Aryt Industries Ltd. - Investment in Pionet.Business Editors TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel--(BUSINESS WIRE)--Sept. 4, 2001 Aryt Industries Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ARYTF) announced today that on 3 September September: see month. , 2001, it has signed an Investment Agreement with Pionet Ventures Capital Investments Ltd. ("Pionet") regarding an investment of US$ 1,000,000 in Pionet for 52% of Pionet's outstanding shares following the shares issue (the "Agreement"). This transaction is subject to the approval of the audit committee, board of directors and shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. of Pionet, as well as of the Tel Aviv Stock Exchange Tel Aviv Stock Exchange Israel's only stock exchange. . Additionally, the Company together with others have signed a share purchase agreement with certain shareholders of Pionet regarding the purchase of 28% of Pionet outstanding shares (following the shares issue). The Company's part in this acquisition is less than 1% of Pionet outstanding shares. The completion of the share purchase agreement is conditioned on the successful conclusion of the Investment Agreement. If concluded, The total investment of the Company in Pionet will amount to approximately US$ 1,100,000. Pionet is a company incorporated under the laws of the State of Israel whose shares are traded on the Tel-Aviv Stock Exchange. Since March 2001, Pionet has ceased all its business activities. The investment in Pionet, is part of the Company's reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. to merge the activities of its medical division into the acquired "shell company". About Aryt Industries Ltd. Aryt is a managing holding company which is engaged through its divisions in the following activities: Medical Division: Includes Sygmed Ltd. (28%) and ElscinTEC Systems Ltd. (50%). Defense Division: Includes Aryt System Ltd. (89%), a public company traded in the Tel-Aviv Stock Exchange, and its subsidiaries; Reshef Technologies Ltd. (90%), Amcoram Ltd. (100%) and C.T.S. Combat Training Simulation Ltd. (51%) through Amcoram Ltd. Technological Division: Includes Sensotech Ltd. (53%), OfficeCore.com Ltd. (45%), Voice Diary Ltd. (64%) and Sky Dart dart see blow dart. dart gun see blow dart. Ltd. (51%). |
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