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23 Jun 2011 07:00
23 June 2011
Telit Communications PLC
("Telit" or the "Company")
Appointment of Finance Director
Telit Communications PLC (AIM: TCM), a global leader in machine-to-machine ("m2m") communications, is pleased to announce that Mr. Yosi Fait has been appointed to the board of directors as Finance Director with immediate effect. Mr Fait will have overall responsibility for Telit's Finance Strategy and Business Development functions. Yariv Dafna has stepped down from the board and will remain the group CFO, responsible for the day-to-day operations of Telit's Finance function, and will continue to serve as director of Telit's subsidiaries worldwide.
Mr. Fait is a Certified Public Accountant and has held a number of executive positions with private and public companies. Yosi's previous roles with listed companies have included CEO of both Alony Group and H&O. Yosi also served as CFO of Pelephone Communications Ltd, the first cellular operator in Israel. Yosi began his professional career as an accountant with Ernst & Young Israel.
Oozi Cats, chief executive and member of the board of directors of Telit said: "It is with great pleasure that I welcome Yosi to Telit's board of directors. I am confident that Yosi's vast experience as CFO of a mobile network operator and as CEO of publicly traded companies will further strengthen Telit's board and will focus our continuous efforts to increase shareholder value. It is also with great pleasure that I thank Mr. Dafna for his service as a director. I look forward to maintaining a close working relationship with Yariv in his role as CFO."
Yosi Fait's directorships in the last five years include Allo Telecom S.A., BKF Investments and International finance Ltd, BKF Commercial Centers Ltd, Chromat Ltd and Dai Telecom Ltd. (a subsidiary of the Company).
There are no further disclosures required to be made relating to Mr Fait under Schedule 2(g) of the AIM Rules for Companies.
For further information:
Telit Communications PLC | Tel: +39 06 4204601 |
Oozi Cats, CEO | |
Investec Bank | Tel: +44 20 7597 4000 |
Andrew Pinder / Patrick Robb / Dominic Emery | |
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
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