Cimatron Announces Termination of Management Agreement with DBSI
GIVAT SHMUEL, Israel, June 24, 2013 /PRNewswire/ --
Cimatron Limited (NASDAQ: CIMT), (the "Company"), a leading provider of integrated CAD/CAM software solutions for mold, tool and die makers as well as manufacturers of discrete parts, announced today that DBSI, its controlling shareholder until recently, will stop providing management services to the Company. DBSI has been providing Cimatron with management services since 2002 (together with Koonras Technologies Ltd., and alone since 2008), all as previously approved by Cimatron's shareholders. Such services have included service of members of the board (currently performed by three directors). Upon the cessation of the management services (expected to take place in September this year), DBSI will no longer receive the management fees it has received from the Company for such services.
With over 30 years of experience and more than 40,000 installations worldwide, Cimatron is a leading provider of integrated, CAD/CAM software solutions for mold, tool and die makers as well as manufacturers of discrete parts. Cimatron is committed to providing comprehensive, cost-effective solutions that streamline manufacturing cycles and ultimately shorten product delivery time.
The Cimatron product line includes the CimatronE and GibbsCAM brands with solutions for mold design, die design, electrodes design, 2.5 to 5 axes milling, wire EDM, turn, mill-turn, rotary milling, multi-task machining, and tombstone machining. Cimatron's subsidiaries and extensive distribution network serve and support customers in the automotive, aerospace, medical, consumer plastics, electronics, and other industries in over 40 countries worldwide.
Cimatron's shares are publicly traded on the NASDAQ exchange under the symbol CIMT. For more information, please visit Cimatron's web site at: http://www.cimatron.com
Safe Harbor Statement
This press release includes forward looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risk and uncertainties that could cause actual results to differ materially from those anticipated. Such statements may relate to Cimatron's plans, objectives and expected financial and operating results. The words "may," "could," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Cimatron's ability to control. The risks and uncertainties that may affect forward looking statements include, but are not limited to: currency fluctuations, global economic and political conditions, marketing demand for Cimatron products and services, long sales cycles, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties related to Cimatron's business, refer to Cimatron's filings with the Securities and Exchange Commission. Cimatron cannot assess the impact of or the extent to which any single factor or risk, or combination of them, may cause. Cimatron undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
Ilan Erez, Chief Financial Officer
Investor Relations contact:
Ehud Helft/Kenny Green
CCG Investor Relations
Tel: (US) +1-646-201-9246
SOURCE Cimatron Ltd