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Mivtach Shamir Holdings Ltd. will provide its Tel Aviv subsidiary Elbit Vision Systems Ltd., with a $3 million loan over two years.
Shamir has the option to convert the loan into 6 million Elbit ordinary shares at 50 cents per share. If the share option is not taken, Elbit will repay the loan in 30 monthly installments.
Under the agreement, Elbit has also given Mivtach Shamir a two-year warrant to purchase another 4 million shares at 50 cents. The transaction is expected to close by March 2006. Should Shamir take all its options, it would become Elbit's largest shareholder with a stake of 30%.
Kfar Saba-based network connectivity provider Silicom Ltd. has filed a draft prospectus with the Israeli Securities Authority and the Tel Aviv Stock Exchange for a possible public offering on the TASE in which it expects to raise $10m.
The announcement came shortly after the company said that beginning Tuesday its Nasdaq trading symbol changed to "SILC," from "SILCF."
Migdal Ha'emek-based Tower Semiconductor, Ltd., said Tuesday it's started manufacturing Zoran Corporation's Cascade2 demodulator chip at its FAB2, using 0.18-micron process. The Cascade2 demodulator is a component in Zoran's Digital TV platform solution, aimed at the transition of the US market from the NTSC TV broadcasting standards to the digital television (DTV) standard.
The global market for digital televisions is expected to increase to over 160 million units by 2009, while US shipments will exceed 60 million units.
Internet service provider Internet Gold has been made a 'gold partner' by Check Point Software Technologies Ltd., which authorizes it to sell and support Check Point's perimeter, Web and internal security solutions. Check Point also recognized Internet Gold's support and customer service capabilities by naming it an expert Check Point certified support partner (CSP), which allows Internet Gold to serve all Check Point customers in the region.
Tel Aviv-based Tescom Software Systems Testing Ltd., a provider of independent quality assurance and software testing, appointed Philip Serlin its Vice-President, Finance as of January 8. US-born Serlin will succeed Ronen Zalayet who is leaving to pursue other interests.
Nortel and Belgian company Option N.V. have completed the industry's first successful demonstration of live HSDPA data card calls to reach a wireless transmission rate of 3.6Mbps, faster than the majority of current broadband connections. The calls included successful 'real-world' tests with a laptop placed in a moving vehicle to illustrate the suitability of mobile wireless broadband for high quality, live TV, High Definition video on demand, MP3 download as well as new applications for the mobile work force.