Cellcom Israel Ltd. Announces Prepayment of Credit Facility and Private Offering of Debentures in Israel
NETANYA, Israel, Jan. 27 /PRNewswire-FirstCall/ -- Cellcom Israel Ltd. (the "Company") announced that the Company's Board of Directors adopted today the following resolutions as to the Company's debt structure:
(a) to make a voluntary prepayment of all outstanding amounts under the
term loan provided under the Company's credit facility from a bank
syndicate, in the aggregate principal amount of US$140 million
(comprising of approximately US$85 million principal amount
denominated in US$ and approximately NIS 253 million principal amount
denominated in NIS) and thereafter to cancel the term loan and
revolving credit facility (under which no outstanding amounts will
remain) and to terminate the credit facility agreement. Said agreement
includes certain restrictive covenants, including as to maintaining
financial ratios and the distribution of cash dividends by the
Company. The prepayment will be made during March 2008, in accordance
with the terms of the credit facility agreement.
For details on the Company's credit facility, see "Item 5. Operating
and Financial Review and Prospects - B. Liquidity and Capital
Resources - Debt Service - Credit facility from bank syndicate" of the
Company's annual report on Form 20-F for the year ended December 31,
2006 and our report on Form 6-K filed on October 25, 2007.
(b) to prepare for raising between NIS 250 - 600 million through a private
offering of debentures to be conducted in Israel only, by issuing
additional debentures from the existing Series C and/or Series D
debentures, which are listed on the Tel Aviv Stock Exchange, or TASE,
subject to the TASE's approval. The additional debentures will be
subject to certain resale restrictions under the Israeli Securities
Laws. At this stage there is no certainty that the Company will raise
debt and if it does, as to the amount it will raise.
See our reports on Form 6-K filed on September 23 and October 1 and 3, 2007, in relation to the existing debentures.
The two resolutions are not interdependent.
The offering described in this press release, if made, will be made in Israel to residents of Israel only. The said debentures, if issued, will be listed on TASE, will not be registered under the U.S. Securities Act of 1933 and will not be offered or sold in the United States. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any debentures.
Forward looking statement
The information included in this press release contains, or may be deemed to contain, forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968). Said forward-looking statements, relating to the possible private offering are subject to uncertainties and assumptions, including market conditions and our Board of Directors' decision, which will take into account all relevant factors and facts as shall be known when making its decision; the ultimate results could lead to materially different outcome than those set forth above.
About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is the leading Israeli cellular provider; Cellcom Israel provides its 3 million subscribers with a broad range of value added services including cellular and landline telephony, roaming services for tourists in Israel and for its subscribers abroad and additional services in the areas of music, video, mobile office etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates an HSDPA 3.5 Generation network enabling the fastest high speed content transmission available in the world, in addition to GSM/GPRS/EDGE and TDMA networks. Cellcom Israel offers Israel's broadest and largest customer service infrastructure including telephone customer service centers, retail stores, and service and sale centers, distributed nationwide. Through its broad customer service network Cellcom Israel offers its customers technical support, account information, direct to the door parcel services, internet and fax services, dedicated centers for the hearing impaired, etc. In April 2006 Cellcom Israel, through Cellcom Fixed Line Communications L.P., a limited partnership wholly-owned by Cellcom Israel, became the first cellular operator to be granted a special general license for the provision of landline telephone communication services in Israel, in addition to data communication services. Cellcom Israel's shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For additional information please visit the Company's website http://investors.ircellcom.co.il/
Cellcom Israel Ltd.
CONTACT: Shiri Israeli, Investor Relations Coordinator of Cellcom Israel
Ltd., +972-52-998-9755, investors@cellcom.co.il; or Investor Relations, Ehud
Helft, +1-866-704-6710, ehud@gkir.com, or Ed Job, +1-646-213-1914,
ed.job@ccgir.com; both of CCGK Investor Relations
Web site: http://investors.ircellcom.co.il/
Bill Gates Announces Microsoft Partnerships Aligned to Arab Region Quest for Social and Economic Development
ABU DHABI, United Arab Emirates, January 27 /PRNewswire/ --
- New research shows Microsoft-related businesses make more than US$15
for every US$1 Microsoft earns.
Today at the Government Leaders Forum-Arabia in Abu Dhabi, United Arab
Emirates, Microsoft Chairman Bill Gates highlighted the transformative power
of education and the critical role public-private partnerships and
information and communication technology (ICT) play to create a strong,
vibrant economy across the region. During his keynote address, Gates
announced a partnership with the Mohammed Bin Rashid Foundation to enhance
research and knowledge creation in the Arab world; the results of a new study
by IDC underscoring the impact of ICT on the region's economy; and a renewed
five-year commitment to the Partners in Learning programme that aims to
significantly expand its impact worldwide, reaching up to three times as many
students, teachers and schools.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)
"Technology has touched millions of lives and played a significant role
in fostering economic development across the region," Gates said.
"Microsoft's goal is to work in close partnership with governments and
partner organisations to help them use technology to accelerate social and
economic development. This Government Leaders Forum is a great opportunity
for leaders from the public and private sectors to discuss the critical
issues they face and create a road map for moving forward together."
Research Underscoring Impact of Information Technology on Arab Region's
Economy
In the next four years, the region's IT sector (in this case comprising
Egypt, Jordan, Kuwait, Oman, Pakistan, Qatar, Saudi Arabia, Turkey and UAE)
will generate more than 210,000 new jobs and account for the creation of more
than 4,100 new IT companies, according to a new study by IDC. The research
highlighted that in 2007 Microsoft-related activities were responsible for 57
per cent of the region's IT employment.
"Today, technology is a key factor for economic, social and technological
progress, and for the sustainability of economies all over the world," said
Jyoti Lalchandani, vice president and regional managing director, IDC Middle
East and Africa. "The IDC research underscores what we've always known to be
true, that software provides a disproportionate contribution to a vibrant IT
economy. It also shows the significant contribution made by the Microsoft
ecosystem, especially in the creation of local businesses and local jobs."
The research, which was commissioned by Microsoft, examined the IT
industry's impact on local job creation, company formation and tax revenues
in 82 countries, representing 99.5 per cent of the total technology spending
worldwide. IDC found that the Microsoft ecosystem -- defined as people
working at IT companies and IT professionals who create, sell or distribute
products that run on Microsoft platforms -- plays a key role in driving the
IT industry's overall contribution to job growth and economic development.
The study also found that Microsoft serves as an economic catalyst in
every country in which it operates. The revenues earned by companies working
with Microsoft far exceed the revenues earned by Microsoft itself. The
research found that for every US$1 that Microsoft earns in 2007, companies
working with Microsoft in the region will earn US$15.56. In addition, in 2007
Microsoft's ecosystem in the region generated more than US$7.9 billion in
revenues, and in 2008 will invest US$1.3 billion in research development,
marketing, sales and support in local economies.
Public Private Partnerships Transform Education and Skills Training
To sustain this economic growth, a high-quality education is fundamental
to the social and economic prosperity of the region. Microsoft is deeply
committed to collaborating with education partners around the world to
provide relevant, high-quality learning experiences that enable students and
teachers to achieve their full potential.
Announcing a renewed commitment over the next five years to Partners in
Learning, Microsoft is continuing to provide educators and partners with
resources and training that can best complement classroom technology and
allow students to reach their full potential. The goal of Partners in
Learning is to leverage the transformative power of software to create
innovative educational experiences that bring students and teachers closer
worldwide. Since its launch in 2003, Partners in Learning has touched the
lives of more than 90 million students, teachers, and education policymakers
in 101 countries. Microsoft is aiming to triple the impact of Partners in
Learning, representing a new, five-year US$235.5 million (US) investment,
which will bring the company's total 10-year investment in Partners in
Learning to nearly US$500 million.
Students, teachers, educators and governments already impacted by
Microsoft's commitment to the Partners in Learning programme can be found
across the Arab world. One such teacher is Maha Al Shakhshir, a biology
teacher from Jordan's Jellol Secondary School in the Middle Bedouin District
and a past recipient of the Secondary School Content award at a Partners in
Learning Innovative Teachers Forum (ITF). She has attended several regional
and global ITF events in recent years and says the opportunity to collaborate
with teachers globally has a positive impact on her time in the classroom.
"Teachers all over the world face the same challenges as I do each day.
Our role as educators is to prepare our students for the outside world,"
Shakhshir said. "Integrating the power of technology with our curriculum can
improve the quality of life and economic vitality of our community by
preparing our students for the future."
Other successful regional Partners in Learning programmes include
Bahrain's Ministry of Education, which partnered with Microsoft to train
teachers in ICT skills to use their new technology knowledge to teach their
students. To date 1,000 teachers have been trained in ICT skills, in turn
training a further 10,000 teachers.
Similarly, Egypt's Ministry of Education and Microsoft partnered to train
more than 50,000 teachers. In Qatar, Al-Bayan Educational Complex for Girls
was a founding member in Microsoft's Innovative Schools two-year programme
with the goal of transforming the school into a model for successful
21st-century education. This programme will equip girls with the skills they
need to participate successfully in Qatar's work force and continue to
increase the number of women making a significant contribution to the
country's growth as a knowledge economy.
Additional Emphasis on Supporting Education
The region has established a variety of programmes and partnerships to
transform education and to satisfy the diverse needs of everyone involved in
education -- from policymakers and ministries of education to university
administrators, teachers, students and their parents. Today's highlights
include the following:
-- A strategic partnership between the Mohammed Bin Rashid Foundation and
Microsoft to enhance research, knowledge creation and the
infrastructure of higher education across the Arab world. Microsoft
will support the foundation by designing and implementing a state-of-
the-art technology platform in the Arab world establishing a
collaborative research and knowledge creation environment. The
platform will make it easy for professors, researchers and academic
institutions to communicate with each other and exchange research and
other knowledge.
-- A special training programme organised by Microsoft, with the
cooperation of the Qatar government's Internal Security Force, focused
on developing the IT skills and ambitions of the female work force.
Female graduates will be able to complete the course in four months,
on a full-time basis. Employees who complete their courses will
receive certification, which ultimately enables them to become
certified developers.
-- An agreement between Dr Rawiyah bint Saud Al Busaidiyah, minister for
Higher Education, and Dr Salim Sultan Al Ruzaiqi, chief executive
officer of Oman's Information Technology Authority, and Microsoft to
provide advanced online services to 650,000 high-school students
across Oman. As part of the live@edu initiative, the new solution will
provide a free e-mail service, messaging services, 5 GB of storage and
up to 1 GB of password-protected online storage space, automatic
e-mail reply, and IP address white listing.
-- A partnership between Dubai Cares and Microsoft to establish
community-based e-learning hubs to provide students and teachers with
access to technology and help develop their knowledge and skills for
the 21st-century workplace. The goal of the digital initiative
includes significantly raising the level of ICT literacy among parents
and school staff in close collaboration with educational organisations
and partners.
- An agreement has been signed between the public universities in
Jordan under the Jordanian Universities Network (JUNet) and Microsoft
to deploy Windows Live@edu as an e-mail service for all of its
students, encompassing 10 universities and 150,000 students. Each
student will have a mailbox of 5GB available to them, which will be
active after graduation to help them stay connected with colleagues
and fellow alumni. Live@edu is particularly appealing both to the
universities and the students because it is easy to use and works with
devices and technologies already familiar to students.
Technology Working for Governments
Local and regional governments have a strong need to collaborate and
share their intellectual property and best practices with one another.
However, the common barriers include a lack of government workers with the
necessary IT skills for successful e-government development and project
management, low PC ownership and usage, inadequate IT infrastructure, funding
shortages and lack of proper legislative frameworks. Microsoft believes
technology can help meet these challenges, and achieve greater operational
efficiency through greater collaboration and innovation.
The Dubai School of Government (DSG), a research and teaching institution
focusing on public policy in the Arab world, has taken the lead in overcoming
these barriers. To share resources and reduce time and costs through
collaboration, DSG worked with Microsoft to adopt the Solutions Sharing
Network (SSN) programme. The global programme helped create a virtual
community that leveraged an e-government portal to facilitate the sharing of
best practices and knowledge.
"It [the portal] will serve as a platform for more effective
communication among nations and regional government leaders, which will
ultimately result in an enhanced and sustained e-governance of the Arab
world," said HE Nabil Ali Alyousuf, executive president of the DSG. "We hope
the upgraded portal will enrich regional academic research on e-government,
tackle e-governance barriers faced by Arab countries, and empower
decision-makers in the region to develop e-government initiatives supporting
reform and good governance."
Additional information on today's announcements is available on
Microsoft's EMEA Press Centre website at
http://www.microsoft.com/emea/presscentre.
About IDC Economic Impact Study Methodology
This study applies IDC's Economic Impact Model, which assesses the IT
industry's impact on job creation, company formation, local IT spending, and
tax revenues in addition to assessing Microsoft's partner ecosystem. The
study's spending figures accounted for hardware, software, services and data
networking expenditures by consumers, businesses, governments and educational
institutions within each country. Tax revenue figures were based on potential
VAT or sales tax revenues from the sale of hardware, software, or services,
as well as business and personal income taxes and social taxes. IT employment
included the number of people employed (full-time equivalent) in hardware,
software, services or channel firms, and those individuals managing IT
resources in an IT-using organisation (eg, programmers, help desk, IT
managers). All data was cross-checked against published information and
census data available from government sources and validated by local
government officials. For information about how to obtain a copy of this
report please visit
http://www.microsoft.com/About/CorporateCitizenship/Citizenship/EconomicImpact
About Partners in Learning
Partners in Learning is a global initiative that builds partnerships with
governments and schools in an effort to help teachers better integrate
technology throughout the learning process, so they and their students are
empowered to excel. To date, Partners in Learning has been successful because
of the thousands of dedicated and passionate teachers, school leaders, and
education policymakers who have embraced the programme and have been willing
to take action toward real change, in the culture of their schools and the
way children learn. Through this initiative, Microsoft works with government
leaders and ministries of education to offer a spectrum of dynamic
educational resources - including tools, programmes and practices - which
help educators and students develop and share knowledge and practices,
extending learning opportunities and enabling students and teachers to
achieve their academic goals. More information can be found at
http://www.microsoft.com/education/partnersinlearning.mspx.
About Microsoft
Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in
software, services and solutions that help people and businesses realise
their full potential.
About Microsoft EMEA (Europe, Middle East and Africa)
Microsoft has operated in EMEA since 1982. In the region Microsoft
employs more than 16,000 people in over 64 subsidiaries, delivering products
and services in more than 139 countries and territories.
This material is for informational purposes only. Microsoft Corp
disclaims all warranties and conditions with regard to use of the material
for other purposes. Microsoft Corp shall not, at any time, be liable for any
special, direct, indirect or consequential damages, whether in an action of
contract, negligence or other action arising out of or in connection with the
use or performance of the material. Nothing herein should be construed as
constituting any kind of warranty.
Web site: http://www.microsoft.com/emea/presscentre
Microsoft
Microsoft EMEA Response Centre, +44-870-243-0515, emearesponse@waggeneredstrom.com ; NOTE TO EDITORS: If you are interested in viewing additional information on Microsoft in EMEA, please visit http://www.microsoft.com/emea or the EMEA Press Centre at http://www.microsoft.com/emea/presscentre. Web links, telephone numbers and titles were correct at the time of publication, but may since have changed. For additional assistance, journalists and analysts may contact appropriate contacts listed at http://www.microsoft.com/emea/contactus. If you are interested in viewing additional information on Microsoft Corp, please visit the Microsoft web page at http://www.microsoft.com/presspass on Microsoft's corporate information pages. ; Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO , AP Archive: http://photoarchive.ap.org , PRN Photo Desk, photodesk@prnewswire.com
Elbit Systems to Supply Royal Netherlands Army (RNLA) Advanced Battlefield Management System (BMS) Valued at Approximately $40 Million
HAIFA, Israel, Jan. 27 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. announced that it has been awarded a contract from the Netherlands MoD for the supply of advanced Battlefield Management Systems -- BMS. Elbit Systems won the contract, scheduled to be completely delivered over five years, following an international tender participated by several of the leading defense companies in the world.
Elbit Systems will supply systems to the Royal Netherlands Army's (RNLA) Ground Forces that will include Enhanced Tactical Computers -- ETCs, incorporating Tactical Communication Devices, and Data Communication Software. The systems will be installed in more then 1800 of the RNLA's vehicles, including tanks, armoured vehicles and others. The project involves extensive cooperation with the Netherlands MoD's C2 Support Centre.
Defense Secretary of State said in his announcement to the Dutch Parliament that the Battlefield Management System delivered to the RNLA's Ground Forces will provide an integrated- and actual view of the situation in the operation area, improving operational effectiveness of the forces.
Bezhalel (Butsi) Machlis, Corporate VP & General Manager Land Systems & C4I Division, Elbit Systems said: "Winning the tender to supply Battlefield Management Systems to the Netherlands MoD constitutes another step in establishing our position as leader in the C4I fast growing and developing market. Elbit Systems' BMS systems are in use today by over 20 militaries worldwide and we view this contract awarded by the Netherlands MoD, a leading country in NATO, as a springboard to potential future business in this market."
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of defense-related programs throughout the world. The Elbit Systems Group, which includes the company and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned air vehicle (UAV) systems, advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios. The Group also focuses on the upgrading of existing military platforms and developing new technologies for defense, homeland security and commercial aviation applications.
Contacts:
Company Contact:
Joseph Gaspar, Corporate VP & CFO
Dalia Rosen, Director of Corporate Communications
Elbit Systems Ltd
Tel: +972-4-8316663
Fax: +972-4-8316944
E-mail: gspr@elbit.co.il
daliarosen@elbit.co.il
IR Contact:
Ehud Helft / Kenny Green
G.K. Investor Relations
Tel: 1-646-201-9246
Fax: +972-3-607-4711
E-mail: info@gkir.com
This press release contains forward-looking statements (within the meaning of section 27a of the securities act of 1933, as amended and section 21e of the securities exchange act of 1934, as amended) regarding Elbit Systems Ltd. and/or companies in the Elbit Systems Group, to the extent such statements do not relate to historical or current fact. Forward looking statements are based on management's expectations, estimates, projections and assumptions. Forward-looking statements are made pursuant to the safe harbor provisions of the private securities litigation reform act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results, performance and trends may differ materially from these forward- looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Elbit Systems Group operates or sells, including Israel and the united states among others; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all- inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on form 20-f, which is on file with the U.S. securities and exchange commission. All forward-looking statements speak only as of the date of this release. Elbit Systems does not undertake to update its forward- looking statements.
Elbit Systems Ltd.
CONTACT: Joseph Gaspar, Corporate VP & CFO, gspr@elbit.co.il, or Dalia
Rosen, Director of Corporate Communications, daliarosen@elbit.co.il, both of
Elbit Systems Ltd., +972-4-8316663, or fax, +972-4-8316944; IR Contacts: Ehud
Helft or Kenny Green, both of G.K. Investor Relations, +1-646-201-9246, or
fax, +972-3-607-4711, info@gkir.com, for Elbit Systems Ltd.
