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Thursday July 18, 9:04 am Eastern Time
Jacob Tenenboem Elected To Magic Software Board of Directors
New Board Member Brings Extensive Business Experience To Company
OR YEHUDA, Israel--(BUSINESS WIRE)--July 18, 2002--Magic Software
Enterprises (Nasdaq:MGIC - News), a leading provider of application
development technology and business solutions, announced today the
election of Jacob Tenenboem to its board of directors.
Tenenboem is the founder and CEO of I.T. Net Investments, a
privately held investment company with 10 investments in Israeli and
US high tech companies. He has over twenty years of experience in the
IT arena worldwide, which includes extensive experience in M&A
activities in approximately 20 companies.
"Jacob Tenenboem brings years of experience to the board that can
help us improve our capacity to achieve our goals. His extensive
financial background, as well as his broad experience in working with
technology companies, specifically in the area of M&A, will provide us
years of leadership and knowledge that will help us position Magic
Software for future growth," said David Assia, Chairman of Magic
Software Enterprises.
Tenenboem has served in various management positions in several
private and public companies, among them Formula Systems (1985) Ltd.,
Sintec Advanced Technologies, Aman Computers, Malal Group, Mainsoft
Inc., Noyotec Ltd. and Sabratech Ltd. He has and continues to serve on
the board of directors of several companies. Tenenboem holds a B.Sc.
in Management and Industrial Engineering from Tel-Aviv University.
About Magic Software Enterprises
Magic Software Enterprises, a member of the Formula Systems group
(Nasdaq:FORTY - News), develops, markets and supports software development
and deployment technology that enables enterprises to accelerate the
process of building and deploying applications that can be rapidly
customized and integrated with existing systems. Magic technology,
applications and professional services are available through a global
network of subsidiaries, distributors and Magic solutions partners in
approximately 50 countries. The Company's North American subsidiary is
located at 13710 Redhill Avenue #270, Irvine, CA 92614-5637, telephone
800/345-6244, 949/250-1718, fax 949/250-7404,
http://www.magicsoftware.com.
Formula Systems is a global information technology company
principally engaged, through its subsidiaries and affiliates, in
providing software consulting services, developing proprietary
software products and providing computer-based business solutions.
Except for the historical information contained herein, the
matters discussed in this news release include forward-looking
statements that may involve a number of risks and uncertainties.
Actual results may vary significantly based upon a number of factors
including, but not limited to, risks in product and technology
development, market acceptance of new products and continuing product
conditions, both here and abroad, release and sales of new products by
strategic resellers and customers, and other risk factors detailed in
the Company's most recent annual report and other filings with the
Securities and Exchange Commission.
Contact:
Magic Software Enterprises
David Leichner, 949/253-9299
davidl@magicsoftware.com
 
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