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Press-sense Loses Two Top Investors

March 12, 2010
OR AKIVA, ISRAEL—Press-sense has confirmed that its two major investors, Vertex and Evergreen, have ceased investing in the company. Plenus, an investment lending fund that loaned the company $5 million in 2008, has petitioned to have an Officer of the Court appointed to direct Press-sense going forward. The Israeli court has appointed Adv. Paz Rimer to supervise and direct its continuing operation. Rimer has, in turn, appointed a management team—led by Amir Shaked, the current CEO.

Press-sense management, Plenus and Adv. Rimer said they are united in their determination to continue managing the company as a going concern while simultaneously seeking strategic alternatives that will enable it to pursue its vision of an open, scalable business flow automation platform. Discussions reportedly are already under way with numerous parties.

In this interim period, the company's management indicated it will take actions to align head count and expenses with forecasted income and resources.

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