TraceGuard Announces Appointment of Avi Kostelitz as Chief Executive Officer
Thursday January 3, 4:00 pm ET
New chief executive brings significant expertise in aviation security and operations
NEW YORK--(BUSINESS WIRE)--TraceGuard Technologies Inc. – (OTC BB:TCGD - News), a developer of innovative systems and solutions for improving detection of explosives and hazardous materials, announced today that Avi Kostelitz has been appointed Chief Executive Officer of the Company. Mr. Kostelitz replaces Dr. Ehud Ganani in the Chief Executive role, effective as of January 1, 2008. Dr. Ganani will continue to serve TraceGuard as Chairman of the Company’s Board of Directors.
Mr. Kostelitz brings extensive aviation security experience and enterprise management abilities to TraceGuard. From 1997-2001, he served as the CEO of the Israel Airports Authority (IAA), which manages and has full responsibility for operations and security for all airports and air transportation in Israel, as well as border crossings between Israel, Jordan, Egypt and the Palestinian Authority. Prior to this, Mr. Kostelitz served as a senior director of the Israel Security Agency (ISA), retiring in 1996 with the rank of Major General. He has been a principal advisor to TraceGuard since the Company’s inception in 2005, assisting the management team on core strategic, product development and marketing issues.
Mr. Kostelitz said, “I am very excited to be given the opportunity to serve TraceGuard as its chief executive officer. I have seen the Company’s progress firsthand through my deep involvement with TraceGuard’s management team over the past two years. TraceGuard has made significant headway in its product development efforts and CompactSafe(TM) is now being evaluated by several key homeland security agencies worldwide. This a great honor for me personally and I look forward to accelerating TraceGuard’s progress in commercializing its products. .”
Dr. Ganani said, “We are all pleased that Avi has decided to join TraceGuard as CEO. He brings tremendous talent, understanding and experience to the Company from his unique and accomplished background. I have enjoyed working closely with him and am confident that he will lead the company towards continued success in 2008 and beyond.”
TraceGuard Technologies develops innovative security technologies and solutions for enabling explosives detection through automated trace extraction. By advancing the efficacy and efficiency of trace collection, TraceGuard’s product suite offers dramatic improvement over the current mechanisms in place at present.
TraceGuard is a US public company traded on the Over-The-Counter Bulletin Board (OTC BB:TCGD - News). TraceGuard maintains a Research and Development Center in Tel Aviv, Israel and has a Sales office in New York. For additional information on TraceGuard, please contact TraceGuard at 1 866-401-5969 or visit www.traceguard.com.
Some of the statements in this press release contain forward-looking statements that involve risks and uncertainties. You can identify forward-looking statements by words such as "may," "will," "should," "expect," "plan," "could," "anticipate," "intend," "believe," "estimate," "predict," "potential," "goal," or "continue" or similar terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including, but not limited to, the risks outlined in our filings with the US Securities and Exchange Commission, that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. For example, risks that could cause actual results to vary materially from future results include, but are not limited to: our lack of an operating history, issues related to intellectual property infringement, issues relating to the introduction of our products in target markets, the need to raise capital to fund operations, our dependency on key personnel, approval of our products by regulatory authorities, matters related to the location of our operations in Israel, the extent of competition; technological developments in our target markets and the development of alternate, competing technologies in them; and sales of shares by existing shareholders. Although we believe that the expectations reflected in the forward looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
TraceGuard Technologies Inc.
David Ben-Yair, 866-401-5969
Eric Leskly, 866-401-5969
Director, Marketing and Business Development
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