Ampal announces investment in Geotek.NEW YORK--(BUSINESS WIRE)--Aug. 6, 1996--Ampal-American Israel Corporation (AMEX AMEX See: American Stock Exchange :AIS.A) announced today that, as part of the Renaissance Israel fund, Ampal had recently invested approximately $1.5 million in Geotek Communications, Inc. and acquired 1,500 units. Each unit consists of one share of newly created Series N, Cumulative Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , which is convertible into ninety-one shares of Common Stock (subject to adjustment), and five-year warrants to purchase an additional thirty shares of Common Stock at an exercise price of $11.00 per share. The preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. will pay a dividend, payable in Common Stock, at a rate of 10% per annum Per annum Yearly. . Ampal's investment was part of a total investment of $50 million by a group which also included the Charles R. Bronfman family The Bronfman family is one of the most influential Jewish families in the world. It owes its initial fame to Samuel Bronfman (1889-1971), who made a fortune in the alcoholic distilled beverage business during the 20th century through the family's Seagram Company. , the Jonathan Kolber family and the Renaissance Funds. Geotek is an international wireless telecommunications company that focuses on network equipment, development and operation, providing integrated voice and data solutions for mobile business users. 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 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: Ampal-American Israel Corp., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Lawrence Lefkowitz, 212/782-2100 |
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