MISGAV, Israel, July 7, 2010 /PRNewswire-FirstCall/ -- Tefron
(NYSE:TFR, TASE: TFR), ("Tefron"), a leading producer of seamless
intimate apparel and engineered-for-performance (EFPTM) active
wear, today announced the appointment of Arnon Tiberg as the new Chairman of the Board of
Directors. Tiberg, a textile industry veteran, replaces
Jacob Gelbard who had served as
chairman of Tefron since December 27,
2007.
Mr. Tiberg brings to Tefron many years of direct experience in
the textile industry and close relationships with Tefron's major
customer base. Mr. Tiberg served as President and CEO of Delta
Galil Industries from 1997 to 2006 where he executed a successful
turnaround program for the company and lead Delta's global
expansion and NASDAQ listing. Mr. Tiberg also serving as a member
of the Board of Directors at NILIT, an Israeli nylon fiber
manufacturer, since 1987.
Among other senior managerial positions, Mr. Tiberg was Managing
Director of Mediterranean Car Agency and CEO of the Manufacturers
Association of Israel. In 2000,
Mr. Tiberg was awarded the Manufacturers' Association 'Industry
Award' which recognizes exceptional activities or achievements in
manufacturing industries.
In welcoming Mr. Tiberg, Tefron CEO Amit
Meridor commented that, "Arnon brings to Tefron in-depth
understanding of managing manufacturing companies in general, and
the textile industry, in particular. His long industry experience
and direct knowledge of the major customer base will help to
strengthen Tefron's turnaround program and especially in improving
our service to customers. I have great respect for Arnon, having
seen his constructive influence on the Board of Directors at NILIT,
where I managed the fiber division, and I look forward to working
with Arnon now even more closely to take Tefron forward in its
restructuring program."
About Tefron
Tefron manufactures boutique-quality everyday seamless intimate
apparel, active wear and swimwear sold throughout the world by such
name-brand marketers as Victoria's Secret, Nike, The Gap,
J.C. Penney, Wal-Mart, lululemon
Athletica, Calvin Klein, Maidenform,
Patagonia, Reebok, , and El Corte Englese, as well as other well
known retailers and designer labels. The company's product line
includes knitted briefs, bras, tank tops, boxers, leggings, crop,
T-shirts, nightwear, bodysuits, swimwear, beach wear and
active-wear.
This press release contains certain forward-looking statements,
within the meaning of Section 27A of the US Securities Act of 1933,
as amended, Section 21E of the US Securities Exchange Act of 1934,
as amended, and the safe harbor provisions of the US Private
Securities Litigation Reform Act of 1995, with respect to the
Company's business, financial condition and results of operations.
We have based these forward-looking statements on our current
expectations and projections about future events
Words such as "believe," "anticipate," "expect," "intend,"
"will," "plan," "could," "may," "project," "goal," "target," and
similar expressions often identify forward-looking statements but
are not the only way we identify these statements. Except for
statements of historical fact contained herein, the matters set
forth in this press release regarding our future performance, plans
to increase revenues or margins and any statements regarding other
future events or future prospects are forward-looking
statements.
These forward looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those contemplated in such forward-looking statements,
including, but not limited to:
- the effect of the worldwide recession on our sales to our customers in
the United States and in Europe and on our ability to finance our
operations;
- our customers' continued purchase of our products in the same
volumes or on the same terms;
- the failure of any of our principal customers to satisfy its
payment obligations to us;
- the cyclical nature of the clothing retail industry and the
ongoing changes in fashion preferences;
- the competitive nature of the markets in which we operate,
including the ability of our competitors to enter into and compete in
the seamless market in which we operate;
- the potential adverse effect on our business resulting from our
international operations, including increased custom duties and import
quotas (e.g., in China, where we manufacture for our swimwear division)
- fluctuations in inflation and currency rates;
- the potential adverse effect on our future operating efficiency
resulting from our expansion into new product lines with more
complicated products, different raw materials and changes in market
trends;
- the purchase of new equipment that may be necessary as a result
of our expansion into new product lines;
- our dependence on our suppliers for our machinery and the
maintenance of our machinery;
- the fluctuations costs of raw materials;
- our dependence on subcontractors in connection with our
manufacturing process
- our failure to generate sufficient cash from our operations to
pay our debt;
- political, economic, social, climatic risks, associated with
international business and relating to operations in Israel;
As well as certain other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company undertakes no obligation to publicly release any revisions
to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Contacts
Company Contact:
Eran Rotem
Chief Financial Officer
+972-4-990-0881
reran@tefron.com
SOURCE Tefron Ltd