Tefron Announces Appointment of Arnon Tiberg as New Chairman of the Board of Directors
MISGAV, Israel, July 7, 2010 /PRNewswire-FirstCall/ -- Tefron (NYSE: TFR, TASE: TFR), ("Tefron"), a leading producer of seamless intimate apparel and engineered-for-performance (EFPTM) active wear, today announced the appointment of Arnon Tiberg as the new Chairman of the Board of Directors. Tiberg, a textile industry veteran, replaces Jacob Gelbard who had served as chairman of Tefron since December 27, 2007.
Mr. Tiberg brings to Tefron many years of direct experience in the textile industry and close relationships with Tefron's major customer base. Mr. Tiberg served as President and CEO of Delta Galil Industries from 1997 to 2006 where he executed a successful turnaround program for the company and lead Delta's global expansion and NASDAQ listing. Mr. Tiberg also serving as a member of the Board of Directors at NILIT, an Israeli nylon fiber manufacturer, since 1987.
Among other senior managerial positions, Mr. Tiberg was Managing Director of Mediterranean Car Agency and CEO of the Manufacturers Association of Israel. In 2000, Mr. Tiberg was awarded the Manufacturers' Association 'Industry Award' which recognizes exceptional activities or achievements in manufacturing industries.
In welcoming Mr. Tiberg, Tefron CEO Amit Meridor commented that, "Arnon brings to Tefron in-depth understanding of managing manufacturing companies in general, and the textile industry, in particular. His long industry experience and direct knowledge of the major customer base will help to strengthen Tefron's turnaround program and especially in improving our service to customers. I have great respect for Arnon, having seen his constructive influence on the Board of Directors at NILIT, where I managed the fiber division, and I look forward to working with Arnon now even more closely to take Tefron forward in its restructuring program."
Tefron manufactures boutique-quality everyday seamless intimate apparel, active wear and swimwear sold throughout the world by such name-brand marketers as Victoria's Secret, Nike, The Gap, J.C. Penney, Wal-Mart, lululemon Athletica, Calvin Klein, Maidenform, Patagonia, Reebok, , 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, swimwear, 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 failure of any of our principal customers to satisfy its payment obligations to us; - 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 +972-4-990-0881 firstname.lastname@example.org
SOURCE Tefron Ltd