Another quarter of record revenues for Valor

Revenues in the second quarter of 2007 accumulated to $10.6 Million, an increase of 14.8% as compared to $9.2 Million in the parallel period of the previous year. The net profit in the first half of 2007 accumulated to $1.68 Million, a decrease of 3.7% as compared to $1.75 Million in the first half of 2006. EBITDA was $2.3 Million in the first half of 2007 – an increase of nearly 20% as compared to $1.9 Million in the first half of 2006. EBIT was $1.5 Million in the first six months of 2007 – 3.9% more than in the first six months of 2006 at $1.4 Million. “We successfully met our goals for the quarter across the Design, Fabrication and Assembly markets," said Ofer Shofman, Valor's President and CEO. “We acquired new customers, increased our penetration into existing accounts, and continued to develop the momentum that was built during the previous quarter with the launch of our new products and technologies." “I am especially pleased with our results in the Far East, where we have been working in the past quarters to build a strong and professional local team, with considerable industry experience. These investments are now paying off, and we see our business in the Far East region growing nicely." He added. “During the first quarter of 2007 we launched vPlan - the award-winning process engineering platform," said Shofman. “In Q2, customers that have been evaluating the product saw real value in it and decided to invest in it and incorporate it into their production processes. This further strengthens our perception of vPlan as a winning product that is ready to deliver the revolutionary new technology that the market so desperately seeks. We expect to see growing demand for our other products as well. Overall, I'm very pleased with our performance so far, and I am looking forward to the next quarter," Shofman concluded. Valor also announced some new appointments in its board of directors. Valor, announces today the appointment of Mr. Kobi Rozengarten as chairman of the board, and the appointment of Mr. Raviv Zoller as director. Mr. Rozengarten holds an M.Sc. in industrial management and a B.Sc. in industrial engineering from the Technion - the Israeli institute of technology. He served as the president of Saifun and was responsible for the development and implementation of the company's business strategy. Today Mr. Rozengarten is a member of Saifun's board of directors and a managing partner in Jerusalem Venture Partners. Mr. Rozengarten has experience of over 25 years in senior management positions at global semiconductor companies including at Kulick and Soffa Industries, and finance planning and control manager at Elbit Systems Ltd. Mr. Zoller is a founder and former CFO of Ness Technologies. In 2001 he was appointed as CEO of Ness, a position he held until March 2007. Today Mr. Zoller is the Chairman of Clal Finance Underwriters. Mr. Zoller is a Certified Public Accountant. Mr. Shlomo Almog and Mr. Moshik Kovarsky will be leaving the board of directors. The company thanks Mr. Almog and Mr. Kovarsky for their contribution and wishes them all the best in their future ventures.