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Extraordinary General Meetings Statement -- XTL Also Announces Board and Management Changes
Date:3/18/2009

REHOVOT, Israel, March 18 /PRNewswire-FirstCall/ -- XTL Biopharmaceuticals Ltd. (Nasdaq: XTLB; TASE: XTL) announces the results of its Extraordinary General Meetings ("EGMs") held earlier today.

All of the resolutions at the EGMs were passed. The current board of directors consists of Mark Allouche, Dafna Cohen, Yaron Diament, David Grossman, Boaz Shweiger and Amit Yonay. Amit Yonay was also appointed Chairman. Dafna Cohen and Yaron Diament were appointed as External Directors of the Company until March 18, 2012. Following the EGMs, XTL's Audit Committee consists of Dafna Cohen, Yaron Diament and Boaz Shweiger.

Following the first Extraordinary General Meeting, and as was previously disclosed, the Company's former Board members resigned from XTL's Board of Directors. In addition, Ron Bentsur, the Company's co-Chief Executive Officer, will be leaving the Company imminently and Bill Kessler, the Company's principal finance and accounting officer, will be leaving the Company in May 2009. In addition, David Grossman will assume the role of Chief Executive Officer and a search for Bill Kessler's replacement has begun.

With the approval of the shareholders, the Company will take the necessary steps to implement and effect the reverse split, increase in registered share capital and the ratio change of the Company's ADRs.

David Grossman, the Company's CEO, commented, "On behalf of XTL's new management and Board, we are very excited to have received this vote of confidence from XTL's shareholders. We believe that our strategy of acquiring attractive drug candidates and potentially taking them to the next level can create significant value for our shareholders."

Cautionary Statement

Some of the statements included in this press release, particularly those ant
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SOURCE XTL Biopharmaceuticals Ltd.
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