An Extension Regarding the Sale of Matav's Stake in Partner Communications.Business Editors NETANYA, Israel--(BUSINESS WIRE)--April 24, 2002 Matav-Cable Systems Media Ltd. (Nasdaq: MATV MATV Master Antenna Television MATV Multi-Axis Thrust Vectoring (aviation) MATV Master Antenna TV ) today announced that with reference to the press releases issued by the Company on April l1, 2002, and on April 18, 2002, in which the company has stated that it intends to sell to a subsidiary of Hutchison Whampoa Hutchison Whampoa Limited or HWL (Traditional Chinese: 和記黃埔有限公司, HKSE: 0013 Ltd., 13,778,668 shares of Partner Communications Company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. Ltd, subject to certain conditions which must be met by April 23, 2002 (the Completion Date), all sides to the agreement have agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy extending the Completion Date to April 24, 2002, in order to allow time for all the conditions to be fulfilled ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. . Matav is one of Israel's three cable television providers, serving roughly 25 percent of the population. Currently, Matav's investments include 15 percent of Partner Communications Ltd., a GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. mobile phone company and 10 percent of Barak Ltd., one of the three providers of international long distance telephony calls. (This press release contains 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. with respect to the Company's business, financial condition and results of operations. These forward-looking statements are based on the current expectations of the management of Matav Cable only, and are subject to risk and uncertainties, including but not limited to changes in technology and market requirements, decline in demand for the company's products, inability to timely develop and introduce new technologies, products and applications, loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risk and uncertainties affecting the company, reference is made to the Company's reports filed from time to time with the Securities and Exchange Commission.) |
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