HADERA, Israel, May 10, 2005 (PRIMEZONE) -- Malers Automation and Control Ltd. ("Malers") (Pink Sheets:GXXL) today announced that the Company will effectuate a reverse split of 1,000 shares to one, effective as of May 16, 2005.
The Board of Directors of Malers is executing this reverse split to bring the stock price to a more attractive level in the market. The number of outstanding shares will be reduced by a factor of 1,000 and the price of each share will be increased proportionately, meaning that each shareholder will still maintain the same value of his or her shares.
"We are very active in some high profile industries and hopeful that we will be able to announce many new contracts in the coming weeks," says Ronen Luzon, CEO of Malers. "We felt that the position of the stock in the market does not correctly reflect our positive business activity, and by executing the reverse split, this will raise our share price to a more attractive level for new investors. This is definitely good news for our current investor base."
Upon completion of the reverse stock split, the trading symbol will automatically change. The Company will announce the new trading symbol later in the week.
"This is only one step in many that the Company will be taking in the months to come to improve the long-term value of Malers, both for our customers and our shareholders," notes Luzon.
About Malers
Malers Automation and Control Ltd. is an Israeli systems company that develops, manufactures, sells and maintains automation and control systems for industrial applications. The Company produces turn-key systems that replace labor intensive, error prone and costly manual production and monitoring functions. Since the Company's inception in 1996, Malers' custom designed systems have been installed in major industrial applications worldwide. Their systems offer centralized and remote control of complex manufacturing processes, and data collection and analysis systems.
Forward-Looking Statements
Certain statements in this news release may contain 'forward-looking' information within the meaning of the Federal securities laws. All statements, other than statements of fact, included in this release may include forward-looking statements that may involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.