Koor Industries to Delist Voluntarily from NYSE and Terminate ADR Program
15 Mai 2007 - 12:34AM
PR Newswire (US)
TEL AVIV, Israel, May 14 /PRNewswire-FirstCall/ -- Koor Industries
Ltd. (NYSE & TASE: KOR) announced today that it intends to
delist voluntarily from the New York Stock Exchange (NYSE) and to
terminate its American Depositary Receipt (ADR) program, both
expected to take effect by mid June 2007. Koor further announced
that, when circumstances permit, it intends to terminate the
registration of its ADRs and Ordinary Shares with the U.S.
Securities and Exchange Commission (SEC) as soon as possible
following the delisting from the NYSE, thereby terminating its
obligation to file annual and other reports with the SEC. At this
time, Koor expects such deregistration to take effect not earlier
than the third quarter of 2007. Koor's plan to delist from the NYSE
and deregister its ADRs and Ordinary Shares was made after careful
consideration by its Board of Directors of various factors,
including the following: - the limited number of Koor's U.S.
holders of record; - the low trading volume of Koor's ADR's on the
NYSE and the fact that the vast majority of Koor's shareholders
have chosen to trade the shares on the Tel Aviv Stock Exchange
(TASE); - the ongoing cost of the ADR program; - the high costs
associated with being a reporting company under the U.S. securities
laws, including costs arising from compliance with the provisions
of the Sarbanes-Oxley Act of 2002; - Koor's shares will continue to
trade on the TASE; and - Koor will continue to make public reports
with the Israeli Securities Authority (ISA) and TASE in accordance
with the Israeli securities laws and regulations. Additional
details of the plan of delisting, including the relevant dates and
information to holders of ADR, are expected to be announced
shortly. About Koor Industries Koor Industries is a leading Israeli
holding company, focusing on high-growth, internationally-oriented,
Israeli companies. Koor actively invests in agrochemicals through
Makhteshim Agan Industries; in telecommunications through its
holdings in ECI Telecom, ECTel and Telrad Networks; and in venture
capital through Koor Corporate Venture Capital. Koor's ADSs
(American Depositary Shares) are traded on the New York Stock
Exchange (NYSE:KOR) and Koor's Ordinary Shares are traded on the
Tel Aviv Stock Exchange (TASE:KOR). Company contact IR Contacts
Oren Hillinger, Finance Director Ehud Helft / Kenny Green Koor
Industries Ltd. GK Investor Relations Tel: +972-3-607-5111 Tel:
+1-866-704-6710 Fax: +972-3-607-5110 Fax: +972-3-607-4711 Forward
looking statements in this release involve a number of risks and
uncertainties including, but not limited to, international market
conditions, domestic political factors, technological developments,
ability to finance operations, and other factors which are detailed
in the Company's SEC filings. DATASOURCE: Koor Industries Ltd
CONTACT: Company contact: Oren Hillinger, Finance Director, Ehud
Helft / Kenny Green, Koor Industries Ltd., Tel: +972-3-607-5111,
Fax: +972-3-607-5110, ; IR Contacts, GK Investor Relations, Tel:
+1-866-704-6710, Fax: +972-3-607-4711,
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