MOUNTAIN VIEW, Calif. -- Mysticom, an innovative supplier of high-speed communication ICs, today announced the appointment of Mr. Neil Vasant as the company's new CEO.

Mr. Vasant was previously Founding General Partner at Lucent Venture Partners, a VC Partnership focused on Internet Technologies, Communications and Network Infrastructure. He has proven experience in early-stage company building and has held active board roles in many Semiconductor and Software companies. He has previously held a number of executive and business management positions with AT&T, Olivetti SpA, Lucent Technologies and Lucent Microelectronics (Now Agere Systems).

Mr. Vasant replaces Dr. David Almagor, Mysticom's founder, President and CEO. Dr. Almagor founded Mysticom in 1997 and has initiated this change in order to enhance the company's executive leadership and international business focus. He will remain an active board member and is committed to continue his contribution to the company's success.

Dr. Almagor said: "It took a lot of hard teamwork and dedication to bring Mysticom to technology and business leadership in the field of high-speed communication semiconductor devices. Mysticom's board and I are confident that Mr. Vasant can continue to successfully navigate the ship in a very high-growth as well as ultra-competitive market. I wish Neil success in his new position."

Mr. Neil Vasant said: "I am very excited about the unique opportunity at this juncture to take Mysticom to the next level. Potential for this company is huge."

Mysticom Ltd.