B.O.S. Announces the Appointment of a New Board Member and a $300,000 Private Placement of Ordinary Shares
RISHON LETZION, Israel, October 5, 2010 -- B.O.S. Better Online Solutions Ltd. ("BOS") (Nasdaq:BOSC) a leading Israeli provider of RFID and supply chain solutions to global enterprises, announced today that it has entered into a definitive private placement agreement with Telegraph Hill Capital Fund I, LLC ("THCAP") for the issuance of an aggregate of 96,362 Ordinary Shares (equal to 3.5% of the outstanding shares of the Company following the investment) at a price per share of $3.11 (3% above the closing price on October 4, 2010), or $300,000 in total.
In addition, the Company announced that Mr. Luis Gutierrez Roy, managing partner in THCAP was appointed to its Board of Directors.
THCAP, with offices in San Francisco and Barcelona, is comprised of seven founding partners with direct access to a pool of business partners around the globe. THCAP focus on companies in the mobile, wireless, and media space.
Mr. Gutierrez Roy, the managing partner in THCAP, has almost 20 years of experience in corporate finance and investment advisory services. Mr. Gutierrez Roy has led corporate finance teams, first as head of the Corporate Value Consulting practice at PricewaterhouseCoopers (PwC) in its Barcelona office, and later as head of M&A and co-head of the Technology, Media and Telecom Group at Ernst & Young (E&Y) in Spain. Prior to joining PwC Spain, he worked for PwC and Houlihan Valuation Advisors in San Francisco. Mr. Gutierrez Roy has advised companies in cross-border transactions in Europe, the United States, Asia and Latin America. Mr. Gutierrez Roy holds a B.Sc. in Business Administration from the University of Barcelona, and an MBA from the University of San Francisco.
“THCAP initially invested in the BOS convertible note issuance in July 2009” said Yuval Viner, BOS CEO. “In the past year, we have worked closely with THCAP’s management team in developing new RFID opportunities for BOS in the United States and Spain. We are very pleased with THCAP’s vote of confidence in the Company and I expect that as a board member, Luis will play a significant role in helping BOS achieve success in the RFID field abroad.”
Mr. Gutierrez Roy added, “I have accompanied BOS' management to potential strategic clients in Europe to present the company's RFID solutions. In light of the reaction to the quality of BOS' products, and the performance of the management, it was natural for us to increase our investment in the company."