Incredimail 2008 Annual Report Download - page 37

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We do not have off-balance sheet arrangements (as such term is defined by applicable SEC regulations) that have or are reasonably likely to
have a current or future effect on our financial condition, changes in financial conditions, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources that are material to investors.
The following table summarizes our contractual commitments as of December 31, 2008 and the effect those commitments are expected to
have on our liquidity and cash flow in future periods:
39
The following table sets forth information regarding our executive officers and directors as of May 31, 2009:
audience, will enable us to effectively reach this significant demographic segment. Since its launch in May 2008, the number of
registered downloads has passed 4.5 million.
4. With the growing usage of e-
mail as a form of daily communication, Spam has become a major threat to home users, and as a result
methods of blocking and avoiding Spam have become commonly used by home users. As e-mail usage is continuing to grow with
time, so is the usage of Anti-Spam mechanisms. IncrediMail’s subscription-based Anti-Spam tool, JunkFilter Plus created
especially for IncrediMail’s e-mail client, blocks such Spam from entering
IncrediMail®
users’ Inboxes. As Spam threats are
consistently rising, we believe that the need to purchase IncrediMail’s Anti-Spam mechanism will sustain the current level of
revenue from sales of our
JunkFilter Plus
product.
5. As part of the Company’s strategy to focus on its core competencies, we decided in December 2008 to discontinue BizChord’s
independent activities and restrict its activity to processing the Company’s own transactions. As a result we expect to be able to
further reduce our operating expenses in 2009.
E.
OFF
-
BALANCE SHEET ARRANGEMENTS
F.
TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS
Payments Due by Period
Contractual Commitments
Total
Less
than
1 year
1
-
3
Years
3
-
5 Years
More than
5 Years
(in thousands)
Accrued severance pay
$
1,385
$
1,385
Uncertain Income Tax Positions(*)
$
1,357
Operating leases
$
1,738
$
490
$
1,248
$
-
$
-
Total
$
4,480
$
490
$
1,248
$
-
$
1,385
(*) Uncertain income tax positions under FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”), are due
upon settlement and we are unable to reasonably estimate the ultimate amount or timing of settlement. See Note 9(f) of our Consolidated
Financial Statements for further information regarding our liability under FIN No. 48.
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
DIRECTORS AND SENIOR MANAGEMENT
Name
Age
Position
Ofer Adler
38
Chief Executive Officer and Director
Yaron Adler
38
Director and President
Dan Blumenfeld
35
Vice President
-
Marketing
Keren Elkin
34
Vice President
-
Human Resources and Administration
Tamar Gottlieb
52
Director and Chairperson of the Board
Yuval Hamudot
35
Chief Technologies Officer
Jeff Holzmann
34
Executive Vice President
-
Delaware subsidiary
David Jutkowitz *
58
External Director, member of Audit Committee
Yacov Kaufman
51
Chief Financial Officer
Arik Ramot
57
Director, member of the Audit Committee
Yair M. Zadik
52
Director, member of Audit Committee