Polar in Chinese joint venture

Initially Dragon would raise $10m. for investment in one technology and one medical technology company.

Polar Communications entered a Chinese-Israeli venture with the potential of raising $100 million to invest in Chinese technology companies and government export companies put up for privatization. Under the agreement, Polar, the main investor of an Israeli consortium, would own 60 percent of Dragon, the joint investment company, while the Shanghai State Science & Technology Institute (SSTI) would own the rest. Initially Dragon would raise $10m. for investment in one technology and one medical technology company. If successful, Dragon would raise another $90m., of which 60% will be put up by the Israeli consortium and 40% by SSTI.