NUR Macroprinters Announces Appointment of David Reis as President and CEO, Succeeding David Amir
Wednesday November 30, 3:05 pm ET
The Company will also Amend and Restate Its Financial Statement for 2003 and 2004
LOD, Israel--(BUSINESS WIRE)--Nov. 30, 2005--NUR Macroprinters Ltd. (Pink Sheets:NURM - News), a leading supplier of wide-format inkjet production printing systems for the out-of-home advertising market, today reported that David Reis has been appointed as the new President and Chief Executive Officer of NUR. David Amir, the previous CEO and President is expected to advise NUR during the management transition. Until Mr. Reis assumes his role as President and CEO of NUR, Eli Blatt, a partner at Fortissimo Capital Fund and a member of NUR's board of directors, will serve as its interim Chief Executive Officer. NUR also announced its intention to amend and restate its financial statements for 2003 and 2004.
Mr. Reis comes to NUR with extensive experience in the industry. Mr. Reis is currently the CEO of ImageID, a venture backed technology startup, and is expected to assume his new position with NUR within the next three months. He was previously the CEO of Scitex Vision Ltd., a manufacturer of wide format digital printers that was recently sold to Hewlett Packard. During his six-year tenure at Scitex Vision, Mr. Reis grew the company's revenues significantly. Prior to joining Scitex Vision, Mr. Reis served as the CEO of Idanit, a manufacturer of digital printers that was acquired by Scitex Corporation in 1998.
Yuval Cohen, the Managing Partner of Fortissimo Capital Fund and the Chairman of NUR, stated, "We are delighted to have David Reis join NUR and we look forward to working with him. I am confident that David Reis' experience, industry expertise, and professionalism will positively impact NUR and further enhance NUR's leadership position in the wide-format digital printing arena."
David Amir, the retiring President and CEO, stated, "After achieving a major milestone of attaining financial stability, the company will be able to leverage its solid product offering in order to increase sales and achieve significant growth. I am confident in the Company's future success and outstanding performance."
Restatement of financial statements
NUR has received comments from the Securities and Exchange Commission regarding its annual report on Form 20-F for the year ended December 31, 2004 (the "2004 Annual Report"). NUR believes that the comments were issued by the SEC in the normal course of its mandate under the Sarbanes-Oxley Act of 2002 to regularly review the periodic filings of all publicly-traded companies.
Among other things, the SEC asked NUR to comment on certain matters including clarification regarding the accounting for certain loan and warrant transactions that occurred in July 2003 (the "July 2003 Transaction"). Following a review of the accounting for the July 2003 Transaction, NUR expects to amend and restate its previously issued financial statements and other financial information for the fiscal years ended December 31, 2003 and December 31, 2004, as presented in the 2004 Annual Report with respect to the July 2003 Transaction. NUR anticipates that the restatement will not have an adverse effect on NUR's statement of operations for the years ended December 31, 2003 and December 31, 2004 and will not have any effect on the balance sheet at December 31, 2004. The amended and restated financial information for the fiscal years ended December 31, 2003 and December 31, 2004 will be filed as an amendment to the 2004 Annual Report.
In response to the SEC comments, NUR also plans to file as an additional exhibit to the amended 2004 Annual Report an audit report associated with the audit of a wholly-owned subsidiary.
ABOUT NUR MACROPRINTERS LTD.
NUR Macroprinters (NURM.PK) is a leading supplier of wide-format inkjet printing systems used for the production of out-of-home advertising materials. From entry-level photo-realistic printers to high-throughput production presses, NUR's complete line of cost-effective, reliable printing solutions and companion inks are helping customers in over 100 countries worldwide address the full spectrum of wide-format printing requirements. NUR customers, including commercial printing companies, sign printers, screen printers, billboard and media companies, photo labs, and digital printing service providers, count on NUR to help them deliver the high quality and fast turnaround they need to meet their clients' exacting demands and succeed in today's competitive marketplace. More information about NUR Macroprinters is available at www.nur.com. http://biz.yahoo.com/bw/051130/20051130005770.html?.v=1