NETANYA, Israel, November 30, 2017 /PRNewswire/ —

Orbit Communications Systems Ltd. (TASE: ORBI), a leading provider of precision tracking-based communications solutions and airborne communications management systems, announced that the company successfully concluded a private placement of 33.4% of its shares to FIMI Opportunity Funds for approximately US$10 million, effectively making FIMI Orbit’s controlling shareholder. FIMI also received options to purchase additional Orbit shares for approximately US$20 million. If fully realized, FIMI would possess 56% of the company’s shares.

As a result of this event, Itzchak Gat, replaces Ze’ev Stein as Chairman of the Board, and FIMI appointees, Gillon Beck and Ron Ben-Haim, replace Shimon Eckhouse and Michael Bar Haim as Directors, effective immediately.

“Due to reduced bandwidth costs, the satellite communications market has become competitive with cellular and terrestrial networks. At the same time, airborne communications systems continue to develop at an unprecedented rate,” stated incoming Chairman, Yitzchak Gat. “Orbit, with its industry-leading platforms for airborne satcom and audio management, coupled with FIMI’s backing and guidance, is well positioned for growth and profitability.”

“We would like to thank Ze’ev Stein and the outgoing directors for their service to the company,” said Eitan Livneh, CEO of Orbit. “At the same time, we would like to welcome Itzchak Gat and the other incoming directors and wish them all good luck in their new positions. We are excited about becoming one of FIMI’s portfolio companies and look forward to fruitful cooperation moving forward.”

About FIMI
Acquiring and enhancing primarily export-oriented Israeli firms since 1996, FIMI manages approximately US$3.2 billion in capital today making it the largest private equity fund in Israel. 55 of the 85 companies under FIMI’s control have realized deals totaling over US$4.5 billion. FIMI is currently investing through its sixth fund (a US$1.1 billion fund, more than 90% of which is available for new investment) which focuses on control equity investments in selected mature Israeli or Israeli-related companies.

About Orbit
Orbit Communications Systems Ltd. is wholly-focused on precision tracking-based communications – in the areas of satcom, telemetry and remote sensing – and provides an innovative solution for airborne audio management. With certification by defense, government and commercial agencies, we deliver tailor-made, turnkey solutions at sea, on land and in the air. Orbit’s unique combination of smart design, high reliability and field-tested experience means that if you can conceive it, we can provide it.

Contact information

Orbit
Ian Tick
Head of Communications
ian.tick@orbit-cs.com

Gelbart-Kahana Investor Relations
Aviram Uzi
aviram@gk-biz.com

SOURCE Orbit Communication systems Ltd