OBAS (1.594) Optibase Announces Completion of a Private Issuance to Tom Wyler
Wednesday, June 25 2008 9:17 AM, EST
Business Wire "US Press Releases "
HERZLIYA, Israel --(BUSINESS WIRE)--
Optibase Ltd. (NASDAQ:OBAS), a leader in advanced digital video solutions, announced today that following the receipt of the approval of the Company's shareholders on June 18, 2008 , the Company had completed today a private issuance of 2,816,901 ordinary shares of the Company to Mr. Shlomo (Tom) Wyler, the Company's President, Chief Executive Officer and Executive Chairman of the Board of Directors, in consideration for US$5 million .
Following the private issuance, Mr. Wyler will hold approximately 31.60% of the Company's issued and outstanding share capital.
About Optibase
Optibase provides professional encoding, decoding, video server upload and streaming solutions for telecom operators, service providers, broadcasters and content creators. The company's platforms enable the creation, broadband streaming and playback of high quality digital video. Optibase's breadth of product offerings are used in applications, such as: video over DSL/Fiber networks, post production for the broadcast and cables industries, archiving; high-end surveillance, distance learning; and business television. Headquartered in Israel , Optibase operates through its fully owned subsidiary in Mountain View, California and offices in, Japan , China , India and Singapore . Optibase products are marketed in over 40 countries through a combination of direct sales, independent distributors, system integrators and OEM partners. For further information, please visit www.optibase.com.
This press release contains forward-looking statements concerning our marketing and operations plans. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. All forward-looking statements in this press release are made based on management's current expectations which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. These statements involve a number of risks and uncertainties including, but not limited to, risks related to the video technologies market in general, and the evolving IPTV market in particular, competition, our ability to manage growth and expansion, general economic conditions and other risk factors. For a more detailed discussion of these and other risks that may cause actual results to differ from the forward looking statements in this news release, please refer to Optibase's most recent annual report on Form 20-F. The Company does not undertake any obligation to update forward-looking statements made herein.
This release and prior releases are available on the Company's Web site at www.optibase.com.
This release and prior releases are also available on the KCSA Public Relations Worldwide Web site at www.kcsa.com.
Source: Optibase Ltd.
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