TEL AVIV, Israel, April 11, 2017 /PRNewswire/ -- Ability Inc.
(NASDAQ: ABIL) (the "Company"), a leading provider of innovative
tactical communications intelligence solutions, yesterday
announced that on April 9, 2017 its
independent directors, Amnon Dick,
Efraim Halevy, Amos Malka, Meir
Moshe and Shalom Singer tendered
their resignation from the Company's Board of Directors effective
immediately. The Company is in the process of identifying
replacement board members.
Anatoly Hurgin, Ability's
Co-Founder and Chief Executive Officer, commented: "Alexander
Aurovsky and I, who together co-founded Ability and hold a majority
of its shares, remain committed to the Company." Mr. Hurgin
acknowledged that the Company is facing significant challenges, and
further noted: "We are taking steps to reduce costs and position
Ability for future growth. As part of this effort, both Alexander
and I have agreed to reduce our salaries by 50%, and are exploring
additional cost-saving measures. We will continue to focus on
accelerating the adoption and revenue growth of Ability's ULIN
solution. We are encouraged by the interest in ULIN around the
world, and are hopeful that this interest will translate into
revenues over the second half of the year. We believe that the
Company's current cash position, including having over $8 million of cash and cash equivalents, should
be adequate to meet Ability's near future cash needs. We
will continue to evaluate the Company's financial position to
determine whether additional funding sources, including through
contribution by Alexander and me, are necessary."
About Ability Inc.
Ability Inc., ("Ability") is the sole owner of Ability Computer
& Software Industries Ltd., following the December 2015 closing of the business combination
between Cambridge Capital Acquisition Corporation, Ability Computer
& Software Industries Ltd. and Ability.
Headquartered in Tel Aviv,
Israel, Ability Computer & Software Industries Ltd. was
founded in 1994. We provide advanced interception, geolocation and
cyber intelligence tools used by security and intelligence
agencies, military forces, law enforcement and homeland security
agencies worldwide. We have sold to governments and government
agencies in over 50 countries. Ability offers a broad range of
lawful interception, decryption, cyber and geolocation solutions
for cellular and satellite communication, including ULIN, or
Ultimate Interception, the first-to-market SaaS strategic
interception system with voice, text and geolocation capabilities
without geographic limitation. State-of-the-art technology
underpins Ability's scalable offerings, which can be
tactical-and-portable, or strategic-and-fixed, depending on its
customers' needs. Additional information regarding Ability may be
found at http://www.interceptors.com.
Caution Regarding Forward-Looking Statements
This press release contains "forward-looking statements."
Words such as "may," "should," "could," "would," "predicts,"
"potential," "continue," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," and similar
expressions, as well as statements in future tense, often signify
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and may not
be accurate indications of when such performance or results will be
achieved. Forward-looking statements are based on information that
the Company has when those statements are made or management's good
faith belief as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. The Company assumes
no obligation to publicly update or revise its forward-looking
statements as a result of new information, future events or
otherwise.
Investor Relations Contacts:
Hayden/ MS-IR LLC
Miri Segal
Tel: +917-607-8654
E-mail: msegal@ms-ir.com
or
Brett Maas
Tel: 646-536-7331
brett@haydenir.com
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SOURCE Ability Inc.