AFS.L Regulatory News (AFS)

25 Mar 2009 15:58



25 March 2009

Amiad Filtration Systems Ltd.

("Amiad" or the "Company")

Arik Dayan promoted to Chief Executive Officer

The Board of Amiad, a producer and global supplier of automated water filters and filtration systems for the industrial, municipal and irrigation markets, announces that Rami Treger has stepped down from his post as Chief Executive Officer ("CEO") and Board member, with immediate effect, in order to pursue his other business interests. The Board also announces that Arik Dayan, currently the Deputy CEO and Senior Vice President of Sales and Marketing, has been promoted to the position of CEO. It is intended that Mr Dayan will be nominated as a Director of the Company at the Annual General Meeting (the "AGM") of the Company currently scheduled to be held in July 2009. 

Rami Treger will continue as an employee of the Company and will assist Arik Dayan in his new role in order to ensure a smooth and orderly handover.

Mr Dayan takes over the role as CEO having held various senior positions at the Company since joining it in 1997 as the General Manager of FCS, Amiad's Singapore subsidiary. These positions included being appointed as International Business Development Executive in September 2003 and as VP of Sales and Marketing in March 2004. Mr Dayan was part of the senior executive team that met with investors at the time of the Company's IPO in December 2005. In mid 2007, he became the Deputy CEO and Senior VP of Sales and Marketing. Immediately prior to joining Amiad, Mr Dayan was the Director of Sales and Marketing at Epilady. Mr Dayan holds a BA in Economics and Business Administration.

Amiad will announce its full year results for the year ended 31 December 2008 on 2 April 2009. The Company expects to report revenues for the full year 2008 to have increased by at least 26% over the previous year. 

Tal Yeshua, Chairman of Amiad, said: "I would like to extend the Board's thanks to Rami for his considerable achievements in the growth of Amiad since taking over as CEO in 2007. Rami leaves the Company with a healthy and diverse range of projects and markets, and one which is ideally placed to respond to increasing opportunities and global demand in water infrastructure. We wish him well for the future."

"The Board was unanimous in promoting Arik Dayan to the position of CEO. He brings a special understanding to the role through the insight and experience he has acquired whilst at Amiad. During his time at Amiad, Arik has been instrumental in the Company's expansion, assisting it to break into new territories and establishing important projects worldwide. Arik's contribution to the Amiad story is central to its successes to date and we believe that he will be a great asset as Amiad enters its next phase of development."

Arik Dayan, the new CEO of Amiad, said: "On behalf of all of Amiad's employees, I would like to take this opportunity to thank Rami for his valuable guidance and leadership. I am honoured to take over from him as CEO of Amiad. It is a company with an excellent team of people which has delivered consistent growth. The Company is well positioned in the water industry and I look forward to helping the Company build on its success to date to meet the challenges of the current global economic downturn."

Details required to be disclosed in relation to Mr Dayan in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies will be provided at the time when the circular to shareholders convening the AGM of the Company at which Mr Dayan is to be nominated as a Director of the Company is issued. 

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