Extraordinary General Meetings Statement -- XTL Also Announces Board and Management Changes
March 18 2009 - 2:31PM
PR Newswire (US)
REHOVOT, Israel, March 18 /PRNewswire-FirstCall/ -- XTL
Biopharmaceuticals Ltd. (NASDAQ:XTLB)(TASE:XTL) announces the
results of its Extraordinary General Meetings ("EGMs") held earlier
today. All of the resolutions at the EGMs were passed. The current
board of directors consists of Mark Allouche, Dafna Cohen, Yaron
Diament, David Grossman, Boaz Shweiger and Amit Yonay. Amit Yonay
was also appointed Chairman. Dafna Cohen and Yaron Diament were
appointed as External Directors of the Company until March 18,
2012. Following the EGMs, XTL's Audit Committee consists of Dafna
Cohen, Yaron Diament and Boaz Shweiger. Following the first
Extraordinary General Meeting, and as was previously disclosed, the
Company's former Board members resigned from XTL's Board of
Directors. In addition, Ron Bentsur, the Company's co-Chief
Executive Officer, will be leaving the Company imminently and Bill
Kessler, the Company's principal finance and accounting officer,
will be leaving the Company in May 2009. In addition, David
Grossman will assume the role of Chief Executive Officer and a
search for Bill Kessler's replacement has begun. With the approval
of the shareholders, the Company will take the necessary steps to
implement and effect the reverse split, increase in registered
share capital and the ratio change of the Company's ADRs. David
Grossman, the Company's CEO, commented, "On behalf of XTL's new
management and Board, we are very excited to have received this
vote of confidence from XTL's shareholders. We believe that our
strategy of acquiring attractive drug candidates and potentially
taking them to the next level can create significant value for our
shareholders." Cautionary Statement Some of the statements included
in this press release, particularly those anticipating future
business prospects, growth and operating strategies and similar
matters, may be forward-looking statements that involve a number of
risks and uncertainties. For those statements, we claim the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
Among the factors that could cause our actual results to differ
materially is our ability to maintain our Nasdaq Stock Market
listing and our ability to continue to fund our operations; our
ability to successfully acquire drug candidates and complete
clinical trials for such candidates; and other risk factors
identified from time to time in our reports filed with the
Securities and Exchange Commission, including our annual report on
Form 20-F filed with the Securities and Exchange Commission on
March 27, 2008. Any forward-looking statements set forth in this
press release speak only as of the date of this press release. We
do not intend to update any of these forward-looking statements to
reflect events or circumstances that occur after the date hereof.
This press release and prior releases are available at
http://www.xtlbio.com/. The information in our website is not
incorporated by reference into this press release and is included
as an inactive textual reference only. DATASOURCE: XTL
Biopharmaceuticals Ltd. CONTACT: Ron Bentsur, Co-Chief Executive
Officer, +1-845-267-0707 ext. 224, or David Grossman, Co-Chief
Executive Officer, +972-8-930-4411 Web Site: http://www.xtlbio.com/
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