Elron Electronic Makes Announcement.HAIFA, Israel--(BUSINESS WIRE)--Dec. 15, 1998--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, today announced that its 43% held affiliate, Elbit Ltd. (NASDAQ:ELBTF) announced, that FLIR Systems | company_name = FLIR Systems | company_type = Public (NASDAQ: FLIR) | foundation = 1978 | location = Wilsonville, Oregon, United States | key_people = Earl R. Lewis }} FLIR Systems , Inc. (NASDAQ:FLIR FLIR Forward-Looking Infrared (Radar) FLIR Forward Looking Infrared Radiometer FLIR Forward Looking Infrared Radar FLIR Forward Looking Infra Red ) has reached a preliminary agreement to acquire Inframetrics, Inc., a privately held infrared An invisible band of radiation at the lower end of the visible light spectrum. With wavelengths from 750 nm to 1 mm, infrared starts at the end of the microwave spectrum and ends at the beginning of visible light. imaging company headquartered in Billerica, Mass., in which Elbit holds 20% carried at a book value of approximately $3 million. FLIR Systems will issue approximately 2.3 million shares of its common stock to the shareholders of Inframetrics in exchange for all of Inframetrics' outstanding stock. Elbit's proportion will be approximately 460,000 shares having a present value of approximately $9.2 million, which will be subject to a lock-up period. As the tax implications and the share price at the time of any future sale by Elbit of the shares is unknown, the net results to Elbit and Elron cannot be assessed at this time. The proposed transaction is subject to, among other things, the execution of a definitive agreement, the approval of the shareholders of Inframetrics, the receipt of all applicable regulatory approvals under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. and other customary terms and conditions. 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 medical diagnostic imaging, advanced defense electronics, communication, semiconductors, networking, software and information technology. For further information, visit Elron 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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