TAT Technologies Announces the Inclusion of All Members of the Board of Directors Under a D&O Insurance Policy Purchased by the Company
GEDERA, Israel, November 14, 2013 /PRNewswire/ --
TAT Technologies Ltd. (Nasdaq: TATT), a leading provider of services and products to the commercial and military aerospace and ground defense industries, today announced that its Compensation Committee and Board of Directors have approved today that the D&O insurance policy purchased by TAT Technologies, in accordance with the terms set forth in Section 18 of the Company's Compensation Policy, shall apply and include all members of its Board of Directors.
Pursuant to Sections 1b(5) and 1b1. of the Israeli Companies Regulations (Relief for Transactions with Interested Parties), 2000, the Compensation Committee and Board of Directors have approved the above resolutions without the need for further approval by the shareholders of the Company (the "Relief").
The Relief shall not be in force if one or more shareholders that holds at least one percent of the Company's issued share capital or voting rights, has informed TAT Technologies of its objection to the Relief, provided that an objection notice in this respect is submitted to TAT Technologies in writing within 14 days as of the date this Press Release is published.
About TAT Technologies LTD
TAT Technologies Ltd. is a leading provider of services and products to the commercial and military aerospace and ground defense industries.
TAT operates under four segments: (i) Original Equipment Manufacturing or "OEM" of Heat Management Solutions (ii) OEM of Electric Motion Systems (iii) Heat Transfer Services and Products and (iv) Maintenance, Repair and Overhaul or "MRO" services of Aviation Components.
TAT's activities in the area of OEM of Heat Management Solutions primarily include the design, development, manufacture and sale of (i) a broad range of heat transfer components (such as heat exchangers, pre-coolers and oil/fuel hydraulic coolers) used in mechanical and electronic systems on-board commercial, military and business aircraft; (ii) environmental control and cooling systems on board aircraft and for ground applications; and (iii) a variety of other electronic and mechanical aircraft accessories and systems such as pumps, valves, power systems and turbines.
TAT's activities in the area of OEM of Electric Motion Systems primarily include the design, development, manufacture and sale of a broad range of electrical motor applications for airborne and ground systems.
TAT's activities in the area of Heat Transfer Services and Products include the maintenance, repair and overhaul of heat transfer equipment and in a lesser extent, the manufacturing of certain heat transfer products. TAT's Limco subsidiary operates FAA certified repair station, which provides heat transfer MRO services and products for airlines, air cargo carriers, maintenance service centers and the military.
TAT's activities in the area of MRO services for Aviation Components include the maintenance, repair and overhaul of APUs, Landing Gear and other aircraft components. TAT's Piedmont subsidiary operates an FAA certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.
TAT also holds approximately 30% of the equity of First Aviation Services, a one-stop-shop for MRO services (wheels, breaks, propellers and landing gear) for the General Aviation Industry.
TAT's executive offices are located in the Re'em Industrial Park, Neta Boulevard, Bnei Ayish, Gedera 70750, Israel, and TAT's telephone number is +972-8-862-8500.
For more information of TAT Technologies, please visit our web-site: http://www.tat-technologies.com
SOURCE TAT Technologies Ltd