Ampal Announces Negotiations to Acquire 33.33% of Salt Industries Ltd.Business Editors Ampal-American Israel Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMPL (language) AMPL - Along with mpl, the intrinsic parallel languages for MasPar's computers. AMPL and mpl are parallel variants of C. Ampl is actually now a gcc port. ["AMPL: Design, Implementation and Evaluation of a Multiprocessing Language", R. Dannenberg, CMU 1981]. ) confirmed today that it is negotiating a possible investment in Salt Industries Ltd., a company registered in Israel. If the transaction proceeds, Ampal would invest approximately $90 million in Salt Industries in exchange for 33.33% of the company's outstanding shares. Under the proposed Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. being negotiated, Ampal will also be granted an option to acquire up to a further 13.33% of Salt Industries' outstanding shares from existing shareholders who currently own 90% of the company's outstanding shares. If the option were to be exercised in full, Ampal and the group of shareholders will hold equal equity interest in Salt Industries. At present, Ampal is negotiating a Memorandum of Understanding with Salt Industries and with its controlling stockholders. If the parties enter into the Memorandum of Understanding, consummation of the transaction will be subject to due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. investigation on the part of Ampal as well as negotiation and execution of definitive documentation, all necessary regulatory and governmental approvals and other customary closing conditions. If the transaction proceeds, Ampal expects to finance the purchase with a combination of existing capital, existing credit facilities and new debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay . Salt Industries is primarily engaged in the production, processing, packaging and marketing of salt in Israel and its export abroad, and itself is, the holder of approximately 11.6% of the outstanding share capital of Bank Hapoalim Ltd. and is a part of the controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail group of Bank Hapoalim. Ampal and its subsidiaries primarily acquire interests in businesses located in the State of Israel or that are Israel-related. Ampal has diversified interests in the following sectors: communications, real estate, capital markets, energy, high technology and industry. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Further information regarding risks and uncertainties are detailed from time to time in the Company's filings with the Securities and Exchange Commission. This release and prior releases are available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide Web site at www.kcsa.com. |
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