Ampal Announces Senior Citizen Project in Israel.NEW YORK--(BUSINESS WIRE)--Feb. 3, 1997--Ampal-American Israel Corporation (AMEX AMEX See: American Stock Exchange :AIS.A) announced today that Am-Hal Ltd., an Israeli company in which Ampal has a 50% interest has agreed to participate in a major senior citizens project in Israel. Am-Hal will become a 60.5% limited partner in an Israeli limited partnership which is expected to construct a $40 million facility to be located in Hod Hasharon Hod HaSharon (הוד השרון "Splendor of the Sharon" in Hebrew) is a city in the Center District of Israel. Officially declared a city in 1990, Hod HaSharon was created from the union of four neighboring small towns: Magdiel, Ramatayim, , Israel. In addition, Am-Hal will manage the project and its construction. It is estimated that the facility will open at the end of 1999. Construction of the project is subject to receipt of a building permit within 12 months. Am-Hal currently owns and operates a successful senior citizen facility located in Rishon Lezion Rishon LeZion (Hebrew: ראשון לציון, lit. first to Zion), is a city on Israel's central coastal plain, south of Tel Aviv. , Israel, which was constructed in 1992 and which is fully occupied. Am-Hal is jointly owned by Ampal and a subsidiary of The Israel Corporation Ltd., a major Israeli holding company. Ampal and its subsidiaries 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 growth in Israel's domestic economy. Ampal and its subsidiaries have diversified diversified (di·verˑ·s interests in the following sectors: hotels and leisure-time, real estate, finance, energy distribution, basic industry, high technology and communications, as well as others. CONTACT: Morgen-Walke Associates Inc. Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Froelich, 212/850-5657 (Media) Cindy Hintelmann, 212/850-5621 (Investor Relations Investor relations The process by which the corporation communicates with its investors. ) |
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