Formula Systems Reports Change in the Board of Directors

Dec 02, 2010, 07:58 ET from Formula Systems Ltd.

OR YEHUDA, Israel, December 2, 2010 /PRNewswire-FirstCall/ -- Formula Systems (1985) Ltd. (NASDAQ: FORTY) a provider of information technology products, solutions and services, announced today that on November 25, 2010, Messrs. Naftali Shani, Shlomo Ness, Tal Barnoach and Shimon Laor resigned from the company's board of directors and Messrs. Marek Panek and Marcin Rulnicki were appointed to fill two of the vacancies on the company's board of directors that were created as a result of the foregoing resignations. The foregoing changes on the company's board of directors were effected in connection with the consummation of the sale by Emblaze Ltd. to Asseco Poland S.A. of the controlling stake in the company.

About Formula Systems

Formula Systems (1985) Ltd. (NASDAQ: FORTY) is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions.

Statements made in this press release that are not historical facts are forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company's products, dependence on strategic partners, integration of new business, successful implementation of Formula's products, economic and competitive factors, international market conditions, management of growth, technological developments, the ability to finance operations and other factors which are detailed in Formula's Securities and Exchange Commission filings, including its most recent report on Form 20-F. Formula undertakes no obligation to publicly release any revision to any forward-looking statement.

    Contact:

    Nir Feller, Formula Systems (1985) Ltd.
    Tel. +972-3-5389487
    Email. nir@formula.co.il

SOURCE Formula Systems Ltd.