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Koor Industries' Subsidiary ECI Telecom Announces Proposed IPO for Veraz Networks, Inc.25 October 2006
Koor Industries Ltd. (NYSE: KOR) ("Koor") a leading Israeli holding company announced today that ECI Telecom ("ECI"), a company in which Koor currently holds approx. 28%, has issued the following announcement relating to its subsidiary, Veraz Networks Inc., and its proposed Initial Public Offering in the United States.
"Veraz Networks, Inc. has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. ECI will offer an undetermined number of shares of Veraz common stock as the selling stockholder in the proposed offering.
ECI currently holds 41% of the outstanding common stock of Veraz Networks (33 % on a fully diluted basis). Veraz is a leading global provider of voice over IP (VoIP) soft-switches, media gateways and digital compression products.
Credit Suisse Securities (USA) LLC and Lehman Brothers Inc. will be acting as joint book-running managers of the proposed offering. Jefferies & Company, Inc. and Raymond James & Associates, Inc. are also acting as underwriters for the proposed offering. The number of shares to be offered and the price range for the offering have not yet been determined.
The offering will be made only by means of a prospectus. Copies of the Veraz Networks, Inc prospectus, when available, may be obtained from:
Credit Suisse Prospectus Department, One Madison Avenue, New York, NY 10010; tel: 1-800-221-1037
Lehman Brothers Inc., c/o ADP Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue Edgewood, NY 11717; fax: 1-631-254-7268, or email at monica_castillo@adp.com
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective."
About Koor Industries
Koor Industries is a leading Israeli holding company, focusing on high-growth, internationally-oriented, Israeli companies. Koor actively invests in agrochemicals through Makhteshim Agan Industries; in telecommunications through its holdings in ECI Telecom (NASDAQ: ECIL), ECTel and Telrad Networks; in defense through Elbit Systems; and in venture capital through Koor Corporate Venture Capital. Koor's ADSs (American Depositary Shares) are traded on the New York Stock Exchange (NYSE: KOR) and Koor's Ordinary Shares are traded on the Tel Aviv Stock Exchange (TASE: KOR).
Company contact
Avital Lev, CPA, Investor Relations
Koor Industries Ltd.
Tel: +972-3-607-5111
Fax: +972-3-607-5110
Avital.lev@koor.com
IR Contacts
Ehud Helft/Kenny Green
GK Investor Relations
Tel: +1-866-704-6710
Fax: +972-3-607-4711
ehud@gk-biz.com; kenny@gk-biz.com
Forward looking statements in this release involve a number of risks and uncertainties including, but not limited to, international market conditions, domestic political factors, technological developments, ability to finance operations, and other factors which are detailed in the Company's SEC filings.
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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