Formula Systems (FORTY)

[midastouch017]

Magic's CEO Hands In His Resignation
Tuesday August 9, 6:34 am ET


OR YEHUDA, Israel, Aug. 9 /PRNewswire-FirstCall/ -- Magic Software Enterprises Ltd. (Nasdaq: MGIC - News), a leading provider of state-of-the-art business integration and development technology announced today that its CEO, Menachem Hasfari, has resigned and will step down from his position.
Menachem announced his resignation after having joined the company as CEO 4.5 years ago. Menachem joined Magic in February 2001, in the midst of one of the most difficult periods in the software industry and has successfully turned the company around to profitability. Menachem embarked the company on the development of iBOLT, which is successfully becoming the company's flagship and new growth engine.

Menachem Hasfari said: "This is a long-planned departure, and I'm leaving behind me a strong and able Magic, a company that has now the right strategy and means to exploit the full potential in its field. My years in Magic were memorable, a time to cherish, and I would like to thank Magic's employees and management for their efforts in building Magic together with me."

David Assia, Magic's founder and Chairman, thanked Menachem for his great contribution in helping turn the company around in a very difficult period and re-focus the company in its new direction. "Under Menachem's leadership, Magic embarked on the ambitious development of iBOLT, our enterprise application integration platform, which has become Magic's growth engine of the future. He has built a sound infrastructure, which will enable us to grow rapidly in the future. We are sorry to see him leave and reluctantly respected his request. We wish him great success in his pursuit of new opportunities."

Danny Goldstein, Formula's Chairman that holds a controlling stake in Magic Software, added "Menachem has done a remarkable job of turning the company around and building a strong infrastructure for its future growth. I wish Menachem great success in his new endeavors."

David Assia, Chairman and Founder of Magic, will resume all CEO responsibilities effective immediately until a new CEO is recruited. The board has appointed a committee, which will immediately commence a search for a replacement.

In the interim, Menachem will work together with the company to help with a smooth transition.

About Magic Software Enterprises

Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq: FORTY - News), develops, markets and supports software development, deployment and integration technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries. The Company's corporate offices are located at 5 Haplada St., Or Yehuda, Israel 972-3-538-9292. The Company's EMEA HQ offices are located in the Netherlands, Pelmolen 17 3994XX Houten, 0031-30.6566266. The Company's North American subsidiary is located at 23046 Avenida de la Carlota, Laguna Hills, CA 926653, telephone [phone], http://www.magicsoftware.com/.

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