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Israeli Card Guard to become Swiss company

CEO Jacob Geva will make Card Guard a Swiss company

(Keystone)

The Israeli Card Guard medical technology company, which is listed on the Swiss stock exchange's New Market, reported on Tuesday that it will become a Swiss firm, and set up a Swiss holding company in Schaffhausen.

Card Guard, which has been on the New Market since November 1999, said in a statement that the board of directors were convinced that the move would further broaden the company's international investor base and strengthen the company's various initiatives in the European markets.

The chairman and chief executive officer, Jacob Geva, said that the move would allow more institutional investors to invest in the company.

"We are very excited with our far-reaching plans which we believe will move Card Guard forward as the global telemedicine and disease management provider," he said.

Telemedicine allows remote monitoring, recording and transfer of medical data, through telecommunication from a patient to a medical facility for diagnosis and treatment, according to Card Guard.

Under Israeli law, Card Guard cannot simply change its domicile from Israel to Switzerland, and therefore a different transaction structure is being proposed.

The statement said that the "Swissification" of Card Guard and the transaction necessary needed approval by company shareholders and by the Israeli court.

The company also on Tuesday reported strong second quarter growth. Net income more than doubled over the first quarter to $4.75 million (SFr8.04 million) on record sales of more than $28.76 million.

In addition to becoming a Swiss company, Card Guard plans to move its listing from the SWX New Market to the SWX Main Board. The statement said this reflected the company's "extraordinary growth" in the past years.

swissinfo with agencies


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