Batm Advanced Regulatory News (BVC)

LEI: 213800FLQUB9J289RU66

6 October 2022

BATM Advanced Communications Limited

("BATM" or "the Group")

Directorate Changes

The Board of BATM (LSE: BVC; TASE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, is pleased to announce that Moti Nagar, the Group's Chief Financial Officer, is to be promoted to become its Chief Executive Officer effective from 1 January 2023. Zvi Marom, its current Chief Executive Officer, is to step down on 1 January 2023, but will remain on the Board as Non-Executive Director.

Mr. Nagar has been the Group's Chief Financial Officer since 1 January 2015 having joined BATM in June 2014 as VP Finance. Over the past three years, in addition to being the CFO, Mr. Nagar has been the de facto Chief Operating Officer of the Group, supporting Dr. Marom in the running of day-to-day operations. Prior to BATM, Mr. Nagar held several senior positions at Deloitte from 2005, including as a Senior Manager from 2011-2014. During that time, Mr. Nagar had various responsibilities, including handling the accounts of leading corporate clients in Israel and overseas, with companies traded on the LSE, NASDAQ and TASE, as well as private businesses operating in a range of sectors.

Dr. Gideon Chitayat, Chairman of Board, said: "On behalf of the Board, I would like to thank Zvi for his tireless commitment and outstanding contribution to the development and success of BATM since founding it in 1992. Under his leadership, the team at BATM has delivered exceptional value creation for shareholders during those years. He passes on BATM in a strong financial position and with a solid platform to push ahead with the commercialisation of the IP developed within the Group. We look forward to benefitting from his continued contribution as a Board member.

"It is a measure of our reputation as a business that we are able to attract and retain high-quality people and I am delighted that Moti has agreed to become our Chief Executive Officer. Moti brings his sound financial knowledge to this position and, coupled with his capital markets and M&A expertise, I am sure he will help shape the future of BATM as a global company. Most importantly, having helped in running the day-to-day operations over the past three years, he not only provides continuity but has impressed the Board with exciting ideas on how to take the Group to the next level. We look forward to working with him in this new role and leveraging his extensive experience."  

Dr. Zvi Marom, Chief Executive Officer of BATM, commented: "It has been a privilege to serve as Chief Executive Officer of BATM. Since I founded the business 30 years ago, I have truly enjoyed working with our incredible teams and I would like to take this opportunity to thank my colleagues with whom I have had the pleasure of working and who have provided so much inspiration. I am incredibly proud of what we have achieved together.

"With both the Networking & Cyber and Bio-medical divisions at key inflection points, I feel now is the natural moment for me to hand over the running of the Group to someone who can progress it to the next stage. It gives me great confidence to welcome Moti as my successor. Moti has the necessary pedigree and is highly respected by the people in the Group and our shareholders. He has my full support as the right person to take BATM forward on the next leg of its exciting journey. In my new role, I will make myself available to ensure smooth transition and help wherever I can to enable BATM to go from strength to strength."

Moti Nagar, Incoming Chief Executive Officer of BATM, said: "I am delighted to take on the role of Chief Executive Officer of BATM. Under the leadership of Zvi, the remarkable progress over the past few years has created a strong platform for future growth. I look forward to working closely with the Board, the BATM team and our key partners as we continue to drive forward a multi-pronged growth strategy and realise further value for shareholders."

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