Elron Establishes Elron Software Inc. Based on Asset Acquisition from ON Technology.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)--Oct. 29, 1997--Elron Electronic Industries Ltd. (NASDAQ/ELRNF), a leading multinational high technology holding company, announced today that it has entered into a definitive agreement with ON Technology Corporation (NASDAQ/ONTC) to acquire through a newly established, wholly-owned U.S. subsidiary, Elron Software Inc., all of their Network Management and Network Security business assets, subject to the approval of ON Technology's shareholders which is expected in the first quarter of 1998. Under the terms of the agreement, Elron Software will pay to ON Technology approximately $12 to $13.5 million in cash. The final amount is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent certain performance criteria for the first 12 months of operation. The two parties also announced that Elron Software has entered into an agreement with ON Technology for the management of the acquired assets until ON Technology obtains shareholders approval. The purchased assets include network management software products for LANs, WANs, the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , and corporate intranets coupled with a unique U.S.-based sales and marketing organization targeted at Fortune 5000 network managers and administrators. With the acquired assets, Elron Software (www.elronsoftware.com) will form a Network Management Division. Initially, the division will be responsible for developing, marketing and supporting the newly renamed Elron Firewall, Elron Internet Manager, Elron SofTrack Software Metering Limiting the number of users running an application from a centralized source (server) based on the current license agreement. , and Editor's Choice Network Management Catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. - products acquired from ON Technology. Dr. Jacov (Koby) Ben-Zvi, Senior Vice President for Business Development at Elron Electronic Industries, was named President and Chief Executive Officer of Elron Software Inc., in addition to his current responsibilities. Ivan Ivan - A Diana-like language making up part of VHDL. ["VHDL - The Designer Environment", A. Gilman, IEEE Design & Test 3, (Apr 1986)]. O'Sullivan
O'Sullivan is an Irish surname, associated with the southwestern part of Ireland, especially the counties of Cork and Kerry, which due to emigration is also common in Australia, North America and The UK. , formerly Vice President of Worldwide Marketing for ON Technology, was appointed President of the Network Management Division. "The establishment of Elron Software and its Network Management Division signifies a major step toward implementing Elron's strategy for growing its worldwide presence in the Information Technology market," said Dr. Ben-Zvi. "Our plan is to aggressively penetrate select software market segments by acquiring products, customers and distribution channels, and then introduce exciting new Israeli software products utilizing this infrastructure." "Elron Software will advance our strategic commitment to Information Technology by creating an entirely new market-driven concept for delivering Israeli technologies into worldwide markets," said Uzia Galil, Chairman of the Board and Chief Executive Officer, Elron Electronic Industries. Elron Electronic Industries Ltd. (www.elron.com) is a multinational high technology holding company based in Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. . 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. -0- 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. CONTACT: Dr. Jacov (Koby) Ben Zvi, 617/692-3007 or 972-4-854-5000 or Ivan O'Sullivan, 617/692-3007 |
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