Elron Reaches Agreement to Sell Approximately 3.9 Million Partner Shares for Approximately $40 Million.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 & 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, subject to obtaining required consents and the signing of definitive agreements, it has reached agreement with several Israeli institutional investors to sell all its shares in Partner Communications Company Ltd. (NASDAQ and TASE: PTNR; LSE LSE - Language Sensitive Editor : PCCD PCCD Pennsylvania Commission On Crime and Delinquency PCCD Peralta Community College District PCCD Progressive Cardiac Conduction Defect ) for an aggregate purchase price of approximately $40 million. Elron currently holds 3,906,085 Partner shares, all of which are currently restricted under Partner's license from the Israel Minister of Communications. Accordingly, any sale of these restricted shares would be subject to the approval of the Israel Minister of Communications. Upon the sale of these Partner shares, if completed, Elron would realize a net (after tax) gain of approximately $16 million under U.S. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) and approximately $23 million under Israeli generally accepted accounting principles (Israeli GAAP). There is no assurance that the sale will be completed. 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 leading Israel-based technology holding company directly involved in the long-term performance of its group companies. Elron identifies potential technologies, creates strategic partnerships, secures financing, and recruits highly qualified management teams. 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. For further information, please visit www.elron.com (Any statements in this press release that may be considered forward-looking statements 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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