Arel Communications & Software Limited Closes Investments by Poalim Investments Limited and Marathon Capital Development Fund.YAVNE, Israel--(BUSINESS WIRE)--June 22, 1998--Arel Communications and Software Limited (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 NMS--ARLCF, ARLWF) announced today that it has closed previously announced investment agreements with Poalim Investments Limited (formerly Investment Company of Bank Hapoalim Bank Hapoalim (Hebrew: בנק הפועלים lit. Bank of the Workers) is the largest Israeli bank. ) ("PIL (Publishing Interchange Language) A standard for document interchange that defines the placement of text and graphics objects on the page. It does not address the content of the objects. PIL - Procedure Implementation Language. ") and Marathon Capital Development Fund Limited ("Marathon"). PIL has purchased 609,524 shares of Arel at a purchase price of $3.50 per share, or an aggregate purchase price of $2,133,334. Marathon, a 10% shareholder of Arel, has purchased additional 85,714 shares of Arel at a purchase price of $3.50 per share, or an aggregate purchase price of $300,000. In connection with these transactions, Arel has issued to PIL 2 1/2 year warrants to purchase an aggregate of 750,000 shares with an exercise price of $4.50 per warrant. Commencing one year following the closing of the transaction with PIL, Arel will have the right to cause PIL to exercise 375,000 of such warrants, if the price of Arel shares exceeds $5.50 for 20 consecutive trading days during the term of the warrant. Arel has also issued to Marathon 2 1/2 year warrants to purchase an aggregate of 105,468 shares with an exercise price of $4.50 per warrant. Commencing one year following the closing of the transaction with Marathon, Arel will have the right to cause Marathon to exercise 52,734 of such warrants, if the price of Arel shares exceeds $5.50 for 20 consecutive trading days during the term of the warrant. Mr. Itzhak Gross, Chairman of Arel said "that we are very pleased that our shareholders overwhelmingly approved the transactions with PIL and Marathon. We plan to use the proceeds of these investments to further develop and market our family of products, particularly in the interactive distance learning market." PIL, a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. on the Tel Aviv Stock Exchange Tel Aviv Stock Exchange Israel's only stock exchange. , is a leading investment company in Israel with a diversified portfolio of investments in industry, communications, trade, services, insurance, real estate and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Among others, PIL has holdings in Teledata Communications Limited (NASDAQ: TLDCF) and BVR BVR Beyond Visual Range BVR Business Valuation Review (journal) BVR Biliverdin Reductase BVR Bureau of Vocational Rehabilitation BVR Bulletin de Versement (French) Technologies Limited (NASDAQ:BVRTF). Marathon, a publicly traded company on the Tel Aviv Stock Exchange, is a venture capital fund in Israel with a diversified portfolio of investments in startup companies developing unique products in the field of Telecommunications, Computer peripherals, Software, Solid state motors, special pick and place machines, infrared communications, acoustic emission based analyzers and other innovative areas. Arel Communications & Software Ltd., headquartered in Yavne, Israel, designs, develops, integrates and markets software for a family of products in the interactive distance learning market called IDEAL In addition, through its subsidiary ArelNet, Ltd., Arel designs, develops, markets, produces, integrates and supports, on a worldwide basis, software for two families of message-switching wide-area network systems called ARCOM ARCOM Army Reserve Command (replaced by RSC and RSG) ARCOM Army Commendation Medal ARCOM United States Army Reserve Command and i-FAX and i-Tone. ARCOM is rated among the leading products in its field worldwide. i-FAX and i-Tone are leading solutions for IP Telephony The two-way transmission of voice over a packet-switched IP network, which is part of the TCP/IP protocol suite. The terms "IP telephony" and "voice over IP" (VoIP) are synonymous. , designed for medium to large networks.
CONTACT: Arel Communications & Software Ltd.
Izhak Gross
Tel: +972 8 942 0880
Email: grossiz@arel.co.il
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion