Nova Appoints Raanan Cohen to its Board of Directors Leading Industry Executive Joins to Support Growth Trajectory
REHOVOT, Israel, February 10, 2014 /PRNewswire/ --
Nova Measuring Instruments Ltd. (NASDAQ: NVMI), provider of leading edge stand-alone metrology and the market leader of integrated metrology solutions to the semiconductor process control market, announced today that Mr. Raanan Cohen has been appointed to its Board of Directors, effective immediately.
Mr. Cohen is a recognized leader in the optical process control industry, and he has over 20 years of senior executive experience at leading global technology companies. He has been President and Chief Executive Officer of Orbotech Ltd. (NASDAQ: ORBK), a leading provider of yield-enhancing and production solutions, primarily for manufacturers of printed circuit boards, flat panel displays and other electronic components. Under his tenure, Orbotech grew to be a global leader in advanced micro manufacturing solutions for electronics and adjacent markets with revenues in access of $500 million USD. Mr. Cohen also led the company's strategic acquisitions and new markets penetrations. Mr. Cohen has served in a range of executive positions at Orbotech including Co-President for Business and Strategy, EVP and President of the Printed Circuit Board (PCB) Division, and Vice President for the PCB-AOI product line. Prior to its merger with Orbotech in 1991, Cohen held various positions at Orbot, another manufacturer of AOI systems. Prior to joining Orbot in 1984, he worked at Telrad Networks Ltd. Mr. Cohen holds a Bachelor of Computer Science from the Hebrew University.
"We are very excited to have Rani join the Nova Board of Directors," stated Dr. Micha Brunstein, Chairman of the Board. "Rani's experience and industry knowledge in optical process control aligns perfectly with Nova's growth and strategic plans in the metrology market as the semiconductor industry enters a high growth phase of capital investments."
"We are looking forward to Rani's contribution to the Board of directors, and to leveraging his experience in managing a large public company, as well as his track record in leading strategic initiatives and acquisitions," commented Eitan Oppenhaim, President and CEO of Nova. "Following substantial investments in R&D in recent years, Nova is well positioned to continue growing and to leverage its accumulated capital for improved market position. Rani is the best person to assist us in this path."
About Nova: Nova Measuring Instruments Ltd. develops, produces and markets advanced integrated and stand alone metrology solutions for the semiconductor manufacturing industry. Nova is traded on the NASDAQ & TASE under the symbol NVMI. The Company's website is: http://www.novameasuring.com
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products, expected deliveries, transaction, expected revenues, operating results, earnings and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our 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 in those forward looking statements. These risks and other factors include but are not limited to: our dependency on two product lines; the highly cyclical nature of the markets we target; our inability to reduce spending during a slowdown in the semiconductor industry; our ability to respond effectively on a timely basis to rapid technological changes; our dependency on PEM; risks related to exclusivity obligations and non-limited liability that may be included in our commercial agreements and arrangements; our ability to retain our competitive position despite the ongoing consolidation in our industry; risks related to our dependence on a single manufacturing facility; risks related to the extremely competitive market we are operation in; our dependency on a small number of large customers and small number of suppliers; risks related to changes in our order backlog; risks related to the financial, political and environmental instabilities in Asia; risks related to our intellectual property; new product offerings from our competitors; unanticipated manufacturing or supply problems; changes in tax requirements; changes in customer demand for our products; risks related to currency fluctuations and risks related to our operations in Israel. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2012 filed with the Securities and Exchange Commission on March 11, 2013. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Measuring Instruments Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
Dror David, Chief Financial Officer
Nova Measuring Instruments Ltd.
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SOURCE Nova Measuring Instruments Ltd