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IT Watch: Formula Systems Replaces Directors

December 6, 2010 (FinancialWire) ( — Formula Systems (1985) Ltd. (FORTY – NASDAQ),  a provider of information technology products and services, said that Naftali Shani, Shlomo Ness, Tal Barnoach and Shimon Laor have resigned from the company's board of directors.

Marek Panek and Marcin Rulnicki were appointed to fill two of the vacancies on the company's board that were created as a result of the foregoing resignations.

According to Formula, the changes on the company's board of directors were effected in connection with the consummation of the sale by Emblaze Ltd. to Asseco Poland S.A. of the controlling stake in the company.

Israel-based Formula Systems is principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions.


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