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June 07, 1996 - Image 69

Resource type:
Text
Publication:
The Detroit Jewish News, 1996-06-07

Disclaimer: Computer generated plain text may have errors. Read more about this.

Scitex Board
Is Re-Elected

Jerusalem (JPFS) — All 13 nom-
inees recommended by Scitex for
its board of directors were elect-
ed at the annual shareholders'
ieeting with none receiving few-
er than 95 percent of the vote.
The meeting was held a day
after American-Israeli high-tech
entrepreneur Davidi Gilo decid-
ed to withdraw his hostile take-
over bid.
Before Mr. Gilo's withdrawal,
the board feared shareholders
yould criticize the major share-
, ciolders, who are represented on
the board, for rejecting Mr. Gilo's
proposal.
The shareholders appointed
Yoav Chelouche, president and
chief executive officer, as a di-
rector for the first time. He was
appointed president and CEO in
November 1995.
The shareholders also ap-
proved the board's recommen-
dation that Kesselman and
Kesselman be reappointed as au-
ditors. In addition, the share-
holders approved a final dividend
of $0.52 a share for 1995 and a
proposal that shareholders re-
and consider the 1995 au-
ditor's report and consolidated
financial statements.
Scitex, which specializes in
digital communication for graph-
ic designs, completed the first
quarter with a profit of $3.3 mil-
lion.

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CADILLAC SPECIAL

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Geotek Receives
Joint Investments

Jerusalem (JPFS) — Affiliates
of the Charles Bronfiiian family
and the Jonathan Kolber fami-
ly, together with the Renais-
sance Fund LDC, have agreed
in principle to invest between
$45 million and $50 million in
Geotek Communications
Inc.(Nasdaq), the company an-
nounced.
The investment, made by Mr.
Bronfm.an, the brother of Edgar
Bronfman, chairman of Seagram
Co., and Mr. Kolber, president of
/— the Tel Aviv investment compa-
ny Claridge Israel Inc., reflects
investors' faith in the telecom-
munications company, Mr. Kol-
ber said.
The New Jersey-based Geot-
ek is an international company
providing integrated voice and
\--, data solutions for mobile busi-
' ness users.
The company recently began
offering wireless communications
services to fleets of commercial
vehicles over its FHMA-based
networks, in five U.S. markets.
Geotek plans to build net-
works in over 35 major U.S. mar-
kets and was recently awarded
a license to build an FHMA net-
work in Canada.

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Certificate of Deposit

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