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IDAN SOFTWARE INDUSTRIES-I.S.I. LTD. COMPLETES PRIVATE PLACEMENT

 TEL-AVIV, Israel, March 2 /PRNewswire/ -- Idan Software Industries- I.S.I. Ltd. (NASDAQ: IDANF) announced today that it has completed a US$3.5 million private placement in Israel of 2.45 million ordinary shares (representing approximately 11 percent of Idan's outstanding shares on a fully diluted basis) at a purchase price of approximately US$1.43 per share. In connection with the private placement, Idan has agreed to file a registration statement with the Securities and Exchange Commission by Oct. 15, 1993, covering the shares issued to the five investors who participated in the private placement.
 Idan previously announced that Tadiran Ltd. (NYSE: TAD) has agreed in principle to purchase approximately 4 million ordinary shares of Idan (which will represent approximately 13.5 percent of Idan's outstanding shares on a fully diluted basis) at a purchase price of US$1.22 per share, subject to approval of the board of directors of Tadiran. It was initially expected that Tadiran's board of directors would consider this matter during February. Tadiran has requested, and Idan has agreed, to extend until the end of March the time by which Tadiran must make its final determination to proceed with the transaction. Idan has agreed to register the shares to be issued to Tadiran with the SEC within 12 months following completion of the transaction. Upon completion of this transaction, Tadiran will be granted the right to nominate two persons to serve on the board of directors of Idan and Idan will grant to Tadiran certain rights to supply products and services to Idan and its subsidiaries.
 Idan also announced today that a subsidiary of Formula Systems (1985) Ltd. has exercised its outstanding option to purchase 8.4 million ordinary shares of Idan at an exercise price of US$.30 per share. These options were granted to Formula in June 1992, in connection with the sale by Idan of an aggregate of 6.52 million ordinary shares to Formula, Dan Goldstein, Amiram Erel and David Jeselsohn. Formula, through its subsidiary, now owns an aggregate of 11.86 million ordinary shares of Idan (representing approximately 46 percent of Idan's outstanding shares on a fully diluted basis).
 Idan, through its wholly owned subsidiary, Elitec Industries 77 Ltd., sells telecommunications services in Israel and internationally. The ordinary shares of Elitec are traded on the Tel Aviv Stock Exchange.
 -0- 3/2/93
 /CONTACT: Gad Goldstein of Idan Software Industries-I.S.I. Ltd., 972-3-563-3030/
 (IDANF)


CO: Idan Software Industries-I.S.I. Ltd. ST: IN: TLS SU:

CK-KW -- NY066 -- 1946 03/02/93 12:23 EST
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Publication:PR Newswire
Date:Mar 2, 1993
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