Press-sense Gets Court Appointed Supervisor as Investors Cease Support
OR AKIVA, ISRAEL—March 9th, 2010—Press-sense confirmed today that its two major investors, Vertex and Evergreen, have ceased investing in the company. Plenus, an investment lending fund that loaned Press-sense $5 million in 2008, has petitioned to have an Officer of the Court appointed to direct the company going forward. The Israeli court has appointed Adv. Paz Rimer to supervise and direct the company. Rimer has, in turn, appointed a management team—led by Amir Shaked, the current CEO—to continue operations.
Press-sense management, Plenus and Adv. Rimer said they are united in their determination to continue managing Press-sense as a going concern while simultaneously seeking strategic alternatives that will enable the company to pursue its vision of an open, scalable business flow automation platform. They expect this effort will bear fruit over the next few weeks. Discussions reportedly are already under way with numerous parties.
In this interim period, the company’s management will take actions to align headcount and expenses with forecasted income and resources. “Press-sense will do its utmost to support its customers, channels and partners during this transition by retaining significant sales, support and R&D functions,” the statement noted.
Press-sense is a developer of Business Flow Automation for the print industry. The company’s solutions provide commercial printing and digital service providers with business management tools that maximize production efficiency, monitor and reduce costs, and increase profit ratios. For more information about Press-sense, distribution channels and their offerings, please visit www.press-sense.com.
Plenus Lending Solutions is Israel’s leading equity based lending fund. With a total of $320 in assets under management, Plenus has completed approximately 80 deals to date. Plenus is affiliated with Viola Group, which manages over $2 billion