Enzymotec Ltd. Announces Appointment of Dror Israel as Chief Financial Officer
July 28 2017 - 7:30AM
Enzymotec Ltd. (Nasdaq:ENZY) ("Enzymotec" or the "Company"), a
developer, manufacturer and marketer of innovative bio-active lipid
based nutritional ingredients and medical foods, today announced
that Mr. Dror Israel will join Enzymotec on August 7, 2017 and will
assume the position of Vice President and Chief Financial Officer
following a transition period. Mr. Israel succeeds Mr. Oren Bryan,
who has served as Enzymotec’s Chief Financial Officer since 2008
and will remain on board during the transitional period.
“I would like to thank Oren for his enormous
contributions to building Enzymotec’s foundation and capabilities
and welcome another seasoned finance executive to assume his role
as we craft a new strategy that will help to guide the future of
the Company. With Oren remaining on board to ensure a smooth
transition, Dror’s public company experience will provide the
support that will drive Enzymotec’s global outlook,” commented Erez
Israeli, Enzymotec’s President and Chief Executive Officer. “We
look forward to drawing from his background as we explore all of
our strategic options to expand Enzymotec’s capabilities and
product offerings globally.”
Dror Israel served as Chief Financial Officer of
EZchip Semiconductor Ltd. (NASDAQ:EZCH) (TASE:EZCH) from July 2001
until February 2016, playing a key role in the sale of EZchip to
Mellanox Technologies, Ltd. in February 2016. Prior to that, he was
EZchip’s financial controller from January 2000 through May 2001
and a financial analyst at EZchip from August 1997 through December
1999. Prior to joining EZchip, Mr. Israel was employed by Hi Group,
a holdings company, as a financial analyst. Mr. Israel holds a B.A.
degree in economics from Haifa University and a MBA cum laude from
the Technion-Israel Institute of Technology.
Dror Israel added, “I am excited to join the
Enzymotec team as they seek to renew the Company’s vision and move
towards a new era of profitability and long term growth. The
Company’s diverse business units present many opportunities to
expand Enzymotec's footprint, and I hope to leverage my extensive
experience to take the Company to new heights.”
About Enzymotec Ltd.
Enzymotec is a leading global supplier of
specialty lipid-based products and solutions. The Company develops,
manufactures and markets innovative bio-active lipid ingredients,
as well as final products, based on sophisticated processes and
technologies.
Forward Looking Statements
This press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, Section 21E of the Securities Exchange Act of
1934, as amended and the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, that are based on our
management’s beliefs and assumptions and on information currently
available to our management. Forward-looking statements include all
statements that are not historical facts and can be identified by
terms such as “anticipates,” “believes,” “could,” “seeks,”
“estimates,” “expects,” “intends,” “may,” “plans,” “potential,”
“predicts,” “projects,” “should,” “will,” “would” or similar
expressions that convey uncertainty of future events or outcomes
and the negatives of those terms. Forward-looking statements
include information concerning our possible or assumed future
results of operations, business strategies, financing plans,
competitive position, industry environment, potential growth
opportunities, potential market opportunities and the effects of
competition. Such statements involve a number of known and unknown
risks and uncertainties that could cause our future results,
performance or achievements to differ significantly from the
results, performance or achievements expressed or implied by such
forward-looking statements. Some of the important factors that
could cause or contribute to such differences include the
following: a high proportion of the sales of the INFAT® product is
to our customers who then use it in their infant formula products
sold to end users in China and therefore our revenues are subject
to the effects of Chinese market trends and competition from
locally produced products that are not subject to import taxes; we
are subject to a degree of customer concentration and our customers
do not enter into long-term purchase commitments with us; new
Chinese regulations relating to infant formula came into force on
October 2016 and others are constantly evaluated, affecting the
ability of our customers to market infant nutrition products
containing INFAT®, which could adversely affect our revenues and
results of operations; we rely on our Swedish joint venture partner
to manufacture INFAT®; growth in the Chinese economy has moderated
and this slowdown and related volatility could adversely impact
demand for our products in China; the demand for products based on
omega-3, and, in particular, premium products such as krill oil,
has declined in the past and may continue to decline, which,
together with a significant increase in capacity by competing
manufacturers, may continue to cause intense competition and price
pressures; Chinese regulations relating to infant formula are under
re-examination, and any regulatory changes affecting the ability of
our customers to market infant nutrition products containing INFAT®
could adversely affect our business; our inventories include
sensitive compounds which may face spoilage or obsolescence; our
inability to manage our inventory levels, in particular our high
level of inventory relative to sales of our products, may have an
adverse effect on our profitability; a significant portion of the
sales of our INFAT® product is to a small number of customers and
if such customers were to suffer financially or reduce
their use of INFAT® our business could be materially adversely
affected; variations in the cost of raw materials for the
production of our products may have a material adverse effect on
our business, financial condition and results of operations; our
offering of products as "medical foods" may be challenged by
regulatory authorities; the outcome of the Company's discussions
with the FDA relating to the Import Alert; our product development
cycle is lengthy and uncertain, and our development or
commercialization efforts for our products may be unsuccessful; we
are dependent on a single facility that houses the majority of our
operations, and disruptions at this facility could negatively
affect our business, financial condition and operations; we depend
on third parties to obtain raw materials, in particular krill,
necessary for the production of our products and if we cannot
secure sufficient supply sources at competitive prices or need to
utilize a greater percentage of frozen krill than anticipated with
current inventory levels, our gross profits from the sale of krill
oil will be adversely affected; we anticipate that the markets in
which we participate will become more competitive due in part to
business combinations among existing competitors, the arrival of
new competitors and technological developments; our results are
subject to quarterly fluctuations; we may have to pay royalties
with respect to sales of our krill oil products in the United
States or Australia, and any infringement of intellectual property
of others could require us to pay royalties; unfavorable publicity
or consumer perception of our products, such as krill oil, the
supplements that contain them as ingredients and any similar
products distributed by other companies could have a material
adverse effect on our reputation, the demand for our products and
our ability to generate revenues; we are generally reliant upon
third parties for the distribution or commercialization of our
products; we may not be able to maintain or increase market
acceptance for our products; we are subject to risks relating to
the operation and expansion of our production or processing
facilities and capabilities; our ability to obtain krill may be
affected by conservation regulation or initiatives; disruption to
our IT system could adversely affect our reputation and have a
material adverse impact on our business and results of operations;
we are not able to predict the results of clinical trials, which
may prove unsuccessful or be delayed by certain factors; if we are
unable to maintain manufacturing efficiency and quality and meet
our customers’ needs, our financial performance could be adversely
affected; we could be subject to product liability lawsuits, which
could result in costly and time-consuming litigation and
significant liabilities; our dependence on international sales,
which expose us to risks associated with the business environment
in those countries; and other factors discussed under the heading
"Risk Factors" in our annual report on Form 20-F for the year ended
December 31, 2016 filed with the Securities and Exchange Commission
on March 16, 2017.
You should not put undue reliance on any
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. These
forward-looking statements are made only as of the date hereof, and
the Company undertakes no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Relations Contact (U.S.)
The Ruth Group
Tram Bui / Alexander Lobo
Phone: 646-536-7035 / 7037
tbui@theruthgroup.com
alobo@theruthgroup.com
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