Ampal Announces Closing of Sale of Paradise Industries Ltd.NEW YORK--(BUSINESS WIRE)--November 3, 1999-- Ampal-American Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. Corporation (AMEX AMEX See: American Stock Exchange :AIS) announced today that it had completed the sale of its 85%-owned mattress manufacturing subsidiary, Paradise Paradise, town, United States Paradise, uninc. town (1990 pop. 25,406), Butte co., N central Calif., in the foothills of the Sierra Nevada range. It is mainly residential with a growing population. Industries Ltd., to Beit Hafuton, AA Ltd. ("Beit Hafuton"). As part of this transaction, Ampal agreed to forgive a capital note in the amount of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $.5 million with Goodnight Center Ltd., a subsidiary of Beit Hafuton. As a result of this transaction, Ampal will record a loss on disposition in the amount of approximately $3.6 million ($1.6 million net of taxes) in the third quarter of 1999. Ampal and its subsidiaries primarily acquire interests in businesses located in the State of Israel or that are Israel-related. An important objective of Ampal is to make investments in companies, which take advantage of the growth in Israel's high technology sector. Ampal and its subsidiaries have diversified diversified (di·verˑ·s interests in the following sectors: high technology and communications, real estate, leisure- time, finance, energy distribution, and industry. |
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