21st Apr 2011 12:00
Press Release |
21 April 2011 |
Telit Communications PLC ("Telit" or the "Company")
Appointment of Non-Executive Director
Telit Communications PLC (AIM: TCM), a global leader in machine-to-machine ("m2m") communications, announces the appointment of Ram Zeevi, aged 48, as a Non-Executive Director.
For the past three years, Ram has been a private investor successfully investing in a number of high growth companies, largely in the technology sector.
These investments have included Freelax Ltd., which developed the world's first natural, non-drug, non-invasive, non-habit-forming constipation relief device; CrowdIT, which has developed an employment search engine focused solely on the global freelance community (www.donanza.com) and the world's first freelance app-store; and Solarinc Ltd., which invests in the solar and other alternative energy sectors. Ram holds a Directorship with each of these companies.
Prior to this, from 2001 to 2008, Ram was Managing Director of Caribbean Petroleum Corporation (in liquidation from August 2010) ("CPC"). CPC had a wide number of interests including ownership of the only private dock in Puerto Rico, a pipeline system servicing CPC, the country's Electric Power Company and the airport along with a chain of over 200 petrol stations and a refinery. During Ram's tenure, CPC expanded its interests in Puerto Rico and attained sales of $400 million annually. Ram remains a Non-Executive Director of CPC.
For the three years before being Managing Director of CPC, Ram was Chief Executive of Zeevi Computers and Technology Ltd., a technology investment company which was listed on the Tel Aviv stock exchange. Zeevi Computer & Technology had investments in over 30 technology companies and during this period Ram held a number of Chairmanships, largely in high growth technology businesses.
From 1992 to 1998, Ram was Chief Executive of Oil Investment Consolidated, Inc. which he sold and prior to this he was Chief Executive of Property Investment Inc., a real estate company, which was packaged and sold.
As well as the directorships listed above, Ram is also a Non-Executive Director of R Inc Green and DoNanza.
Oozi Cats, Chief Executive, commented:
"We are pleased to be able to announce that Ram will be joining the Board of Telit. He brings with him a wealth of corporate and investment experience and I am sure he will make an important contribution as we look to continue the expansion of Telit both organically and through acquisitions."
For further information:
Telit Communications PLC | Tel: +39 06 4204601 |
Oozi Cats, CEO | |
Yariv Dafna, CFO
| |
Investec Bank Andrew Pinder / Patrick Robb / Dominic Emery
| Tel: +44 20 7597 4000 |
Financial Dynamics | Tel: +44 207 831 3113 |
James Macey White / Clare Thomas |
Notes to editors
Telit is a global leader in the development and manufacture of wireless machine-to-machine ("m2m") communication modules for a variety of applications. Through its 20 sales offices and more than 50 distribution channels, Telit covers more than 60 countries supporting about 1,000 customers with products in manufacture and about 2,000 customers which are in product design discussions or process.
It is the third largest supplier of m2m modules in the world with a market share of approximately 16%. In March 2011, Telit completed the strategically important acquisition of Motorola m2m for a consideration of $22.5 million, which will further strengthen its strong competitive market position.
Telit is one of the few companies in the industry with full control over the underlying technologies in its products. It owns valuable patents and boasts strong in-house technology and research and development expertise.
Telit is listed on AIM (Ticker: TCM). www.telit.com
Brief introduction to the machine to machine (m2m) market
m2m technology establishes wireless communication between machines and the information centre of a business. Examples where this technology might be used include automated meter reading, fleet management, healthcare, industrial automation and tracking / logistics and many others.
The goal of m2m is to enable applications that allow businesses to increase productivity and competitiveness. It makes existing data available in real time, computers process the information, information becomes valuable and enables services for better planning, surveillance of processes, locating of people and things or remote control of machinery. At the heart of each m2m implementation is a communication module.
The international market for machine-to-machine (m2m) wireless communications was estimated to be worth $842m in 2010 (Beecham Research). They expect it to grow at high-teens in the period 2009 - 2014 (Beecham Research) because the clear business benefits of the technology - increased productivity and efficiency - are making it almost compulsory. Businesses that historically were not interested in m2m wireless solutions are now looking to incorporate this technology in their business to ensure that any expansion and modernisation is done as efficiently and profitably as possible.
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