The first quarter of the crisis without job cuts. Statement by the Board of Directors of Galaxy Group of Companies

Dear teammates,

Devoted employees of Galaxy Group of Companies,

Today, the global economy is going through a severe test due to the pandemic. The situation is especially devastating for the sales and service sectors, which we and the companies operating as a part of Galaxy Group have already suffered significant losses from. In addition to the economic crisis caused by the coronavirus, Galaxy Group of Companies is going through illegal processes, wherein attempts are being made to undermine the integrity of the group of companies and the founders of the company—the guarantors of business stability—are being persecuted, which, understandably, might create additional room for worry for most of you.

This message cannot alleviate all your worries. However, the summary of the quarter and the already recorded factual results will convey to you our confidence and strength to overcome the most difficult crisis of Galaxy Group to date with honor and the completeness of the team. In that sense, we consider it important to emphasize.

1.      We summarize the first quarter of the crisis, where restrictions were placed on the activities of economic entities due to the pandemic, (March 15-June 15) without damaging the completeness of the teams. It was our voluntary decision to go through great lengths in order to ensure that no employee of the group of companies would be left out of the system and we provided a total of about 200,000,000 AMD for the salary fund.

2.      Due to the pandemic and illegal actions taken against Galaxy Group of Companies, we had to temporarily stop and reduce all development costs to withstand the crisis. This was, of course, a difficult but necessary decision.

3.      Despite the circumstances, we have continued our efforts to help our state through goods and services by implementing social responsibility programs for our beneficiaries with special needs and their families—of course without advertising. This is our duty and responsibility towards our country and our people, so the cessation of social responsibility programs is not planned regardless of anything.

Dear teammates, today we are going through times full of trials and tribulations, and we will continue to face difficult decisions. It is important to remember: first the human, then the business. All of our decisions will be in the interests of the team and the welfare of the country. Common sense and health to all of us.