Elron Will Record a Gain From the Sale of ServiceSoft Inc. to Broadbase Software Inc.Business & Technology Editors HAIFA, Israel--(BUSINESS WIRE)--Sept. 20, 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 September 19, 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, signed a definitive agreement to be acquired by Broadbase Software, Inc. ("Broadbase") (NASDAQ:BBSW BBSW Bank Bill Swap Reference Rate (Australian financial market) ). Under terms of the transaction, Broadbase will issue 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. Upon completion of the transaction and the sale by Elron of Broadbase shares, based on $17.2 per share (the closing price on Nasdaq on September 19, 2000), Elron will record a gain net after tax, of approximately $13 million. The acquisition is subject to customary closing conditions, including the approval of Broadbase's and ServiceSoft's shareholders and regulatory approvals. ServiceSoft is a leading provider of intelligent eService solutions. Its breakthrough eService solution ServiceSoft 2001 combines self-help Redressing or preventing wrongs by one's own action Without Recourse to legal proceedings. Self-help is a term in the law that describes corrective or preventive measures taken by a private citizen. and assisted service, e-mail management, live collaboration Working together on a project. See collaborative software. and more using a single, intelligent knowledge platform. 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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