Worldwide Financial Holdings Inc. Closes Merger with ISD Integrated Software Development Ltd.Business Editors, High-Tech Writers LAS VEGAS--(BUSINESS WIRE)--Jan. 7, 2003 Worldwide Financial Holdings Inc. ("WWFI") (Pink Sheets: WWFI) announced today that it has finalized See finalization. and closed the merger for the acquisition of ISD See IDD. Integrated Software Separate software components or applications that have been combined into one package. See integrated software package. Development Ltd. ("ISD"). The former management of WWFI has been entirely replaced by the new management of ISD. WWFI also announced the completion of the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of Rebel Inc. WWFI's former President Larry Schroder stated, "We have been working hard to increase shareholder value for this company. We feel that by spinning off Rebel Inc., which was unable to generate revenue, profitability and decreased shareholder value and by acquiring ISD we will be able to greatly increase shareholder value. We feel that there is great potential for that value to the shareholders." About ISD: ISD is an Israeli software company, based in northern Israel, which has successfully sold and installed its software to over 180 clients. Some of its clients which have bought and installed ISD's software include: FUJIFILM Israel, Motorola Telecommunications Israel, Ace Hardware, Super-Pharm (large Israeli drug store chain), FRS FRS abbr. Fellow of the Royal Society FRS, n “flexed rotated side-bent,” an osteopathic abbreviation used to describe vertebral position in cases of spinal dysfunction. Formula Group, Israeli Nuclear Powerplant, Israeli Airforce maintenance company as well as several Israeli hospitals. This press release contains 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. that involve risks and uncertainties. WWFI's actual results could differ materially from those discussed in such forward-looking statements based on a variety of factors. |
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