David Rubner Elected to Lipman Electronic Engineering Board of Directors

In order to devote additional time to other business and personal activities, Mr. Nussbaum resigned as a director effective October 25, 2004. Mr. Nussbaum had served on Lipmans Board since December 2001. David Rubner is Chairman and Chief Executive Officer of Rubner Technology Ventures Ltd. and a partner in Hyperion Israel Advisors Ltd., a venture capital firm. From 1991 until 2000, Mr. Rubner was President and Chief Executive Officer of ECI Telecom Ltd. Prior to serving as President and CEO of ECI, he was Executive Vice President and General Manager of the Telecommunications Division (1985-1991), Vice President of Operations (1977-1985) and Chief Engineer (1970-1977). Mr. Rubner serves on the boards of a number of public companies including Check Point Software Ltd., Koor Industries Ltd. and Elbit Imaging Ltd., as well as serving as a director of several privately-held companies. He holds a B.S. degree in Engineering from Queen Mary College, University of London and an M.S. degree from Carnegie Mellon University. Mr. Rubner serves on the boards of trustees of Bar-Ilan University and Shaare Zedek Hospital and was the recipient of the Israeli Industry Prize in 1995.