Herzliya, Israel, January 1, 2008 — Optibase Ltd. (NASDAQ: OBAS) announced today that it entered into agreements with existing shareholders of Scopus Video Networks Ltd. (NASDAQ: SCOP) to purchase in the aggregate 1,380,000 ordinary shares of Scopus, representing approximately 10% of Scopus' outstanding shares, for an aggregate consideration of approximately $8.6 million. The agreements are subject to customary conditions. The transactions are expected to close in January 2008.
Optibase currently owns 3,725,223 ordinary shares of Scopus, representing approximately 27% of Scopus’ outstanding shares, and, following the consummation of the transactions, would own approximately 37% of Scopus' outstanding shares.
About Optibase Ltd.
Optibase is an Israeli company founded in 1990, whose shares are listed on the Nasdaq Global Market under the symbol “OBAS.” Optibase provides professional encoding, decoding, video server upload and streaming solutions for telecom operators, service providers, broadcasters and content creators. The company’s platforms enable the creation, broadband streaming and playback of high quality digital video. Optibase’s breadth of product offerings are used in applications, such as: video over DSL/Fiber networks, post production for the broadcast and cables industries, archiving; high-end surveillance, distance learning; and business television. Headquartered in Israel, Optibase operates through its fully owned subsidiary in Mountain View, California and offices in Japan, China and India. Optibase products are marketed in over 40 countries through a combination of direct sales, independent distributors, system integrators and OEM partners. For further information, please visit www.optibase.com.
This press release contains forward-looking statements concerning the proposed transaction. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. All forward-looking statements in this press release are made based on management’s current expectations which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. These statements involve a number of risks and uncertainties including, but not limited to, the effect of general economic conditions, political events, litigation and other risks. For a more detailed discussion of these and other risks that may cause actual results to differ from the forward looking statements in this news release, please refer to Optibase’s most recent annual report on Form 20-F. Optibase undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. |
