B.V.R. Technologies and Nexus Telecommunication Systems report proposed exercise by BVR of warrants held to purchase shares of Nexus.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)--June 24, 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) and Nexus Telecommunication Systems Limited (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : NXUSF) today reported that BVR BVR Beyond Visual Range BVR Business Valuation Review (journal) BVR Biliverdin Reductase BVR Bureau of Vocational Rehabilitation BVR Bulletin de Versement (French) intends to exercise up to 990,332 Series C Warrants to purchase ordinary shares of Nexus. The Series C Warrants are exercisable at an exercise price of $3.50 per share. In April 1997, NASDAQ notified Nexus that the NASDAQ Listing Qualifications Panel had determined that Nexus' securities would be delisted from the NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , effective April 17, 1997, due to Nexus' non-compliance with the NASDAQ Listing Requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. . BVR has informed Nexus that it intends to exercise up to 990,322 Series C Warrants of Nexus held by it. Nexus believes that the funds generated through the exercise by BVR of the Series C Warrants will bring Nexus into compliance with the Listing Requirements and enable it to continue its development and marketing plans. Subject to obtaining the requisite corporate approvals (including Nexus shareholder approval a meeting with respect to which is scheduled for July 10, 1997) Nexus will issue to BVR, and any other holder of Series C Warrants, one five-year Series E Warrant for every two Series C Warrants to be exercised by BVR or such holders, no later than August 31, 1997. The Series E Warrants may be exercised at an exercise price of $5.357 per share. The Series E Warrants exercise price was determined by reference to the exercise price of the Warrants to be issued by the company in connection with the transaction it is currently negotiating with Global Wireless Communications L.P. BVR will determine the precise number of Series C Warrants to be exercised based on the relationship between the total funds to be received from Global Wireless and the equity necessary to comply with the NASDAQ Listing Requirements. 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. Nexus is engaged in the development, manufacture, and marketing of low-energy wireless communications and location systems through applications of digital spread spectrum technologies. CONTACT: B.V.R. Technologies Ltd. Yaron Sheinman Tel TEL Telephone TEL Telegram TEL Telugu (langauge) TEL Terrorist Exclusion List TEL Technology-Enhanced Learning TEL Transporter-Erector-Launcher TEL Tetra-Ethyl Lead TEL Team Deutsche Telekom : 972-3-571-5671 |
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