Officer Of The Court Appointed To Direct Press-Sense Decision To Continue Operating As A Going Concern

Or Akiva, Israel – March 9th, 2010.  Press-sense confirmed today that their two major investors, Vertex and Evergreen, have ceased investing in the company. Plenus, an investment lending fund that loaned Press-sense $5m in 2008, has petitioned the Israeli court to appoint an Officer of the Court to direct Press-sense going forward. The court has appointed Adv. Paz Rimer to supervise and direct the company. Adv. 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 are united in their determination to continue managing Press-sense as a going concern while simultaneously seeking strategic alternatives that will enable Press-sense to pursue its vision of an open, scalable Business Flow Automation platform. It is our estimation that this effort will bear fruit over the next few weeks. Discussions 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.

About Press-sense

Press-sense is the world’s leading 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. 

About Plenus

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 $2Bn.

Copyright 2010. Press-sense, Press-sense iWay, Press-sense Manager, Powered by Press-sense, Business Flow Automation for the Print Industry, and the Press-sense logo are all trademarks and/or registered Trademarks of Press-sense Ltd. its subsidiaries or affiliates in the United States and/or other countries. All other company or product names are the trademarks or registered trademarks of their respective holders. All rights not expressly granted are reserved.

Contacts
Amir Shaked
+972 4 626 9000
amirs@press-sense.com

Paz Rimer
+972-9-971-8000
p_rimer@rap-law.co.il
ZivB@plenus.co.il
+972-9-952-0700