Officer of the court appointed to direct Press-sense forward after two major investors pull out

Wednesday, March 10, 2010

Press release from the issuing company

Or Akiva, Israel - Press-sense confirmed today that their two major investors, Vertex and Evergreen, have ceased investing in the company. Plenus, an investment lending fund that loaned Press-sense $5m in 2008, has petitioned the Israeli court to appoint an Officer of the Court to direct Press-sense going forward. The court has appointed Adv. Paz Rimer to supervise and direct the company. Adv. Rimer has, in turn, appointed a management team, led by Amir Shaked – the current CEO, to continue operations.
 
Press-sense management, Plenus and Adv. Rimer are united in their determination to continue managing Press-sense as a going concern while simultaneously seeking strategic alternatives that will enable Press-sense to pursue its vision of an open, scalable Business Flow Automation platform. It is our estimation that this effort will bear fruit over the next few weeks. Discussions are already under way with numerous parties.
 
In this interim period, the company’s management will take actions to align headcount and expenses with forecasted income and resources. Press-sense will do its utmost to support its customers, channels and partners during this transition by retaining significant sales, support and R&D functions.

 

 

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