Mer Telemanagement Solutions Ltd. announced the closing of the investment by an institutional investor, of $1.5 million in the newly-created class of convertible preferred shares of the company, at a price per preferred share of $1.14. In connection with the closing of the investment, two of the Company's Board members, Mr. Roger Challen and Mr. Steven J. Glusband, resigned as Board members, and two new Board members were appointed, Mr. Scott Burell, who will also serve as a member of the Audit Committee and Compensation Committee of the Company's Board of Directors and Mr. Isaac Onn.