End of Citruss

It is always sad when a company leaves the industry. There are real people behind every product acquired, tested, presented, received, Q&A, dispatched and delivered. I met some fine people at Citruss, enjoyed them and Dubai and I wish them all the best. Citruss will be missed. Visual marketing has a place in all markets but the challenges of todays market are extremely harsh, complex and painful. Best wishes and thanks for the great memories, products and fun!

Budd Margolis, London, UK, May 7, 2024

Previous article 2017: https://www.dhirubhai.net/article/edit/6316212392154009600/

CITRUSS SAUDI TRADING COMPANY LLC.

7 May 2024

Dear Partner,

I hope this message finds you well. We really appreciate the ongoing support and partnership you have extended to Citruss throughout our journey together. I am writing to you today to address an important matter to maintain transparency of the situation on hand.

Over the last few months, Citruss is facing a challenging period in terms of cash flow due to a massive drop in revenue from our traditional sales channels, and disruption in call center operations in Lebanon due to the ongoing conflict in the nearby region. Citruss management has been trying to navigate the crisis by the way of fixed cost reduction, transformation through new business model, and searching for new investors as well, but unfortunately, we could not overcome the challenges. Eventually, the shareholders of Citruss decided to cease its business operations starting from 8th May 2024 to prevent additional losses for the company as well as its business partners.

Based on this unfavorable development, we'll need to discuss with you to resolve the existing contractual relationship between us, including but not limited to issues such as contract termination, reconciliation, liquidation, and other claims. In order to ensure that interests of both the parties are properly addressed, we kindly ask you to contact us on [email protected] after receiving this email to set-up a Zoom meeting at the earliest.

We understand that this news may cause you inconvenience, and we promise to do our best to handle all related matters in a fair and transparent manner. We'll work with you to resolve any issues that arise.

Thank you again for your understanding and cooperation.

Sincerely,

Citruss Saudi Trading Company LLC

Jaeseung Yu

CEO,