Elron invests in leading edge technology company developing mass media access servers for the Internet.HAIFA, Israel--(BUSINESS WIRE)--Sept. 19, 1996--Elron Electronic Industries Ltd. (NASDAQ/NMS/ELRNF), announced today that it entered into an agreement for the acquisition of 25% of the share capital of MediaGate, a leading edge technology company developing mass media access server for 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 . MediaGate is developing technology and products to address market demand for single point access to the Internet with any real time communication device, including PCs, telephones, video phones, video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. and fax machines. MediaGate's first product, the Mass Media Access Server is a terminal server which combines the functions of a hybrid modem (voice, fax, video), terminal server and local router router Portable electric power tool used in carpentry and furniture making that consists of an electric motor, a base, two handle knobs, and bits (cutting tools). A router can cut fancy edges for shelving, grooves for storm windows and weather stripping, circles and ovals . This system is designed to enable access from telephones for voice messaging Using voice mail as an alternative to electronic mail, in which voice messages are intentionally recorded, not because the recipient was not available. , video conferencing equipment for video messages, fax machines for fax messaging and newer technologies such as Internet phones (1) See IP phone and softphone. (2) (Internet Phone) The first VoIP telephone service in the U.S., introduced in early 1995 by VocalTec Communications Ltd., Fort Lee, NJ (www.vocaltec.com). Using a Windows softphone, calls could also be made to a regular phone. and Internet video Video material obtained from the Internet. It may refer to streaming video from real time broadcasts, streaming archival material or downloading video files for watching later, all of which are viewed on the computer. for PC based voice and video messaging. Pursuant to the agreement announced today, Elron will acquire 25% of the outstanding shares of MediaGate for an aggregate purchase price of $2 million. Elron was also granted a warrant to acquire an additional 9% of MediaGate for an aggregate exercise price of $3 million. The closing of the agreement with MediaGate is subject to standard closing conditions. Dr. Jacov (Koby) Ben-Zvi, senior vice president of Business Development at Elron, commented that, "MediaGate technology will make a wide range of Internet services available beyond those which are currently available in the marketplace and will make them accessible to virtually any communication device, not only PCs and modems." Dr. Ben-Zvi added that "this investment signifies an additional milestone in the implementation of Elron's strategy to become a leader in the Information Technology marketplace." 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 services and Internet software. CONTACT: Elron Technologies Inc. Yung Jin Kim, 212/935-3110 or Elron Electronic Industries Ltd. Doron Birger, 972-4-8545000 |
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