B.V.R. Technologies Ltd. makes announcement.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)--September 22, 1997--B.V.R. Technologies 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 :BVRTF) announced today that it intends to raise U.S. $8.3 million through a private placement. B.V.R. will issue to CLAL CLAL Center for Learning and Leadership (New York, NY) Industries Ltd. 800,000 (eight hundred thousand) Ordinary Shares of B.V.R. at a price per share of 10.25 U.S.$ each (which was the market price of B.V.R.'s share on Sept. 17, 1997), for an aggregate purchase price of U.S. $8.2 million. The closing of this transaction is scheduled to take place within 30 days (the "Closing"). In addition, B.V.R. will grant to CLAL Industries Ltd. an option (the "Option") to purchase additional 365,000 Ordinary Shares of B.V.R. at an exercise price of U.S. $14 per share. The Option will expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. upon the earlier of: (i) The third anniversary of the Closing; or, (ii) In the event that the price of B.V.R.'s Ordinary Shares equals or exceeds U.S. $20 per share, CLAL Industries Ltd. must exercise the Option within 14 days from this date, or the Option will expire. B.V.R. will issue an additional 10,000 Ordinary Shares of B.V.R. to a private investor, at a price per share of U.S. $10.25 for an aggregate purchase price of approximately U.S.$100,000 option, and will grant an option to purchase additional 4,565 Ordinary Shares of B.V.R. in the same conditions as the Option. The capital raised by B.V.R. shall be used for the purpose of research, development and marketing activities, and will strengthen the financial resources in anticipation of B.V.R.'s contemplated Spin-Off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. . The Private Placement is subject to obtaining approval from the board of directors of CLAL Industries Ltd. CLAL industries is a leading investment power in Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. and is involved in many industrial ventures. This transaction constitute proof of CLAL Industries Ltd.'s confidence in B.V.R. and provides B.V.R. with a sound financial backbone backbone: see spinal column. The part of a network that handles the major traffic. It employs the highest-speed transmission paths in the network and may also run the longest distances. . B.V.R. Technologies Ltd. is engaged in the development, manufacture and marketing of advanced training and simulation systems for land, sea, and air military applications. CONTACT: B.V.R. Technologies Ltd., Tel Aviv Yaron Sheinman, 972-3-571-5671 |
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