BVR Technologies Ltd. Invested $2 Million in Nexus Telocation Systems Ltd.Business Editors GIVATAYIM and ROSH-HA'AYIN, Israel--(BUSINESS WIRE)--April 19, 2001 BVR BVR Beyond Visual Range BVR Business Valuation Review (journal) BVR Biliverdin Reductase BVR Bureau of Vocational Rehabilitation BVR Bulletin de Versement (French) 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 :BVRT BVRT Benton Visual Retention Test BVRT British Vita Racing and Tuning ) and Nexus Telocation Systems Ltd. (NASDAQ: NXUSD), jointly announced today that BVR Technologies Ltd. invested $2 million in Nexus, at a price per share of $2.04, the average market price of Nexus' ordinary share during the 30 days period preceding the transaction. Under the terms of the transaction, an additional investment of up to $3 million may take place by additional investors within 45 days following the closing of the transaction. Prior to this transaction, BVR Technologies held approximately 34% of the share capital of Nexus, and following this transaction, BVR Technologies holds approximately 41% thereof (Nexus' share capital after the transaction is composed of approximately 9.7 million ordinary shares). Yaron Sheinman, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BVR Technologies stated: "This investment proves our trust in Nexus' prospects for the future. Our confidence in Nexus is based on its continued commercial success in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and Israel and the increased demand for Automatic Vehicle Location See mobile positioning. application in the US. The recent developments in the US utility market and NexusData's advanced discussions to deploy its first fixed wide area network in the US provide us with additional confidence with respect to Nexus' success". BVR is a management hi-tech company with five affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. : Nexus Telocation Systems Ltd., a 41% owned affiliate, vi(z)rt Ltd., (Neuer Markt:VIZ), a 21% owned affiliate, Coresma Ltd., a 37% owned affiliate, BrightCom Technologies Ltd., a 23% owned affiliate, and Unisfair Inc., a 42% owned affiliate. Nexus Telocation Systems Ltd. develops manufactures and markets low energy and cost effective wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. and location based information systems through the application of digital spread spectrum technologies. Nexus Telocation security services Security services are state institutions for the provision of intelligence, primarily of a strategic nature, but also including protective security intelligence. Examples include the Security Service (MI5) and the Secret Intelligence Service (MI6) in the United Kingdom, and the business is performed through business partners in Israel, Venezuela, Argentina, Russia and Chile. NexusData, a fully owned subsidiary of Nexus Telocation Systems Ltd., provides low-cost, wide area data collection and information management for the utility industry. The company offers an end-to-end automatic meter reading Automatic meter reading, or AMR, is the technology of automatically collecting data from water meter or energy metering devices (water, gas, electric) and transferring that data to a central database for billing and/or analyzing. solution, which includes wireless meter modules, wide area receivers and data management center. This press release contains forward-looking statements with respect to the business, financial condition and results of operations of BVR Technologies and Nexus and its affiliates. These forward-looking statements are based on the current expectations of the management of BVR Technologies and Nexus, only, and are subject to risk and uncertainties, changes in technology and market requirements, decline in demand for the companies' affiliates' products, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of the companies to differ materially from those contemplated in such forward-looking statements. BVR Technologies and Nexus undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated evens. For a more detailed description of the risks and uncertainties affecting the companies, reference is made to the companies' reports filed from time to time with the Securities and Exchange Commission. |
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