InvestorsHub Logo
Followers 146
Posts 27518
Boards Moderated 3
Alias Born 02/07/2004

Re: None

Sunday, 03/12/2006 5:56:15 AM

Sunday, March 12, 2006 5:56:15 AM

Post# of 63
Data Systems & Software Inc. Announces Appointment of John A. Moore as CEO

Friday March 10, 1:49 pm ET

George Morgenstern to Continue as Chairman Also Announces Sale of Databit Subsidiary

MAHWAH, N.J., March 10 /PRNewswire-FirstCall/ -- Data Systems & Software Inc. (OTC Bulletin Board: DSSI - News) today announced that John A. Moore has been appointed as President and Chief Executive Officer of the company, effective immediately. Mr. Moore was also elected to serve as a director of the company. Mr. Moore succeeds George Morgenstern, the company's founder who has served as president and chief executive officer of the company since 1986 and as chairman of the board of the company since 1993. Mr. Morgenstern will continue to serve on the board of directors and as chairman of the board.

Mr. Moore is the President and a founder of Wilmington Scientific http://www.wilmingtonscientific.com and of Edson Moore Healthcare Ventures http://www.edsonmoore.com and has led a diverse career in investment banking, private venture capital and business management. Commenting on his appointment, Mr. Moore stated, "I was initially attracted as an investor to DSSI because it is the largest shareholder of Comverge, a leader in the alternative energy field. Comverge's unique strategy in Demand Response management of energy has attracted investment from the Who's Who of alternative energy venture capital like Nth Power, EnerTech Capital, Easton Hunt and Rockport Capital, as well as strategic investors like E.On Ventures, Shell Internet Ventures and Norsk Hydro Technology Ventures."

"As CEO of DSSI, my number one priority is to help the greater investment community understand the potential of Comverge and to build shareholder value of DSSI," stated Moore.

Mr. Moore added: "I also would like to take the opportunity to salute George Morgenstern for his more than 40 years of leadership of the company and its predecessors. We expect George to continue to be an important part of DSSI, particularly in its efforts to grow its project and solutions activities in Israel."

In commenting on Mr. Moore's appointment, Mr. Morgenstern stated: "On behalf of DSSI's board, employees and shareholders, I wish to welcome John Moore and congratulate him on his appointment as President and CEO. Over the last several months, I and other members of DSSI's management team and board of directors, both here and in Israel, have had the opportunity to meet with John. This has given him an opportunity to learn about the company's business and prospects, and us the opportunity to hear about John's ideas for the future of DSSI. I pledge to do my utmost to support him in executing on his vision for building value for DSSI's shareholders."

The company also announced that it has completed the sale of its Databit subsidiary to Shlomie Morgenstern who serves as president of Databit. Prior to the sale, Mr. Morgenstern also served as vice president of DSSI. The sale was approved by a special committee comprised of the independent directors of the company. The special committee was advised by a financial advisor and special counsel retained by the committee.

Additional disclosure regarding the transactions and developments described in this release will be included in the company's Current Report on

Form 8-K which the company expects to file with the Securities and Exchange Commission on or before March 16, 2006.

About Data Systems & Software Inc.

Data Systems & Software Inc. is a provider of software consulting and development services. Its Comverge Inc. affiliate provides innovative energy intelligence and infrastructure for energy suppliers and their industrial, commercial and residential customers. For more information visit http://www.dssiinc.com.

http://biz.yahoo.com/prnews/060310/nef013.html?.v=40

Dubi

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.