"Yoram Bronicki has managed and contributed to the Company’s growth in his roles as chief operating officer and president, and has been extensively involved with the Company’s missions in his role as Director and Chairman of the Board," noted Isaac Angel, Chief Executive Officer of the Company. On behalf of the Board of Directors, we thank Yoram for his longstanding contributions to the Company.

"I have had the privilege of being involved in every aspect of the Company’s operations," noted Mr. Bronicki. "I am delighted to have had the opportunity to lead the Company in my role as President, and to contribute to its missions in my role as a Director and Chairman of the Board," he added.

Acting upon the recommendation of the Board of Directors’ Nominating and Governance Committee, the Board of Directors appointed Mr. Stanley Stern as a director to fill the vacancy on the Board, and appointed current director Mr. Gillon Beck as the Chairman of the Board. Mr. Beck served as our Chairman from May 2012 until June 2014. Both appointments are effective upon Mr. Bronicki’s resignation.

Mr. Stern holds a BA in Economics (1978) from Queens College and an MBA in Finance (1980) from Harvard University. He will join the Board as an independent director. Mr. Stern currently serves on several boards of directors including the boards of SodaStream, Audiocodes Inc, Foamix, Ltd. and Ekso Bionics and currently serves as Managing Partner of Alnitak Capital Partners. Prior to these positions, Mr. Stern served on the boards of directors of Given Imaging and Fundtech Inc. and as a Managing Director and head of investment banking and technology banking at Oppenheimer & Co.

"On behalf of the Board of Directors, we welcome Mr. Stern to the Company," noted Mr. Beck. "With his investment banking and related experience in the financial sector, and his experience serving as a director and chairman of the board of other publicly listed companies, he will bring a valuable perspective to the Company and its Board of Directors," he added.