Nexus Telocation Systems Ltd. Announces CEO Departure
GIVATAYIM, Israel, May 15, 2005 -- Nexus Telocation Systems Ltd. (OTC Bulletin Board: NXUSF), a leading provider of Stolen Vehicle Retrieval services, announced that Arik Avni, President and Chief Executive Officer, has resigned, effective immediately, for personal reasons.
Yossi Ben Shalom, Chairman of the Board of Directors, will fill Mr. Avni's position until the appointment of a new Chief Executive Officer.
"I'm very proud of what Nexus has achieved during my tenure as CEO and am confident that in leveraging the company's recent acquisitions, new operation in Mexico and its attractive markets, coupled with the management team's focus on execution of our strategy, the momentum will continue. I wish the company, its shareholders, its partners and all of its outstanding employees nothing but success." said Arik Avni.
On behalf of the board of directors, Yossi Ben Shalom said, "Arik made significant contributions to the changes in our strategic direction and we thank him for his service to Nexus over the past two years."
The board is actively engaged in a search for a new CEO.
Nexus Telocation Systems Ltd. develops, manufactures and markets low energy and cost effective wireless communications and location based information systems, through the application of digital spread spectrum technologies. Nexus provides Stolen Vehicle Retrieval services in Israel Argentina and Mexico. Nexus' subsidiary in Israel, Shagrir Vehicle Services Ltd is a leading provider of automobile repair and towing services.