HERZLIYA, Israel, June 25, 2008 – Optibase Ltd. (NASDAQ:OBAS) (the "Company" or Optibase"), a leader in advanced digital video solutions today announced that its board of directors resolved on June 25, 2008 to delist the Company's ordinary shares from trading on the Tel Aviv Stock Exchange ("TASE"). Accordingly, the Company requested the TASE to delist its ordinary shares from trading on the TASE.
Under applicable Israeli law, the delisting of the Company's ordinary shares from trading on the TASE will become effective within at least three months from the date hereof, during such time the Company's ordinary shares will continue to trade on the TASE. The Company will announce the exact date for delisting following the TASE's decision on the Company's aforementioned request. Following the delisting of the Company's ordinary shares from the TASE, the Company shall no longer be subject to any reporting requirements in Israel, under the Israeli securities law.
The ordinary shares of Optibase will continue to be listed on the Nasdaq Global Market.
Amir Philips, CFO of Optibase, said, "as most trading in the Company's ordinary shares is made on Nasdaq, local trading volume in Optibase's ordinary shares remained minimal since their listing for trade on the TASE in August 2007. The majority of Optibase's investors are operating in the US market. Accordingly, we concluded that it is in the interest of the Company to delist its ordinary shares from the TASE and focus its efforts on the US market".
About Optibase
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, India and Singapore. 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 our marketing and operations plans. 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, risks related to the video technologies market in general, and the evolving IPTV market in particular, competition, our ability to manage growth and expansion, general economic conditions and other risk factors. 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. The Company does not undertake any obligation to update forward-looking statements made herein
