Arel (NASDAQ:ARLC)
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From May 2019 to May 2024
Arel Communications and Software (NASDAQ: ARLC),
technology leader in integrated voice, video and web communications
for interactive conferencing, collaboration and training applications,
today announced that the previously announced going private
transaction was approved at a special meeting of the Company's
unaffiliated shareholders. The transaction was approved by 92.7% of
the shareholders voting in person or by proxy.
As previously announced, the approved plan entails the repurchase
of all of Arel's outstanding shares from its shareholders at a price
of $1.50 per share, with Mr. Clayton Mathile and certain directors,
officers and founders of the Company remaining as shareholders.
The Company today applied for a final order from the Tel Aviv
District Court for the approval of the transaction, in accordance with
Israeli law. As described in the definitive proxy statement for the
meeting, objections to the transaction may be filed with the Tel-Aviv
District Court by no later than March 12, 2006. The Company
anticipates the Court will issue a final order on March 12, 2006, or
soon after.
If the proposed transaction is effected as proposed, Arel expects
to have fewer than 300 shareholders of record. In such case, Arel
would terminate the registration of its ordinary shares under the
Securities Exchange Act of 1934, as amended, delist its ordinary
shares from the Nasdaq Capital Market and cease filing reports and
other information with the Securities and Exchange Commission (SEC).
A copy of the definitive proxy statement is attached as Exhibit
(a)(5) to the Schedule 13E-3 (Amendment No. 3) filed with the United
States Securities and Exchange Commission on January 27, 2006. The
Schedule 13E-3 is available at the web site maintained by the SEC at
http://www.sec.gov.
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, the receipt of corporate
and third party approvals, obtaining the financing to carry out the
proposed plan, 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.