AIRPORT CITY BUSINESS PARK, Israel, November 28,
2011 /PRNewswire/ --
RRsat Global Communications Network Ltd. (NASDAQ: RRST),
a leading provider of comprehensive content management and global
distribution services to the television and radio broadcasting
industries, today announced that its Chief Executive Officer, Mr.
David Rivel, will retire on
June 30, 2012.
Mr. Rivel's current contract with the company, which expires on
December 31, 2011, will be extended
until June 30, 2012 to ensure a
seamless transition. During this period Mr. Rivel will assist
the Company's Board of Directors in selecting and appointing a new
CEO. After said date, Mr. Rivel will remain as an advisor to the
Company and a member of the Company's Board of Directors.
Mr. David Rivel, Founder and CEO
of RRsat, stated: "I started RRsat over 30 years ago with an idea
and a vision and built it to a successful and profitable company
with annual revenues of over $100
million. Together, with the help of a talented and
dedicated team of employees, we created one of the leading global
solutions providers to the television and radio industries for
content management and distribution. I am very proud of our
achievements and now, after so many years, it is the right time for
me to step aside and let someone new lead RRsat to the next level.
After June 30, 2012, I will
remain on board as a Director and special advisor to the Company
and will, as always, remain committed to making RRsat the leading
global content management provider and distributor."
Dr. Shlomo Shamir, Chairman of
RRsat's Board of Directors, noted: "During the time that I have had
the pleasure of working with David I have discovered that he is a
true entrepreneur. He tapped into an industry with great
opportunity and continued growth potential and built a global
Company and a great team. We are sorry to see David step
down, yet we are fortunate that he will continue to work with the
company and share with us his industry knowledge, experience and
creativity."
About RRsat Global Communications
Network Ltd.
RRsat Global Communications Network Ltd. (NASDAQ: RRST) provides
global, end-to-end, content management and distribution services to
the rapidly expanding television and radio broadcasting industries,
covering more than 150 countries. Through its RRsat Global Network,
composed of satellite and terrestrial fiber optic capacity and the
public Internet, RRsat provides high-quality and flexible global
distribution services 24/7 to more than 630 channels reaching
multiplatform operators, Internet TV and direct-to-home
viewers worldwide and also offers occasional use services
for sports, news and events with a fleet of flyaways and over
10 transportable satellite news gathering services (SNG)
units. More than 130 television and radio channels use
RRsat's advanced production and playout centers comprising
comprehensive media asset management services. Visit the company's
website http://www.rrsat.com
Safe Harbor Statement
This press release contains forward
looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements
regarding (i) the growth of our business and the television and
radio broadcasting industries, (ii) our expectation to expand our
client base and sell additional services to our existing client
base, (iii) our ability to successfully integrate the teleports we
acquired, (iv) our ability to develop and commercialize the
RRinternetTV service, (v) our expectation to extend the average
length of our contracts in the future, (vi) our ability to develop,
expand and commercialize our HD Platform, (vii) our ability to
report future successes, (viii) our ability to expand our activity
in the American market, and (ix) our intention to distribute
dividends in the future and the size of any dividends declared.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the companies and the
industry as of the date of this press release. The company
undertakes no obligation to update forward-looking statements to
reflect subsequent occurring events or circumstances, or to changes
in its expectations, except as may be required by law.
Forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those
contemplated by the forward-looking statements, including the risks
indicated in our filings with the Securities and Exchange
Commission (SEC). For more details, please refer to our SEC filings
and the amendments thereto, including our Annual Report on Form
20-F for the year ended December 31,
2010 and our Current Reports on Form 6-K.
Company Contact Information:
David Aber, CFO
Tel: +972-3-928-0777
Email: investors@rrsat.com
External Investor Relations Contacts:
Ehud Helft/ Porat Saar
CCG Investor Relations Israel
Tel: +1-646-233-2161
Email: rrsat@ccgisrael.com
SOURCE RRSat Global Communications Network Ltd