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News and Information Article
GIVATAYIM, Israel, December 28 /-FirstCall/ -- Pointer
Telocation Ltd. (Nasdaq Capital Market: PNTR), a leading provider of
services to insurance companies and car owners, including road-side
assistance, towing and stolen vehicle retrieval services in Israel,
Argentina and Mexico, today announced it is raising $4,675,000 from Israeli
institutional investors by means of a private issuance of 425,000 ordinary
shares at a price per share of $11. The investors in the private placement
will also be issued warrants to purchase 212,500 ordinary shares of the
company, such that for each one share purchased the investors shall be
entitled to a warrant to purchase half a share. The warrants will be
exercisable into ordinary shares of the company, at an exercise price per
share of $13 and will be exercisable for a period of four years.
The issuance of the shares and the warrants is subject to regulatory
approvals.
Yossi Ben Shalom, Chairman of the Board of Directors, commented "The
capital raised through the private placement will allow Pointer to
implement its growth strategy through acquisitions and broadening the
companys lines of services as was published last week."
About Pointer Telocation: Pointer Telocation Ltd
http://www.pointer.com provides range of services to insurance companies and
automobile owners, including road-side assistance, vehicle towing, stolen
vehicle retrieval, fleet management and other value added services. Pointer
Telocation provides services, for the most part, in Israel, through its
subsidiary Shagrir and in Argentina and Mexico through its local
subsidiaries. Independent operators provide similar services in Russia and
Venezuela utilizing Pointers technology and operational know-how.
Safe Harbor Statement
This press release contains forward-looking statements with respect to
the business, financial condition and results of operations of Pointer and
its affiliates. These forward-looking statements are based on the current
expectations of the management of Pointer, only, and are subject to risk
and uncertainties relating to changes in technology and market
requirements, the companys concentration on one industry in limited
territories, decline in demand for the companys products and those of its
affiliates, inability to timely develop and introduce new technologies,
products and applications, and loss of market share and pressure on pricing
resulting from competition, which could cause the actual results or
performance of the company to differ materially from those contemplated in
such forward-looking statements. Pointer undertakes no obligation to
publicly release any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. For a more detailed description of the
risks and uncertainties affecting the company, reference is made to the
companys reports filed from time to time with the Securities and Exchange
Commission.
Contact:
Ronen Stein, V.P. and Chief Financial Officer
Tel.: +972-3-572-3111
E-mail: ronens@pointer.com
Yael Nevat, Commitment-IR.com
Tel: +972-3-611-4466
E-mail: yael@commitment-IR.com
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