Elbit Vision Systems to Appoint Mr. David Gal as the Chairman of the Board of Directors
Thursday March 2, 7:00 am ET
YOQNEAM, Israel--(BUSINESS WIRE)--March 2, 2006--Elbit Vision Systems Ltd. (OTCBB: EVSNF - News) announced today the appointment of Mr. David Gal as its chairman to replace Mr. Nir Alon who has served as its Chairman since 2001. Mr. Gal's appointment is part of the agreement between EVS and Mivtach Shamir Holdings Ltd. which was approved by the Company's shareholders on February 21st, 2006. Mr. Nir Alon will continue to serve as a director of the company.
In conjunction with Mivtach Shamir agreement three other directors have resigned from the Board of Directors. The resignation of Mr. Shlomo Alon, who has served on the Board since 2001, and Mr. Silviu Rabinovich, who has served on the Board since November 2005, is effective immediately, and the resignation of Ms. Naomi Livne, who has served on the Board since 2001, will be effective as of April 1, 2006. Ms. Linda Harnevo was appointed to serve on the Board following Ms. Livne's resignation, until the next annual general meeting of the Company's shareholders.
Commenting on the news, Mr. Alon said, "I am very proud of the progress that we have made over the past three years. We have now completed our turnaround plan and have successfully repositioned the Company as can be seen in our recently announced healthy financial results. These results demonstrate that EVS is now a strong fast growing company. I am pleased to turn the reins over to Mr. Gal, who I believe is the right person to implement EVS's plan for future growth."
Mr. Gal serves as the Chairman of the Board of Directors of Odin Medical Technologies Ltd. since 2005 and from 2001 through 2004, served as its President and Chief Executive Officer. From 2002 through 2004, Mr. Gal served as the active Chairman of the Board of MindGuard Medical Technologies Ltd. From 1996 through 2000, Mr. Gal served as the President and Chief Executive Officer of WizCom Technologies Ltd. From 1991 through 1995, Mr. Gal served as the Chief Executive Officer of Orbotech Inc., headquartered in Boston, USA. From 1989 through 1990, Mr. Gal served as an economic advisor to the Israeli Minister of Finance - Mr. Shimon Peres. Mr. Gal holds a B.A. in economics and business and an M.B.A., from the Hebrew University of Jerusalem.
David Gal, EVS' new Chairman added, "I have closely followed EVS's activities over the past few years in which it transformed itself from a company with continuing losses to a growing profitable company. During the past three years, EVS has invested in the development of new fast growing markets and new technologies. In the upcoming years, we expect the benefits of these investments to be reflected in a continuous improvement of financial results. I would like to thank Mr. Alon for his devoted service as Chairman during the past few years and I am proud to join the Company and look forward to leading it in all its future endeavors."
About Elbit Vision Systems:
EVS offers a broad portfolio of automatic in-line inspection and quality monitoring systems used to improve product quality and increase production efficiency. The Company's Industrial Division provides automatic optical inspection (AOI) and non-destructive ultrasound inspection systems for heavy manufacturing (automotive, aeronautics, steel and others). EVS maintains headquarters and manufacturing in Israel, R&D operations in Israel, and offers global sales and support coverage.
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