- As part of a planned management transition related to its
forthcoming public listing via business combination with Endurance
Acquisition Corp. (NASDAQ: EDNC), SatixFy has hired and will soon
announce a new CEO to lead its next phase of growth as a publicly
traded company
- Co-Founder and CFO Yoav Leibovitch named as Co-Chairman of the
Board
- Co-Founder and CEO Yoel Gat will also remain with the company
as Co-Chairman of the Board.
SatixFy Communications Ltd. (“SatixFy”), a leader in next-
generation satellite communication systems based on in-house
developed chipsets, today announced that Co-Founder and Chief
Financial Officer Yoav Leibovitch has been named to the role of
Co-Chairman of the Board. In addition, the company is also
announcing that it has hired a new CEO, expected to join the
company on June 26, 2022. These announcements are the culmination
of a succession planning process that began in the Fall of 2021
when SatixFy began to pursue a business combination with Endurance
Acquisition Corp. (“Endurance”) with the intent of becoming a
publicly traded company. SatixFy Co-Founder and CEO Yoel Gat will
be transitioning from the role of CEO but will remain with the
Company as Co-Chairman of the Board. Mr. Gat has been a major
driving force behind the company’s growth to date. His vision led
to SatixFy’s current technology leadership position, and the depth
of talent and institutional knowledge he has brought to SatixFy
will serve it as SatixFy executes on its vision going forward.
“While we have enjoyed great success since Yoav and I co-founded
the company in 2012, I believe we have barely scratched the surface
of the opportunity ahead,” said Mr. Gat. “With that in mind, we
have been engaged in extensive discussions with our Board of
Directors and our shareholders in recent months about the next
phase of growth for SatixFy and I am excited to have Yoav
Leibovitch, my unbelievable partner for over 30 years, as a Co-
Chairman of the board of directors. As we prepare to enter the
public markets, it is time for me to hand over the day-to-day
leadership of the company to an experienced CEO. Our new CEO will
bring over a decade of experience as a CEO. His experience in the
broader communications verticals will provide added depth to
SatixFy’s management team as we enter a phase of expected business
growth and the transition to the public markets with Endurance
Acquisition Corp.”
SatixFy expects to announce the name of the new CEO in the
coming weeks, as soon as he is free to do so in his current
position. He will bring significant technology leadership,
communication industry know-how and public company experience to
SatixFy’s strong executive team, which includes Mr. Leibovitch,
President Simona Gat, and Chief Technology Officer Doron Rainish,
who have worked together with the broader leadership team to
develop the vision, strategy and priorities of the business.
“We are very pleased with the results of our CEO search that
began last year,” said Mr. Leibovitch. “Our new CEO has significant
experience running public companies, and his experience in RF and
communications will be very helpful as we scale the business in
coming years. We are proud of what we have achieved to date, and
believe that he is the right person to execute on our strategic
plan to make SatixFy a significant player in space-based
communications.”
On March 8, 2022, SatixFy announced that it had entered into a
definitive business combination agreement with Endurance, a
publicly traded special purpose acquisition company formed by an
affiliate of Antarctica Capital, an international private equity
firm.
About SatixFy
SatixFy is developing satellite communications systems,
including satellite payloads, user terminals and modems, all of
which are powered by its proprietary chips. Its modems, with
Software Defined Radio (SDR) and Electronically Steered Multi Beam
Antennas (ESMA), are designed to support the most advanced
communications standards, such as DVB-S2X. SatixFy’s ASICs and
RFICs are designed to improve significantly on current generation
satellite communications system performance and reduce the weight
and power requirements of terminals, payloads and save real estate
for gateway equipment. The company delivers advanced VSATs and
multi-beam electronically steered antenna arrays for a variety of
mobile applications and services such as LEO, MEO and GEO satellite
communications systems, Aero/in-flight connectivity systems,
communications-on-the-move applications, satellite-enabled
Internet-of-Things and machine-to-machine devices. SatixFy was
founded in 2012, and is headquartered in Rehovot, Israel with
additional offices in the United States, United Kingdom and
Bulgaria. (www.SatixFy.com).
About Endurance Acquisition Corp.
Endurance is a special purpose acquisition company formed by an
affiliate of Antarctica Capital, an international private equity
firm, for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. Endurance
was founded on April 23, 2021 and is headquartered in New York,
NY.
Important Information About the Proposed Transaction and
Where to Find It
The proposed business combination will be submitted to
shareholders of Endurance for their consideration. SatixFy intends
to file a registration statement on Form F-4 (the “Registration
Statement”) with the SEC which will include preliminary and
definitive proxy statements to be distributed to Endurance’s
shareholders in connection with Endurance’s solicitation for
proxies for the vote by Endurance’s shareholders in connection with
the proposed business combination and other matters as described in
the Registration Statement, as well as the prospectus relating to
the offer of the securities to be issued to SatixFy’s shareholders
in connection with the completion of the proposed business
combination. After the Registration Statement has been filed and
declared effective, Endurance will mail a definitive proxy
statement and other relevant documents to its shareholders as of
the record date established for voting on the proposed business
combination. Endurance’s shareholders and other interested persons
are advised to read, once available, the preliminary proxy
statement / prospectus and any amendments thereto and, once
available, the definitive proxy statement / prospectus, in
connection with Endurance’s solicitation of proxies for its
extraordinary general meeting of shareholders to be held to
approve, among other things, the proposed business combination,
because these documents will contain important information about
Endurance, SatixFy and the proposed business combination.
Shareholders may also obtain a copy of the preliminary or
definitive proxy statement, once available, as well as other
documents filed with the SEC regarding the proposed business
combination and other documents filed with the SEC by Endurance,
without charge, at the SEC's website located at www.sec.gov or by
directing a request to Endurance Acquisition Corp., 630 Fifth
Avenue, 20th Floor, New York, NY 10111.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE PROPOSED TRANSACTION PURSUANT TO WHICH ANY SECURITIES ARE TO
BE OFFERED OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED
HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of SatixFy’s and Endurance’s management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of SatixFy and
Endurance. These forward-looking statements are subject to a number
of risks and uncertainties, including the occurrence of any event,
change or other circumstances that could give rise to the
termination of the proposed business combination; the outcome of
any legal proceedings that may be instituted against SatixFy or
Endurance, the combined company or others following the
announcement of the proposed business combination; the inability to
complete the proposed business combination due to the failure to
obtain approval of the shareholders of SatixFy or Endurance or to
satisfy other conditions to closing; changes to the proposed
structure of the proposed business combination that may be required
or appropriate as a result of applicable laws or regulations or as
a condition to obtaining regulatory approval of the proposed
business combination; the ability to meet stock exchange listing
standards following the consummation of the proposed business
combination; the risk that the proposed business combination
disrupts current plans and operations of SatixFy as a result of the
announcement and consummation of the proposed business combination;
the ability to recognize the anticipated benefits of the proposed
business combination, which may be affected by, among other things,
competition and the ability of the combined company to grow and
manage growth profitably, maintain relationships with customers and
retain its management and key employees; costs related to the
proposed business combination; changes in applicable laws or
regulations; SatixFy’s estimates of expenses and profitability and
underlying assumptions with respect to shareholder redemptions and
purchase price and other adjustments; any downturn or volatility in
economic conditions; the effects of COVID-19 or other epidemics;
changes in the competitive environment affecting SatixFy or its
customers, including SatixFy’s inability to introduce new products
or technologies; the impact of pricing pressure and erosion; supply
chain risks; risks to SatixFy’s ability to protect its intellectual
property and avoid infringement by others, or claims of
infringement against SatixFy; the possibility that SatixFy or
Endurance may be adversely affected by other economic, business
and/or competitive factors; SatixFy's estimates of its financial
performance; risks related to the fact that SatixFy is incorporated
in Israel and governed by Israeli law; and those factors discussed
in Endurance’s final prospectus dated September 14, 2021 and Annual
Report on Form 10-K for the fiscal year ended December 31, 2021, in
each case, under the heading “Risk Factors,” and other documents of
Endurance filed, or to be filed, with the SEC. If any of these
risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
neither SatixFy nor Endurance presently know or that SatixFy and
Endurance currently believe are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect SatixFy’s and Endurance’s expectations, plans or forecasts
of future events and views as of the date of this press release.
SatixFy and Endurance anticipate that subsequent events and
developments will cause SatixFy’s and Endurance’s assessments to
change. However, while SatixFy and Endurance may elect to update
these forward-looking statements at some point in the future,
SatixFy and Endurance specifically disclaim any obligation to do
so. These forward-looking statements should not be relied upon as
representing SatixFy’s and Endurance’s assessments as of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
No Offer or Solicitation
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Participants in Solicitation
Endurance, SatixFy and certain of their respective directors,
executive officers and other members of management and employees
may, under SEC rules, be deemed to be participants in the
solicitations of proxies from Endurance’s shareholders in
connection with the proposed business combination. Information
regarding the persons who may, under SEC rules, be deemed
participants in the solicitation of Endurance’s shareholders in
connection with the proposed business combination will be set forth
in Endurance’s proxy statement / prospectus when it is filed with
the SEC. You can find more information about Endurance’s directors
and executive officers in Endurance’s final prospectus dated
September 14, 2021 and Annual Report on Form 10-K for the fiscal
year ended December 31, 2021. Additional information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests will be included in the proxy
statement / prospectus when it becomes available. Shareholders,
potential investors and other interested persons should read the
proxy statement / prospectus carefully when it becomes available
before making any voting or investment decisions. You may obtain
free copies of these documents from the sources indicated
above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220405006217/en/
For SatixFy: Investors: Kevin Hunt SatixFyIR@icrinc.com
Media: Helena Itzhak Helena.itzhak@satixfy.com
Media: Brian Ruby ICR Inc. SatixFyPR@icrinc.com
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