Ampal Announces an Agreement to Sell Its Indirect Holdings in Combox Ltd. to Terayon Communication Systems, Inc.Business Editors NEW YORK--(BUSINESS WIRE)--February 4, 2000 Ampal-American Israel Corporation (AMEX AMEX See: American Stock Exchange :AIS) announced today a definitive agreement to sell its indirect holdings in Combox Ltd., through its 42.5%-owned affiliate, Ophir Holdings Ltd., to Terayon Communication Systems, Inc. (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 :TERN tern, common name for a sea bird of the Old and New Worlds, smaller than the related gull. Because of their graceful flight and their long pointed wings and forked tails, some terns are called sea swallows. They plunge headlong into the water to catch small fish. ), a leading supplier of broadband network systems. This agreement is subject to the approval of U.S. and Israeli regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . Under the terms of this agreement, Ophir will exchange its 19.7% interest in Combox for 152,675 shares of Terayon, valued at approximately $17.7 million as of the market close on February 3, 2000. As a result of this transaction, Ampal will record a pre-tax gain of approximately $4.3 million in the equity section of its balance sheet. Combox Ltd., based in Israel, specializes in developing, manufacturing, and marketing broadband data access and distribution network solutions for the satellite and cable TV markets. Combox advanced systems are based on the DVB (Digital Video Broadcasting) An international digital television (DTV) standard that is the European and Far Eastern counterpart of the North American ATSC standard. standard which dominates the satellite video and data distribution market and was recently adopted by the European cable TV operators. Ampal continues to direct its strategic focus toward increased involvement in the high-technology sector. 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, capital markets, leisure-time, energy distribution, and industry. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. |
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