RA'ANANA, Israel, March 20, 2013 /PRNewswire/ -- MTS – Mer
Telemanagement Solutions Ltd. (NASDAQ Capital Market: MTSL), a
global provider of MVNE, Mobile Money and TEM services, today
announced that it has filed its annual report containing audited
consolidated financial statements for the year ended December 31, 2012 with the U.S. Securities and
Exchange Commission. The annual report is available on
the Company's website (www.mtsint.com). Shareholders may
receive a hard copy of the annual report free of charge upon
request.
The Company further announced today that in meetings held during
March 2013, the Company's audit
committee and board of directors approved that the compensation
terms of Mr. Lior Salansky, one of
the members of the Company's board of directors and a member of the
compensation committee, be equal to the compensation terms of the
Company's outside directors.
Pursuant to the approval of the audit committee and board of
directors, effective December 12,
2012, Mr. Salansky will be entitled to receive an annual
fee, payable quarterly, of NIS 30,500
(currently approximately $8,200) and
a per meeting attendance fee of NIS
1,700 (currently approximately $460). Previously, he received an annual fee of
$8,400 and a per meeting fee of
$300. The Company's audit
committee and board of directors determined that the payment of the
aforementioned sums to Mr. Salansky complies with the requirement
set forth in Regulation 1A(2) of the Israeli Companies Regulations
(Relief for Transactions with Interested Parties), 2000 as they do
not exceed the maximum amounts applicable to the compensation of
the Company's outside directors pursuant to the terms of the
Israeli Companies Regulations Rules regarding Compensation and
Expense Reimbursement of Outside Directors), 2000.
In accordance with Regulation 1C of the Relief Regulations, if
one or more shareholders holding at least one percent of the
Company's issued share capital or voting rights notifies the
Company in writing of their objection to the provision of this
relief no later than fourteen days from publication of this press
release, the relief based on Regulation 1A(2) will not apply and
the change in the terms of Mr. Salansky's compensation will be
subject to approval by the Company's shareholders as required by
the Israeli Companies Law, 1999.
About MTS
MTS is a worldwide provider of Telecom Expense Management (TEM),
MVNE and Mobile Money services and solutions.
Headquartered in Israel, MTS
markets its solutions through wholly owned subsidiaries in
the United States, Hong Kong and distribution channels. MTS
shares are traded on the NASDAQ Capital Market (symbol MTSL).
For more information please visit the MTS web site:
www.mtsint.com.
Certain matters discussed in this news release are
forward-looking statements that involve a number of risks and
uncertainties including, but not limited to, risks in product
development plans and schedules, rapid technological change,
changes and delays in product approval and introduction, customer
acceptance of new products, the impact of competitive products and
pricing, market acceptance, the lengthy sales cycle, proprietary
rights of the Company and its competitors, risk of operations in
Israel, government regulations,
dependence on third parties to manufacture products, general
economic conditions and other risk factors detailed in the
Company's filings with the United States Securities and Exchange
Commission.
SOURCE Mer Telemanagement Solutions Ltd.