NEW YORK, January 13, 2014 /PRNewswire/ --
BreedIT Corp (OTC: BRDT), the exclusive worldwide distributor through its Israeli subsidiary, BreedIT Ltd., of highly sophisticated agro-breeding solutions for plant breeders and researchers, today announced that on December 31, 2013, the board of directors appointed highly respected entrepreneur and experienced board member, Mr. Itschak Shrem, as its new chairman. The Company's former chairman, Mr. Erez Zino, will continue to serve on the board as a director.
Mr. Shrem is an entrepreneur with over thirty-five years of professional business experience in the fields of investment banking, venture capital, finance, insurance and technology, among others, involving both public and private entities. From 1995 to the present, Mr. Shrem has served as Managing Director of Yaad Consulting 1995 Ltd., which provides business development, marketing and investment banking services to a wide variety of Israeli companies. Mr. Shrem is also a partner in the General Partnerships of Pitango I, II and III and since October 2010, has served as an independent director of Eden Springs Ltd, listed on the Tel-Aviv Stock Exchange (TASE) a leading Israeli mineral water company with operations in 16 countries throughout Europe.
Mr. Shrem has also held several positions with S R Accord Ltd. (formerly, The Shrem Fudim Group Ltd), a TASE-listed company engaged in investment banking in Israel which he founded in 1991, holding positions that included serving as vice chairman from April 1991 until December 1999, chairman of the board from December 1999 until June 2013 and as a member of the board of directors from June 2013 to present. Mr. Shrem also served as the chairman of Leader Holdings and Investments Ltd. and Polar Communications Ltd., both TASE-listed companies engaged in investment banking and venture capital, the latter of which specializes in the media and telecommunications industries, from 1991 to 2010; and he served as a director of Retalix, (NASDAQ: RTLX) from 2007 until 2012. Mr. Shrem is a director in Ormat Industries which owns Ormat Technologies (NASDAQ: ORA), world's largest producer of geothermal power. In 1993, Mr. Shrem founded Pitango Venture Capital Fund, which has investments in over 120 companies, principally in the technology industry and presently has approximately $1.5 billion under management.
Mr. Shrem spent over 15 years with Clal Israel Ltd, serving in various capacities including Chief Operating Officer, responsible for Clal's capital markets and insurance businesses until March of 1991. He holds a B.A. in Economics from Bar-Ilan University, Israel, and an M.B.A. from Tel-Aviv University, Israel.
Commenting on his reasons for joining BreedIT, Itschak Shrem stated that, "Having watched the company and seen what their innovative IDSS technology can do for the global agro-breeding industry, I'm convinced BreedIT has a great opportunity for growth and investment. The capabilities that their exclusive technology offers to plant breeders and researchers across the globe are impressive and unparalleled. I'm an investor in the Company and have full confidence in the professional team led by Dr. Oded Sagee, CEO for BreedIT Ltd. As chairman, I intend to contribute my extensive experience in both business development as well as finance to support the Company's growth and financial stability moving ahead."
Erez Zino, Director of BreedIT, stated, "On behalf of the entire BreedIT team, I would like to welcome Mr. Shrem as the new chairman of our board. As one of the key figures in the Israeli economy, Mr. Schrem's contributions to the Company will be immeasurable. We are honored to work under his leadership and look forward to working with him towards the achievement of our identified growth objectives."
About BreedIT Corp
BreedIT Corp (OTC: BRDT), through its Israeli subsidiary, BreedIT Ltd., is the developer of highly sophisticated agro-breeding solutions for plant breeders and researchers. BreedIT's proven Intelligent Decision Support System (the "IDSS Software"), which was developed by a team consisting of among the world's leading breeding specialists for optimizing the breeding processes, services the plant breeding needs of corporations, research and government institutions. BreedIT's IDSS provides advanced solutions for generating and disseminating knowledge aimed at assisting breeders to plan, manage and analyze their breeding data and to perform research activities quickly and effectively. Founded in 2010, BreedIT has offices in New York, New York and in Rehovot, Israel.
This press release may contain forward-looking statements, including information about management's view of the Company's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of the Company, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents the Company files with the Securities and Exchange Commission, including but not limited to, its Form 10-K, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated.* BreedIt Corp's public filings may be viewed at http://www.sec.gov/.
SOURCE BreedIT Corp