Arel (NASDAQ:ARLC)
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From Jul 2019 to Jul 2024
Arel Communications and Software Ltd. (NASDAQ CM: ARLC),
technology leader in integrated voice, video and web communications
for interactive conferencing, collaboration and training applications,
today announced the completion of its going-private transaction. The
transaction was approved at a special meeting of the Company's
unaffiliated shareholders and by the Tel-Aviv District Court, Israel,
in accordance with Israeli law.
Under the terms of the going-private transaction, the Company will
repurchase each of its outstanding shares (other than certain shares
held directly or indirectly by Clayton Mathile and certain directors,
officers and founders of the Company) at a price of $1.50 per share,
without interest. As soon as practicable, the Company's Paying Agent
will send all shareholders of record a letter of transmittal and
instructions advising shareholders how to surrender their certificates
and receive payment for their shares. If shares are held through an
intermediary, shareholders should contact that intermediary for
instructions and assistance in receiving payment for those shares.
American Stock Transfer and Trust Company is acting as the Company's
Paying Agent under the going-private transaction.
As a result of the completion of the going-private transaction,
Arel has fewer than 300 shareholders of record. Consequently, the
Company today filed a Form 15 with the SEC in order to deregister its
ordinary shares and to cease filings as a reporting company under the
Securities Exchange Act of 1934, as amended, and has requested the
delisting of its ordinary shares from the Nasdaq Capital Market, each
effective March 13, 2006.
About Arel Communications and Software:
Arel Communications and Software is a leader in conferencing and
collaboration solutions. Arel is focused on enhancing communications,
facilitating workgroup collaboration and driving productivity in the
enterprise. By providing a comprehensive application suite, Arel
Spotlight(TM), for leveraging enterprise networks for rich-media
communications, Arel replicates in-person meetings in the online
environment. Arel's newest solution, Arel Anyware, is an audio-visual
plug-in that establishes true "face-to-face" meetings over the
internet. Requiring only a webcam for full-featured video operability,
users can add video conferencing to any web or IM/Presence application
(such as Microsoft(R) Office Live Meeting(TM)). Combining voice, video
and data conferencing in one easy-to-use Web-based solution, Arel
fosters interactive communications that significantly improve work
environments today. Arel's solutions impact key business processes
such as corporate and marketing communications, distance learning,
product development, customer relationship management, and supply
chain management. Allowing geographically dispersed users to work
together in groups, attend webinars and panel discussions, participate
in training courses, and have one-on-one meetings with customers or
colleagues, from virtually anywhere, Arel Spotlight is a powerful tool
for critical business communications. For more information, visit
www.arelcom.com.
This press release contains forward-looking statements that are
subject to risks and uncertainties. Factors that could cause actual
events or results to differ materially from these forward-looking
statements include, but are not limited to, general business
conditions in the industry, changes in demand for products, the timing
and amount or cancellation of orders and other risks detailed from
time to time in Arel Communications and Software's filings with the
Securities and Exchange Commission. Arel is under no obligation (and
expressly disclaims any such obligation) to update or alter any
forward-looking statements whether as a result of new information,
future events or otherwise.
All trademarks recognized.