Monday, May 3, 2010 5:00 AM
Cleveland, OH –Simbionix USA Corporation, a global leader in medical education and minimally invasive surgery (MIS) simulator products, announces the appointment of Mr.
Glen Mayfield and Mr.
Raanan Cohen to the Simbionix Board of Directors in place of Mr.
Murray Wilson and Mr.
Glen Mayfield possesses more than 42 years of private equity, corporate finance and commercial banking experience.
In 1978 he founded Mayfield & Robinson, Inc., and in 1994 led to the formation of River Cities Capital Fund I.
Previous to his corporate finance and venture capital career, Mr.
Mayfield was a Vice President of The First National Bank of Cincinnati.
He had earlier served in a marketing and sales capacity with Armstrong World Industries.
He holds a B.A.
from DePauw University, and has served on the Boards of Directors of over twenty public and private companies.
Raanan Cohen was appointed Chief Executive Officer of Koor in July 2006.
Previously, he served as President and Chief Executive Officer of Scailex Corporation Ltd.
from 2004 to July 2006, and since 2001 he also serves as Vice President of Discount Investments Corporation Ltd.
(DIC), Koor's controlling shareholder.
Prior to joining DIC, Mr.
Cohen was an associate with McKinsey & Company, Inc.
Cohen is a member of the Board of Directors of a number of companies in the IDB group, and holds Bachelor's degrees in law and in economics from Tel Aviv University and a Masters degree in management from the J.L.
Kellogg Graduate School of Management at Northwestern University.
Avshalom Horan, Simbionix Chairman of the Board, welcomes the newly appointed board members: "River Cities Capital Funds has demonstrated a strong trust in Simbionix by completing its investment at the height of the financial crisis in October 2008.
We are now looking forward to Mr.
Glen Mayfield joining our Board of Directors, and bringing on board his rich experience with growth companies, as well as his understanding and ties in the US healthcare industry.
Koor Industries Ltd.
has been a long time investor in Simbionix, and having Mr.
Raanan Cohen, Koor's CEO, join our Board of Directors, reassures us of the interest and trust Koor has in Simbionix and brings to the table his rich business experience ."
Gary Zamler, Simbionix's CEO is also very pleased to welcome the new board members and says that, "Glen Mayfield brings a wealth of experience and, in particular, wisdom which will be very beneficial especially as we expand the Company's activities into the Medical Education Training markets.
Raanan Cohen's vast knowledge of global markets will provide exceptional value and insight as Simbionix continues its reach further into the global International markets."