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Israel : GMM Capital LLC takes over
13% shares of Delta Galil
Editor's note: this report provided through the courtesy of Fibre2Fashion, the clothing manufacturing industry's leading online source for news, trade sources, and expertise.
July 3, 2007
Delta Galil Industries Ltd reported that Mr. Dov Lautman, founder of the Company, informed the Company that he is transferring the effective control of the Company to Mr. Isaac Dabah, and that he signed an agreement to sell 2,500,000 shares of Delta, representing 13.3% of the shares of Delta to GMM Capital LLC,a company controlled by Mr.Dabah.
The consideration will be no less than $21,250,000, reflecting a price of $8.50 per share, and will be no greater than $25,000,000, reflecting a price of $10.00 per share.
The final price per share wi
ll be determined based on the price per share in the Tel Aviv Stock Exchange until December 31, 2008. The majority of the consideration will be paid at the closing of the transaction on July 5, 2007. The balance will be paid on December 31, 2008.
After completion of the transaction, Mr. Lautman will continue to hold, through companies under his control, 2,144,993 shares, representing 11.4% of the shares of the Company.
After completion of the transaction and the purchase of the shares from Mr. Lautman, Mr. Dabah will hold, directly and indirectly, a total of 7,855,115 shares of Delta, constituting 41.9% of Delta shares.
Mr. Lautman: "After leading Delta for 32 years since its foundation, I have decided, in view of my health condition and my responsibility for Delta, its employees and future prosperity, to sell control of the Company to Isaac Dabah, my partner in leading Delta for the past two years."
Delta is my lifetime's work. I reached my decision after
thorough reflection and with the intention to ensure continuity in leadership.
Isaac has vast experience in the textile industry and I trust that he, together with the Company's CEO, Aviram Lahav and the rest of the Company's management and employees, will lead Delta to growth and profitability.
Mr. Dabah, who joined Delta two years ago, serves as the Vice Chairman of the Company's Board of Directors and is part of the controlling group of the Company. Mr. Dabah, a native of Israel, resides in New York and has been active in the textile and apparel industry for 27 years.
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Since 2005, Mr. Dabah has been the Executive Director of GMM Capital LLC, his family's investment fund. In addition to Delta shares, the fund holds 15% of the shares of Habas H.Z Investments (1960) Ltd, 50% of Goody's Family Clothing Inc, a retail chain consisting of 385 stores in the United States; and holds other ownership interests in apparel and textile manufacturing and retail companies in various countries.
Mr. Dabah: "I am pleased that Dov entrusted me with the control of his lifetime's work. Delta is a global company with growth and profitability potential, which can successfully contend with the undergoing changes of the textile industry."
"I believe that together with the excellent management team of Delta and its devoted employees, and under the leadership of Aviram Lahav, we will lead the Company to accomplishments. I thank Dov for his contribution to Delta from its foundation and wish him go
od health for many years."
Upon closing of the transaction, Mr. Lautman will resign from Delta's Board of Directors and from his position as Chairman of the Board of Directors.
In addition, upon closing of the transaction, the existing shareholders agreement between the Lautman Group and the Dabah Group will be cancelled and replaced by an agreement, pursuant to which Mr. Dabah will have, under certain conditions, a right of first refusal on the remaining shares held by the Lautman Group.
At the Company's Board of Directors meeting held yesterday, the members of the Board congratulated Mr. Lautman for his great contribution to the Company's development, from its foundation, and for the values of excellence that he endowed to his employees.
In addition, the Board of Directors decided to appoint Mr. Isaac Dabah as Chairman of the Company's Board of Directors, effective upon Mr. Lautman's resignation from the Board of Directors.
For more information,
please see:
Delta Galil Industries Ltd
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DAZ 3DTM Announces Free
Dynamic Clothing Technology
DRAPER, Utah - May 15, 2007 - DAZ 3D, Inc. a leading developer of professional quality 3D models and software, today announced their cooperative effort with OptiTex , LTD, a leading provider of software for the textile and fashion industry, to develop a 3D dynamic clothing solution which will be included as part of the version 2.0 release of DAZ|Studio, the free 3D art software.
Powered by the proprietary OptiTex physics engine, this virtual clothing solution allows anyone to load in the DAZ 3D figure and clothing of their choice and experience real-world cloth simulation, including the ability to quickly alter the clothing's fabric type, garment size, and style variations.
"We are extremely excited to release this new line of dynamic clothing," said Dan Farr, president of DAZ 3D. "Historically,
there's never been a virtual clothing solution that has provided users this level of realistic interaction with 3D garments, nor has such realism ever been accompanied by a straight forward interface like what is available within the DAZ|Studio 3D software."
Using the Dynamic Clothing Control plugin, DAZ|Studio users may see first-hand how making subtle changes to the 3D clothing such as altering the fabric type, number of buttons opened, and garment size directly affect the drape of the virtual fabric. Available for free download, DAZ|Studio provides an ideal solution for budding 3D artists as well as professional 3D designers, photographers, filmmakers, animators and illustrators. With the addition of this new dynamic clothing plugin, users can work with virtual objects to create images and animations of any genre with a level of realism that was previously not available to the general public.
"Pushing garment simulation technology to its limits has become increasingly importan
t to OptiTex over the recent years," said Ran Machtinger, CEO of OptiTex, LTD. "Everyone wants the ability to quickly and easily manipulate a convincing virtual person wearing realistic clothing without the need for a Hollywood budget. Now virtually everyone can experience exactly that."
Pricing and Availability
The dynamic clothing solution for DAZ|Studio and the accompanying line of new clothes is scheduled to be released in the upcoming weeks in DAZ 3D's online store. The release will consist of the Dynamic Clothing PlayerTM plugin (included within DAZ|Studio 2.0 for free), and the Dynamic Clothing ControlTM plugin (available for $49.95) which will provide an extended set of controls over cloth panel properties, wind, and gravity. A dynamic clothing creation tool, the Dynamic Clothing Designer TM, is also in development and will be released later this summer.
DAZ|Studio 2.0, with the Dynamic Clothing Player plugin, will be available free of charge at http://studio.daz3d.com. DAZ|Studio works with Windows 98® SE or higher and Mac® OSX 10.3 or higher, including the Intel-based Macintosh computer systems. DAZ|Studio comes with three pre-configured 3D scenes, including the popular Victoria model, an extensive user manual, and easy-to-follow tutorials for getting started. To obtain a free copy of DAZ|Studio, users must register for a free account on the DAZ 3D website.
For more information, please visit
www.daz3d.com
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