Tefron Announces Appointment of Amit Meridor as New CEO
MISGAV, Israel, January 21 /PRNewswire-FirstCall/ -- Tefron Ltd. (OTC: TFRFF.OB; TASE: TFRN), a leading producer of seamless intimate apparel and engineered-for-performance (EFPTM) active wear, today announced the appointment of industry veteran Amit Meridor to the position of CEO of the Company, effective January 21, 2010. Mr. Meridor brings to Tefron 15 years of direct experience in the textile industry, as well as executive managerial experience in business development, special situations and turnaround programs, which the Board of Directors believes will contribute greatly to Tefron's new phase of growth and development. Amit gained his textile industry experience working for NILIT Fibers Ltd, an Israeli manufacturer of high-quality yarn and fibers recognized for its high standards of manufacturing and innovation. Serving in a broad range of key managerial positions between 1990 and 2005, including the management of manufacturing processes and sales, Amit worked closely with Tefron and most other seamless producers around the world gaining valuable knowledge of the competitive landscape.
Following his work at NILIT, Mr. Meridor served for 3 years as VP for business development, sales and marketing at an esthetic device manufacturer, Syneron Medical. At Syneron, Amit built an international network of distributors, increasing international revenues and very importantly - diversifying Syneron's sales base.
Just prior to his appointment to Tefron, from 2008-2009, Mr. Meridor served as CEO of CMT Medical where he successfully executed a turnaround plan for the company and facilitated the merger of CMT Medical with a large European electronics and systems company.
According to Mr. Meridor, "Tefron has a strong international reputation for innovation on which I intend to capitalize as we rebuild customer and investor confidence in our ability to deliver the best products in the market. As part of the team, I look forward to leading the Company's expanding sales and international diversification efforts and to forging new relationships to expand Tefron's footprint in the industry."
Mr. Meridor holds a B.SC in Industrial Engineering from the Technion Israel Institute of Technology and an MBA from Tel Aviv University, Israel.
Tefron manufactures boutique-quality everyday seamless intimate apparel, active wear and swim wear sold throughout the world by such name-brand marketers as Victoria's Secret, Nike, Target, The Gap, J. C. Penney, Maidenform, lululemon Athletica, Warnaco/Calvin Klein, Patagonia, Reebok, Swimwear Anywhere, Abercombie&Fitch , and El Corte Englese, as well as other well known retailers and designer labels. The company's product line includes knitted briefs, bras, tank tops, boxers, leggings, crop, T-shirts, nightwear, bodysuits, swim wear, beach wear and active-wear.
This press release contains certain forward-looking statements, within the meaning of Section 27A of the US Securities Act of 1933, as amended, Section 21E of the US Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995, with respect to the Company's business, financial condition and results of operations. We have based these forward-looking statements on our current expectations and projections about future events.
Words such as "believe," "anticipate," "expect," "intend," "will," "plan," "could," "may," "project," "goal," "target," and similar expressions often identify forward-looking statements but are not the only way we identify these statements. Except for statements of historical fact contained herein, the matters set forth in this press release regarding our future performance, plans to increase revenues or margins and any statements regarding other future events or future prospects are forward-looking statements.
These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements, including, but not limited to:
- the effect of the worldwide recession on our sales to our customers in the United States and in Europe and on our ability to finance our operations; - our customers' continued purchase of our products in the same volumes or on the same terms; - the cyclical nature of the clothing retail industry and the ongoing changes in fashion preferences; - the competitive nature of the markets in which we operate, including the ability of our competitors to enter into and compete in the seamless market in which we operate; - the potential adverse effect on our business resulting from our international operations, including increased custom duties and import quotas (e.g., in China, where we manufacture for our swimwear division). - fluctuations in inflation and currency rates; - the potential adverse effect on our future operating efficiency resulting from our expansion into new product lines with more complicated products, different raw materials and changes in market trends; - the purchase of new equipment that may be necessary as a result of our expansion into new product lines; - our dependence on our suppliers for our machinery and the maintenance of our machinery; - the fluctuations costs of raw materials; our dependence on subcontractors in connection with our manufacturing process; - our failure to generate sufficient cash from our operations to pay our debt; - political, economic, social, climatic risks, associated with international business and relating to operations in Israel;
As well as certain other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contacts Company Contact: Eran Rotem Chief Financial Officer +972-4-990-0803 firstname.lastname@example.org
SOURCE Tefron Ltd