MP MENASHE, Israel--(BUSINESS WIRE)--
Caesarstone Sdot-Yam Ltd. (NASDAQ: CSTE), a manufacturer of high
quality engineered quartz surfaces, today reported that Dr. Ariel
Halperin has resigned from the Company's Board of Directors, effective
immediately. Dr. Halperin, a co-founder of Tene Investment Funds,
resigns following the recent completion of a secondary offering of
Tene's shares in the Company. The board now consists of 9 directors,
four of which are independent.
Yosef Shiran, Chief Executive Officer of Caesarstone, commented, "We are
deeply grateful for Ariel's guidance and support as a member of our
Board of Directors over the last six years. His management expertise and
Tene's capital support were important factors in the growth and
evolution of Caesarstone as a leading global brand and business. We wish
him well in his future endeavors."
Dr. Halperin commented, "Among the investments made by Tene since its
founding in 2004, none are better examples of how a successful
partnership between entrepreneurs and the professional capital markets
can create tremendous value for the full spectrum of stakeholders in a
business. We have been very proud to be associated with Caesarstone."
About Caesarstone
Caesarstone manufactures high quality engineered quartz surfaces, which
are used in both residential and commercial buildings as countertops,
vanities, wall cladding, floors and other interior surfaces. The wide
variety of colors, styles, designs and textures of Caesarstone®
products, along with Caesarstone's inherent characteristics such as
hardness, non-porous, scratch and stain resistance and durability,
provide consumers with excellent surfaces for their internal spaces
which are highly competitive to granite, manufactured solid surfaces and
laminate, as well as to other engineered quartz surfaces. Caesarstone's
four collections of products — Classico, Supremo, Motivo and Concetto —
are available in over 40 countries around the world. For more
information about the Company, please visit our website www.caesarstone.com.
(CSTE-E)
Forward-Looking Statements
Information provided in this press release may contain statements
relating to current expectations, estimates, forecasts and projections
about future events that are "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally relate to the Company's plans,
objectives and expectations for future operations, including its
projected results of operations and the expected timing of expanding its
manufacturing facilities. These forward-looking statements are based
upon management's current estimates and projections of future results or
trends. Actual results may differ materially from those projected as a
result of certain risks and uncertainties. These factors include, but
are not limited to: the strength of the home renovation and construction
sectors; economic conditions within any of our key existing markets;
actions by our competitors; changes in raw material prices, particularly
polymer resins and pigments; unpredictability of seasonal fluctuations
in revenues; the outcome of silicosis claims and the claim by our former
quartz processor; fluctuations in currency exchange rates; delays in
manufacturing if our suppliers are unable to supply raw materials; and
other factors discussed under the heading "Risk Factors" in the final
prospectus for our initial public offering and other documents filed
with the Securities and Exchange Commission. These forward-looking
statements are made only as of the date hereof, and the Company
undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events or
otherwise.
ICR, Inc.
James Palczynski, +1 203-682-8229
Source: Caesarstone Sdot-Yam Ltd.
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