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Katzir Fund invests $15m in hydroponics co OrganiTech

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Correction to Novartis Earnings Article
Novartis's fourth-quarter after-tax profit was $1.98 billion, compared with $936 million in the same period the prior year. Analysts surveyed by FactSet had expected after-tax profit of $1.88 billion. "Novartis 4Q Profit Rises, Buoyed by Sales of New Drugs -- Update," at 0654 GMT and the original story at 0635 GMT, misstated the type of profit in the second and third paragraphs. After-tax profit was $1.98 billion, not pretax profit, and analysts had expected after-tax profit of $1.88 billion, not pretax profit.
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midastouch017   Wednesday, 02/07/07 06:40:22 AM
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Katzir Fund invests $15m in hydroponics co OrganiTech
Katzir Fund: We’ve invested NIS 67 million in kibbutz enterprises prior to the present investment.
Michal Yoshay-Horovits 7 Feb 07 13:23
The Kibbutz Industry Association’s Katzir Fund has acquired 30% of hydroponics company OrganiTech USA Inc. (Pink Sheets:ORGT.PK) for NIS 15 million. Katzir Fund manager Yossi Hebron will be appointed chairman of OrganiTech.
The Katzir Fund said that it has invested NIS 67 million in companies prior to the present investment. The Katzir Fund was founded by Rami Mandola and Harel Insurance Investments Ltd. (TASE: HARL), First International Bank of Israel (TASE: FTIN1;FTIN5) and Poalim Capital Markets - Investment Bank Ltd. It invests in stocks and loans of kibbutz enterprises and kibbutz real estate ventures.

OrganiTech develops and sells hydroponic systems for crops. The company was founded at Technion Entrepreneurial Incubator Co. Ltd. (TEIC) in 1999, and went public a year later through a reverse merger with Incubate This Inc.

Published by Globes [online], Israel business news - www.globes.co.il - on February 7, 2007



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