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Article: Arel Communications & Software Limited Closes Investments by Poalim Investments Limited and Marathon Capital Development Fund.
- Article from:
- Business Wire
- Article date:
- June 22, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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YAVNE, Israel--(BUSINESS WIRE)--June 22, 1998--Arel Communications and Software Limited (NASDAQ NMS--ARLCF, ARLWF) announced today that it has closed previously announced investment agreements with Poalim Investments Limited (formerly Investment Company of Bank Hapoalim) ("PIL") and Marathon Capital Development Fund Limited ("Marathon"). PIL has purchased 609,524 shares of Arel at a purchase price of $3.50 per share, or an aggregate purchase price of $2,133,334. Marathon, a 10% shareholder of Arel, has purchased additional 85,714 shares of Arel at a purchase price of $3.50 per share, or an aggregate purchase price of $300,000.
In connection with these transactions, ...