A general meeting called for 6:00 pm was cancelled when Bushinsky resigned at 4:30 pm.
The saga of LifeWave continues. Moments before a scheduled general meeting, which had been called to fire him, Aviv Bushinsky resigned as chairman at LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE). His resignation was effective immediately. As a result, the general meeting that was to take place this evening was cancelled.
The price of LifeWave's shares rose by over 17.5% today in TASE trading.
Several weeks ago, LifeWave's controlling shareholder RLB Investments Ltd., controlled by Yitzhak Kaufman and Reuven Shulman, reported that it would begin the process to oust the LifeWave chairman. At the time, 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."
Published by Globes [online], Israel business news - www.globes.co.il - on August 26, 2007
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