TAT Technologies Reports Certain Board Changes and 2011 First Quarter Revenues
GEDERA, Israel, April 14, 2011 /PRNewswire-FirstCall/ -- TAT Technologies Ltd. (Nasdaq: TATT), a leading provider of services and products to the commercial and military aerospace and ground defense industries, today reported that Giora Inbar, the Chairman of the Board of Directors of the Company, Ronen Yehezkel and Daniela Yaron-Zoller, Directors of the Company, resigned from the Company's Board of Directors. Such resignation did not result from any disagreement with the Company relating to the Company's operations, policies or practices. At a meeting of the Board of Directors of the Company held on April 14, 2011, Rimon Ben-Shaoul was elected as the new Chairman of the Board of Directors and Regina Unger and Netanel Botbol were elected as Directors of the Company, each to serve in such capacity until the 2011 Annual General Meeting of the Company, expected to be held by the end of July. On April 14, 2011, the Audit Committee and Board of Directors of the Company determined to pay Mr. Ben-Shaoul a monthly fee of USD 10,000. This fee shall be effective following the approval of such payment at the shareholders meeting.
Mr. Ben-Shaoul has been the Chief Executive Officer of Polar Communications Ltd since 2004. Polar Communications Ltd is a holding company focused in the areas of technology and media. From 1997 through 2001 Mr. Ben-Shaoul served as Chief Executive Officer of Clal Industries and Investments Ltd. and prior thereto as the President and Chief Executive Officer of Clal Insurance Company Ltd. Mr. Ben-Shaoul holds a BA in Economics and Statistics and an MBA from Tel Aviv University.
Ms. Unger has been the acting Chief Executive Officer of KMN Holdings Ltd (the ultimate parent of the Company) since December 2010. Until October 2010 Ms. Unger was Senior Vice President of Shrem Fudim Group Ltd. and of Leader Holdings & Investments Ltd., which are holding companies acting and investing in capital market, communication and technology companies. Ms. Unger holds a BA in Economics and Accounting and an MBA from Tel Aviv University.
Mr. Netanel Botbol has been the Chief Financial Officer of KMN Holdings Ltd (the ultimate parent of the Company) since April 2011. From 2004 until 2011, Mr. Botbol was an Audit Senior Manager in Ernst &Young Israel. Mr. Botbol holds a BA in Economics and Accounting from Bar Ilan University.
In addition, Dr. Avraham Ortal, the Chief Executive Officer of the Company's subsidiary, Limco-Piedmont, Inc. informed the Company of his resignation from his position, effective at the end of his three month prior notice period. A successor to Dr. Ortal has not yet been selected.
The Company also announced that the consolidated un-audited revenues for the quarter ended March 31, 2011 were approximately $21 million.
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 three operational segments: (i) OEM of Heat Transfer products (ii) OEM of Electric Motion Systems; and (iii) MRO services, each with the following characteristics.
TAT's activities in the area of OEM of Heat Transfer products primarily relate to the (i) design, development, manufacture and sale of 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; and (ii) manufacture and sale of environmental control and cooling systems 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 relate to the design, development, manufacture and sale of a broad range of electrical motor applications for airborne and ground systems. TAT activities in this segment commenced with the acquisition of Bental in August 2008.
TAT's MRO services include the remanufacture, overhaul and repair of heat transfer equipment and other aircraft components, APUs, propellers and landing gear. TAT's Limco subsidiary operates FAA certified repair stations, which provide aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.
TAT also holds 37% in First Aviation Services, a world-wide distributor of products and services to the aerospace industry and 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.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, and other risks detailed from time to time in the company's filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.
For more information of TAT Technologies, please visit our web-site: http://www.tat-technologies.com
Contact: Miri Segal-Scharia Mr. Yaron Shalem MS-IR LLC CFO TAT Technologies. Tel: +1-917-607-8654 Tel: +972-8-8268500 firstname.lastname@example.org email@example.com
SOURCE TAT Technologies Ltd