TKCRF moving up 0.49$ in cash
TEL AVIV, Israel--(BUSINESS WIRE)--TKCRF--
Tikcro Technologies Ltd. (OTC BB: TKCRF) today reported
results for the third quarter and nine months ended September 30,
2003.
In the third quarter, the net loss was $ 49,000, or $ 0 per share.
In the nine months ended September 30, 2003 net income was $11.8
million, including a capital gain in the amount of $12.7 million
related to the sale of its assets to STMicroelectronics.
Cash and cash equivalents and long-term investment amounted to
$8.2 million at the conclusion of the third quarter. Cash in the
amount of $1.4 million related to the agreements with
STMicroelectronics in an escrow account and receivables of $1.2
million are being held, pending further discussion between the two
companies.
Izhak Tamir, Chairman and CEO of Tikcro, said, "at this stage, the
Company's primary goal is to determine the best course of action going
forward. For that purpose, we are evaluating several strategic
investment alternatives."
About Tikcro Technologies:
Until the closing of the Assets Transaction with
STMicroelectronics, Tikcro Technologies Ltd. (formerly known as Tioga
Technologies Ltd.) developed standard integrated circuits (ICs) for
broadband communications applications. Substantially all of its assets
and related liabilities were sold to STMicroelectronics. Tikcro is
headquartered in Tel Aviv, Israel. For more information, visit Tikcro
website at www.tikcro.com.
Safe Harbor Statement
Certain of the statements contained herein may be considered
forward-looking statements that involve risks and uncertainties
including, but not limited to, risks related to the asset purchase
agreement with STM and risks of operations in Israel. Such risks and
uncertainties are set forth in the Company's SEC reports including the
Company's Form 20-F. Results of operations in any past period should
not be considered indicative of the results to be expected for future
periods.
AI
