Printer Friendly

IDAN SOFTWARE INDUSTRIES SUBSIDIARY TO REDUCE LONG-DISTANCE PRICES

 TEL AVIV, Israel, Jan. 3 /PRNewswire/ -- Idan Software Industries - I.S.I. Ltd. (NASDAQ: IDANF) announced today that its subsidiary, Adir International Communications Services Ltd., will reduce its prices on international long-distance telephone and facsimile services from Israel and will introduce various cost-savings measures in response to a 29 percent reduction in international long-distance tariffs by Israel's government-controlled Bezek -- The Israel Telecommunications Corp. Ltd. The Bezek price reduction was effective as of Jan. 1, 1994. Adir intends to implement its price reduction and introduce its cost-saving measures in an effort to maintain its market share of outbound long- distance telephone and facsimile services from Israel and minimize the reduction in profits which it anticipates will result from Bezek's price reduction. The company believes that Bezek's price reduction will not impact on Adir's telephone calling card business, since the card is used primarily outside of Israel.
 The company owns 50.01 percent of the ordinary shares of Elitec Industries 77 Ltd. and Elitec, in turn, owns 50.1 percent of the ordinary shares of Adir.
 The company is unable to quantify at this time the extent of the impact of these events on its consolidated results of operation for 1994. For the nine months ended September 1993, Adir's sales accounted for approximately 74 percent of the consolidated sales of the company. During November 1993, approximately 65 percent of Adir's sales were from international long-distance and facsimile services which are competitive with services provided by Bezek.
 The company, through its subsidiaries, provides telecommunications services and products.
 -0- 1/3/94
 /CONTACT: Gad Goldstein, CFO of Idan Software Industries, 011-972-3-563-3030/
 (IDANF)


CO: Adir International Communications Services Ltd. ST: IN: TLS SU:

CK -- NY060 -- 8648 01/03/94 17:22 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 3, 1994
Words:287
Previous Article:CROSS COUNTRY SKI CONDITIONS ANNOUNCED
Next Article:FIRST COLONIAL BANKSHARES CORP. SELLS MORTGAGE SERVICING RIGHTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters