Elron Will Record a Gain From the Completion of the Sale of ServiceSoft Inc. to Broadbase Software Inc.Business Editors HAIFA, Israel--(BUSINESS WIRE)--Dec. 19, 2000 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 that on December 18, 2000 ServiceSoft Inc. ("ServiceSoft") in which Elron holds approximately 3.3% on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. base, announced the completion of its acquisition by Broadbase Software, Inc. ("Broadbase") (NASDAQ:BBSW BBSW Bank Bill Swap Reference Rate (Australian financial market) ). According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the transaction agreement, Broadbase issued in exchange for all securities of ServiceSoft, a combination of approximately 35.1 million shares of its common stock and options and warrants to purchase its common stock, representing approximately 36.5% of the combined company on a fully diluted basis. As a result of the completion of the transaction, based on Broadbase share price of $6.75 per share (the closing price on Nasdaq on December 18, 2000), Elron will record a gain net after tax, of approximately $ 5.5 million. The value of Broadbase shares held by Elron is subject to stock price fluctuations. 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, software, information technology and semiconductors. For further information, visit 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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