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Press-sense to continue operations after losing investors

Mar 9, 2010 12:00 AM


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Israel-based Press-sense has confirmed that two major investors, Vertex and Evergreen, have ceased investing in the company. Plenus, an investment lending fund that loaned Press-sense $5 million in 2008, petitioned the Israeli court to appoint an Officer of the Court to direct Press-sense going forward. The court has appointed Adv. Paz Rimer to supervise and direct the company.

Rimer has, in turn, appointed a management team led by current Press-sense CEO Amir Shaked to continue operations.

“Press-sense management, Plenus and Adv. Rimer are united in their determination to continue managing Press-sense as a going concern while simultaneously seeking strategic alternatives that will enable Press-sense to pursue its vision of an open, scalable Business Flow Automation platform,” the company reports. “It is our estimation that this effort will bear fruit over the next few weeks. Discussions are already under way with numerous parties.”

In the interim, the company’s management will take actions to align headcount and expenses with forecasted income and resources. Press-sense plans to continue to support its customers, channels and partners during this transition by retaining sales, support and R&D functions.