Arel Communications Announces Completion of Going-Private Transaction.ATLANTA -- Arel Communications and Software Ltd. (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 CM: ARLC ARLC Automatic Revolving Letter of Credit ), technology leader in integrated voice, video and web communications for interactive conferencing, collaboration and training applications, today announced the completion of its going-private transaction. The transaction was approved at a special meeting of the Company's unaffiliated shareholders and by the Tel-Aviv District Court, Israel, in accordance with Israeli law Israeli law Legal practices and institutions of modern Israel. The ancient people of Israel created the law of the Torah and the Mishna (the latter was later incorporated into the Talmud). . Under the terms of the going-private transaction, the Company will repurchase each of its outstanding shares (other than certain shares held directly or indirectly by Clayton Mathile and certain directors, officers and founders of the Company) at a price of $1.50 per share, without interest. As soon as practicable, the Company's Paying Agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. will send all shareholders of record a letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. and instructions advising shareholders how to surrender their certificates and receive payment for their shares. If shares are held through an intermediary, shareholders should contact that intermediary for instructions and assistance in receiving payment for those shares. American Stock Transfer and Trust Company is acting as the Company's Paying Agent under the going-private transaction. As a result of the completion of the going-private transaction, Arel has fewer than 300 shareholders of record. Consequently, the Company today filed a Form 15 with the SEC in order to deregister its ordinary shares and to cease filings as a reporting company under the Securities Exchange Act of 1934, as amended, and has requested the delisting of its ordinary shares from the Nasdaq Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for , each effective March 13, 2006. About Arel Communications and Software: Arel Communications and Software is a leader in conferencing and collaboration solutions. Arel is focused on enhancing communications, facilitating workgroup collaboration and driving productivity in the enterprise. By providing a comprehensive application suite, Arel Spotlight(TM), for leveraging enterprise networks for rich-media communications, Arel replicates in-person meetings in the online environment. Arel's newest solution, Arel Anyware, is an audio-visual plug-in that establishes true "face-to-face" meetings over the internet. Requiring only a webcam for full-featured video operability Operability is the ability to keep a system in a functioning and operating condition. In a computing systems environment with multiple systems this includes the ability of products, systems and business processes to work together to accomplish a common task such as finding and , users can add video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. to any web or IM/Presence application (such as Microsoft(R) Office Live Meeting(TM)). Combining voice, video and data conferencing Sharing data interactively among several users in different locations. Data conferencing is made up of whiteboards and application sharing and are often used in conjunction with an audio or videoconferencing connection. in one easy-to-use Web-based solution, Arel fosters interactive communications that significantly improve work environments today. Arel's solutions impact key business processes such as corporate and marketing communications Marketing communications (or marcom) are messages and related media used to communicate with a market. Those who practice advertising, branding, direct marketing, graphic design, marketing, packaging, promotion, publicity, sponsorship, public relations, sales, sales , distance learning, product development, customer relationship management, and supply chain management. Allowing geographically dispersed users to work together in groups, attend webinars and panel discussions, participate in training courses, and have one-on-one meetings with customers or colleagues, from virtually anywhere, Arel Spotlight is a powerful tool for critical business communications. For more information, visit www.arelcom.com. This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual events or results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, changes in demand for products, the timing and amount or cancellation of orders and other risks detailed from time to time in Arel Communications and Software's filings with the Securities and Exchange Commission. Arel is under no obligation (and expressly disclaims any such obligation) to update or alter any forward-looking statements whether as a result of new information, future events or otherwise. All trademarks recognized. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion