors was held, and the motion for lifting non-competition restrictions for newly-elected directors was carried. In all, 9 Directors were elected (including 3 Independent Directors) for the 12th term, each with a tenure of three years. The first Board Meeting for the 12th term Board of Directors was held on the same day, during which Director Chung-Chie Chou was elected as the new Chairman, and Director Chen-Chin Chen was reappointed as the President. The ex-dividend date and the dividend payment date were set to be on August 1 and on August 19, 2020, respectively.