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Synel reports Financial Performance for Fiscal Year 2009

Yokneam, Israel--(03/24/10) - Synel Industries Ltd (TASE:SNEL), a world leader in the development and production of data collection systems and solutions for workforce management, time and attendance and access control, today announced financial results for the fiscal year ended December 31, 2009.

Revenues for FY2009 were US$28,723,838 vs. US$30,646,493 for FY2008 and Net Income was US$3,856,527 vs. US$2,233,665 in 2008.

Synel's Chief Executive Officer, Gabi Buganim, remarked: “At the end of 2009 I am happy to note, that despite the slowdown in the Group’s business activity and reduction in sales, resulting from the financial crisis influencing the North American and European markets, Synel has taken the necessary re-organization steps well in advance, and the Company has shown an impressive growth in net profit, in comparison with the previous year. 

2009 was also marked by Signing of a distribution agreement with a large Chinese integration and engineering company – Taiji Corporation, which enhances Synel’s exposure in the Chinese market”.

Synel Industries is the parent company of Time Spot, Inc.

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