Purchase of Formula Systems Holdings in BluePhoenix Completed
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Arik Kilman Nominated to be Elected as Chairman of the Board in the Shareholders Assembly
Four Directors Resign From the Board of Directors Following Transaction
HERZLIYA, Israel, June 28 -- BluePhoenix Solutions Ltd. (NASDAQ: BPHX), the leader in value driven legacy modernization, today announced that it has been informed by Formula Systems (1985) Ltd. that Formula's agreement to sell their entire shareholdings in BluePhoenix to international institutional investors was closed on June 20, 2007.
Subsequent to the completion of the transaction, Formula's director designees, Gad Goldstein, Naamit Solomon and Guy Bernstein resigned from BluePhoenix's board of directors. In addition, following her resignation from her position as CFO of BluePhoenix on June 1, 2007, Iris Yahal has also resigned from her office as director of BluePhoenix. BluePhoenix's Board of Directors is now composed of six directors, including two outside directors.
BluePhoenix's Board of Directors has nominated Arik Kilman, BluePhoenix's CEO, to be elected as Chairman of the Board by the assembly of shareholders of BluePhoenix. His election is subject to approval by the required majority at the shareholders assembly and other provisions of the Israeli companies law.
About BluePhoenix Solutions (www.bphx.com)
BluePhoenix Solutions (NASDAQ: BPHX) is a leading provider of value driven modernization solutions for legacy information systems. BluePhoenix's offering includes a comprehensive suite of tools and services from global IT asset assessment and impact analysis to automated database and application migration, rehosting and renewal. Leveraging over twenty years of best practice domain expertise, BluePhoenix works closely with its customers to ascertain which assets should be migrated, redeveloped or wrapped for reuse as services or business processes, to protect and increase the value of their business applications and legacy systems with minimized risk and downtime.
BluePhoenix's solutions serve companies from diverse industries and vertical markets such as automotive, banking and financial services, insurance, manufacturing and retail. Among its prestigious customers are:
Aflac, DaimlerChrysler, Danish Commerce and Companies Agency, Europe Assistance, Lawson Products, Los Angeles County Employees Retirement Association, Merrill Lynch, SDC Udvikling and TEMENOS. BluePhoenix has 13 offices in the US, UK, Denmark, Germany, Italy, Romania, Russia, Cyprus and Israel.
Company Contact
David Leichner
Investor Relations
BluePhoenix Solutions
+972-9-9526-105
dleichner@bphx.com
Source: BluePhoenix Solutions Ltd.
