Bed sore treatment developer LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) controlling shareholder RLB Investments Ltd. plans to convene a shareholders’ meeting in order to oust LifeWave chairman Aviv Bushinksy. LifeWave directors on RLB’s behalf, Yitzhak Kaufman and Reuven Shulman say that they tried to reach a compromise with Bushinsky, but could not agree on severance terms.
Kaufman and Shulman said they were in contact with several candidates to replace Bushinksy. They added that the candidates had experience and managerial skills in both the Israeli and international markets.
Kaufman and Shulman said, “The company has reached the stage that requires strategic management ability in the international market in order to accelerate the company’s overseas development and exploit its current momentum. The company’s distribution agreements are excellent entry tickets to foreign markets, but more intensive efforts will be requires to further expand the distribution network to more markets.
“Under these circumstances, we believe that these measures should be guided by a more active chairman who will devote all his efforts, ties, and experience in these areas to lead to a breakthrough and development internationally, together with the company’s management headed by Ohad Goren, which is successfully executing this strategy.”
Bushinsky responded "for the past two years I have served as Chairman of LifeWave. Since the firm's IPO, which I led, the firm has succeeded in marketing its product internationally. I asked that my leaving be coordinated and an immediate successor named, but to my chagrin the controlling parties did not do so."
Published by Globes [online], Israel business news - www.globes.co.il - on August 6, 2007
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