Tadiran Telecommunications Sells Its 50% Stake in Eurocom Industries; Sale Results in Even Greater Focus on International Markets.
PETACH TIKVA, Israel--(BUSINESS WIRE)--Sept. 17, 1998--Tadiran Telecommunications 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 :TTELF) ("the Company") announced today that it has signed an agreement to sell its 50% stake in Eurocom Industries (1986) Ltd. ("Eurocom"), an Israeli marketer of office automation equipment and key systems for the local market, to Eurocom Communications Ltd., which holds the remaining 50% of Eurocom's shares. The sale price is approximately equal to the book value at which Eurocom has been carried on Tadiran Telecommunications' financial statements. Eurocom's results represented approximately 6% of the Company's 1997 revenues. The sale is expected to close next week.
Commenting on the announcement, Haim Rosen, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Tadiran Telecommunications Ltd., said, "Selling our share in Eurocom, which focuses on distribution to the local Israeli marketplace, is another step in our strategy of sharpening For image sharpening, see .
Sharpening is the process of creating or refining a sharp edge on a tool or implement. The term has a wide application but can be expressed as the creation of two intersecting planes which produce an edge that is sharp enough to cut through the target our focus on innovative internally-developed products for international markets, such as the Company's exciting T:DAX cross connect, Wireless Local Loop (WLL See wireless local loop and PHS-WLL. ), and other products."
Tadiran Telecommunications Ltd. is engaged in the design, manufacture, marketing, and support of a wide range of sophisticated telecommunications solutions and equipment, including: digital cross-connect A network device used by telecom carriers and large enterprises to switch and multiplex low-speed voice and data signals onto high-speed lines and vice versa. It is typically used to aggregate several T1 lines into a higher-speed electrical or optical line as well as to distribute signals systems, wireless local loop products, digital pair-gain systems, access multiplexers, business telecommunications systems and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. . For more information about Tadiran Telecom Tadiran Telecom Ltd is a telecommunications company which offers enterprises complete converged communications solutions that support voice, data, video and advanced applications. It is representd by a global network of more that 200 distributors and affiliates in 40 countries. , please visit our web site at www.tadirantele.com.
Forward looking statements contained in this release may contain forward-looking information with respect to plans, projections of future performance of the Company, the occurrence of which involves certain risks and uncertainties including, but not limited to, product and market acceptance risks, the impact of competitive pricing, product development, commercialization, and technological difficulties and other risks detailed in the Company's filings with the Securities and Exchange Commission.