ECI Telecom's Largest Shareholders Express Continued Support of ECtel.Business Editors HERZLIYA, Israel--(BUSINESS WIRE)--March 22, 2004 Further to ECI ECI Employment Cost Index ECI Election Commission(er) of India ECI Enterprise Content Integration ECI Early Childhood Intervention ECI Environmental Change Institute Telecom's (Nasdaq:ECIL ECIL Electronics Corporation of India Limited ) announcement today of its decision, in principle and subject to conditions detailed therein, to distribute 7.6 million of its shares in ECtel (Nasdaq:ECTX) to its shareholders, ECI's largest shareholders, Koor Industries, Clal Industries and Investments, Carmel Ventures, the Ofer Brothers group, Isal Amlat Investments (1993) Ltd. and D Partners, expressed their continuing support of ECtel and committed among themselves, in a separate agreement, not to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose the ECtel shares they will receive in the distribution during the 12 months following the date of the distribution. Jonathan Kolber, Chief Executive Officer of Koor Industries Ltd., ECI's largest shareholder said, "We continue to believe in the future of ECtel and in the ability of its management to return ECtel to growth and profitability." About Koor Industries Koor Industries is a leading investment holding company, focusing on high-growth, internationally-oriented, Israeli companies The top 10 Israeli companies by sales are[1]:
TASE The All Seeing Eye TASE Tactical Air Support Element TASE Thrust Assessment Support Environment TASE Telecontrol Application Service Elements (IEC communications protocol) :MAIN); in defense electronics through the Elisra Defense Group; and in promising start-ups in the fields of telecommunication and life sciences through Koor Corporate Venture Capital. Koor's ADSs (American Depositary Shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. ) are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE See: New York Stock Exchange :KOR) and Koor's ordinary shares are traded on the Tel Aviv Stock Exchange Tel Aviv Stock Exchange Israel's only stock exchange. (TASE:KOR). About Clal Industries and Investments Clal Industries and Investments Ltd. (CII CII Confederation of Indian Industry CII Chartered Insurance Institute (UK) CII Construction Industry Institute (University of Texas) CII Council of Institutional Investors ) is an investment company, held by IDB (ITS Data Bus) An interface between devices in an automobile endorsed by the Society of Automotive Engineers (SAE). Designed to fulfill the goal of Intelligent Transportation Systems (ITS), the ITS Data Bus enables engine diagnostic equipment, GPS navigation systems, Development Ltd. (64%). CII holds a portfolio in a diverse industrial fields ranging from manufacturing oriented activities to advanced technology based companies. In the manufacturing sector, the company has holdings in enterprises that are leaders in their respective markets, with the major holdings being in the cement, paper and textile industries In the advanced technology sector, the company has direct holdings in companies which operate in the Telecom, Industrial Electronics and Microelectronics fields. The company also operates units to manage its significant investment in biotechnology and other venture capital investments. About Ofer Brothers Group Ofer Brothers group via its Hi-Tech division is a leading investor in technology-based Israeli-related companies, from pre-seed (via Naiot) through early-stage to publicly-traded, working in medical devices, bio-technology, communications and microelectronics. Benefiting and building on the vast experience of its parent company, the Ofer Brothers Group, Ofer Hi-Tech's imaginative and entrepreneurial technological and business team is an ideal investor partner for an ambitious company. About Carmel Ventures Carmel Ventures is Israel's largest software-focused fund. Led by former entrepreneurs and executives of the software and investment industries, Carmel provides active, hands-on support to its Israeli, European and US portfolio companies. Carmel has offices in Herzeliya, Israel and London, UK, and a worldwide network of industry, strategic and investment resources. With $171 million in commitments from a strong investor base, which includes Citigroup, AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Time Warner, Siemens, The Partners Group, Swiss Life, and other leading worldwide investors, Carmel is able to provide significant capital and support throughout the growth cycle of its portfolio companies. For more information, please visit www.carmelventures.com. About Isal Amlat Investments (1993) Ltd ISAL is a publicly traded holding company, traded in the Tel-Aviv Stock Exchange. ISAL, which was established in 1986, has a diversified portfolio consisting of a range of companies, including industrial, high-tech and services companies, and also some real estate investments. ISAL manages assets of over $90 million. ISAL is an affiliate of the Dovrat Group. For more information, please contact ISAL at +972-9954-0022. About D Partners D Partners is a private equity fund tailored especially for private investors. D Partners is sponsored by Dovrat & Co. to offer qualified investors access to a diversified portfolio of affiliated limited partnerships and other investment vehicles that invest in private equity mainly in Israeli or Israeli related investments. The Fund draws on the expertise of Dovrat & Co. to provide portfolio construction, selection, management and ongoing monitoring. D Partners manages $52 million in commitments. For more information, please visit www.d-partners.com. |
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