Fortissimo takes charge: replaces Nur's CEO
03.12.05 | 21:41 By Omri Cohen
A month after taking over Nur Macroprinters (Nasdaq: NURM.PK), Fortissimo Capital Fund is taking charge. It has installed a new CEO, David Reis, in the stead of David Amir.
Amir, who had led Nur in the last 2.5 years, is expected to advise NUR during the management transition, the company said in its statement.
Previously Reis served as chief executive of Scitex Vision, which Hewlett Packard bought. After that, from the start of 2002, he managed a startup called Image ID.
Reis will only join in 3 months, though, until which time Eli Blatt, a partner at Fortissimo and a member of Nur's board of directors, will serve as its acting CEO.
While about changes, Nur admitted that it will be restating its results for the years 2003 and 2004, after the U.S. Securities and Exchange Commission asked the company for clarifications regarding the recording of loans and stock options from July 2003.
Nur says it does not believe the restatement will substantially affect its results for these years, or its balance sheet for 2004.
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." http://www.haaretz.com/hasen/spages/653137.html