Elron Electronic Industries Makes Announcement.HAIFA Haifa (hī`fä), city (1994 pop. 246,700), NW Israel, a port on the Mediterranean Sea, at the foot of Mt. Carmel. Haifa is the chief city of N Israel and the country's principal oil refining center. , Israel--(BUSINESS WIRE)--Nov. 1, 1999-- 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 : ELRNF) a leading multinational high technology holding company, announced today that Elbit Ltd. (NASDAQ: ELBTF), 43% held by Elron, received notification from the underwriters of the offering of Partner Communications Company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. Ltd. ("Partner"), that they had decided to exercise the option granted them by Partner's shareholders to purchase additional shares of Partner to cover over allotment A portion, share, or division. The proportionate distribution of shares of stock in a corporation. The partition and distribution of land. ALLOTMENT. Distribution by lot; partition. Merl. Rep. h.t. . Upon such exercise of the over allotment option by the underwriters, Elbit Ltd. will sell to the underwriters approximately 0.5% of their shareholding in Partner in consideration for about $12.5 million. As a result, Elbit Ltd. indirect shareholding in Partner will be reduced to about 12.4%. As a result of the share sale, Elbit Ltd. will record a capital gain after tax of about $8 million. Elron's share in this gain will amount to approximately $3.4 million. Elron Electronic Industries Ltd. is a multinational high technology holding company based in Israel. Through affiliates, Elron is engaged with a group of high technology operating companies operating company A business that engages in transactions with outsiders. in the fields of advanced defense electronics, communication, semiconductors, networking, software and information technology. For further information, visit at http://www.elron.com Any statements in this press release that may be considered forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements due to the risk factors discussed in periodic reports filed by the Company with the Securities and Exchange Commission which the Company urges investors to consider. |
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