Elron Announces Completion of Sale of Its Holdings in Netvision.TEL AVIV, Israel -- Elron Electronic Industries 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 :ELRN)(TASE TASE Tel Aviv Stock Exchange
TASE The All Seeing Eye
TASE Tactical Air Support Element
TASE Thrust Assessment Support Environment
TASE Telecontrol Application Service Elements (IEC communications protocol) :ELRN) today announced that, further to its announcement on August 19, 2009 and subsequent announcements in relation to the sale of its holding in NetVision Ltd. ("NetVision") to Discount Investment Corporation Ltd. ("DIC DIC diffuse intravascular coagulation; disseminated intravascular coagulation.
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Disseminated intravascular coagulation (DIC) ") and 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 "), the aforementioned sale has been completed today, following approval of the sale earlier today by the shareholders of each of Elron, DIC and Clal.
As a result of the sale, Elron received proceeds of approximately NIS Niš or Nish (both: nēsh), city (1991 pop. 175,391), SE Serbia, on the Nišava River. An important railway and industrial center, it has industries that manufacture textiles, electronics, spirits, and locomotives. 228.7 million (currently equal to approximately $60.9 million) and will record in the fourth quarter of 2009 a gain of approximately $29 million. The amount of this gain has been determined based on NetVision's shareholder's equity as of June 30, 2009 and is subject to adjustment according to NetVision's shareholder's equity as of the date of completion of the sale which is not yet known.
Elron Electronic Industries Ltd. (TASE & NASDAQ: ELRN), a member of the 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, Holding group, is a high-technology holding company traded in the Nasdaq and in the Tel-Aviv Stock Exchange. Elron's group companies currently comprise a diverse range of publicly-traded and privately held companies primarily in the fields of medical devices, information & communications technology, clean technology and semiconductors. Included in our group companies are well established companies which are leaders in their fields, such as Given Imaging, together with innovative start-ups who possess growth potential in Israel and the rest of the world. For further information, please visit www.elron.com.