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FORMULA COMPUTING EXERCISES OPTION ON IDAN SOFTWARE SHARES

 FORMULA COMPUTING EXERCISES OPTION ON IDAN SOFTWARE SHARES
 TEL-AVIV, Israel, Sept. 24 /PRNewswire/ -- Idan Software Industries - I.S.I. Ltd. (NASDAQ: IDANF) announced today that on Sept. 24, 1992, Formula Computing, Consulting and Holdings (1990) Ltd., a wholly-owned subsidiary of Formula Systems (1985) Ltd., exercised options to purchase 1,600,000 ordinary shares of Idan, at an exercise price of $.30 per share or $480,000 in the aggregate. As a result, Formula Computing owns 3,460,000 ordinary shares of Idan, which represent approximately 23.9 percent of Idan's outstanding ordinary shares. In addition, Formula Computing owns options to purchase an additional 8,400,000 ordinary shares, which are exercisable at $.30 per share until June 30, 1993.
 On Sept. 24, 1992, Idan's wholly-owned subsidiary, Rolton Ltd., exercised options to purchase from Formula Computing 80,000 ordinary shares of Elitec Industries 77 Ltd. at an exercise price of $6.20 per share or $496,000 in aggregate. As a result, Rolton owns 374,129 ordinary shares of Elitec, which represent approximately 23.1 of the outstanding ordinary shares of Elitec. Rolton owns options to purchase an additional 403,871 ordinary shares of Elitec which are exercisable at $6.20 per share until June 30, 1993.
 -0- 9/24/92
 /CONTACT: Gad Goldstein of Idan Software Industries, Israel 972-3-563-3030/
 (IDANF) CO: Idan Software Industries - I.S.I. Ltd.; Formula Computing,
 Consulting and Holdings (1990) Ltd. ST: Israel IN: CPR SU:


TM-LD -- NY069 -- 3276 09/24/92 16:28 EDT
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Publication:PR Newswire
Date:Sep 24, 1992
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