Herzliya, Israel – November 15, 2005 – VCON (the “Company”) (Eurolist by Euronext Paris S.A.-ISIN CODE: IL 00 108 30540), today announces that, further to its previous press release dated October 20, 2005, in which the Company gave notice of the results of the Annual General Meeting of the Company held on September 22, 2005 pertaining, among others, to the approval by the shareholders of Company of the Agreement between the Company and Emblaze VCON Ltd. (the "Agreement"), the closing of the Agreement ( the “Closing”) has taken place.
As a result of the Closing, and as the Company has published in previous press releases, the Company is not expected to have any assets and/or cash to be distributed to its shareholders nor to have funds to enable further operation of the Company.
Nevertheless, seeing that the Agreement was intended, as was previously published, to enable the Company to maximize the satisfaction of its debts and obligations to creditors of the Company (whereas no residue is expected to be left for distribution to the Company’s shareholders and/or to enable further operation of the Company) and in view of the fact that, according to the Agreement, the Company is not entitled to operate in most of the businesses in which it operated prior to the execution of the Agreement, the Company decided to, further to completion of the satisfaction of all of its debts, and prior to deciding on its winding up, explore any possible benefit to shareholders that may arise from its current status.
The Company will inform the shareholders of any such resolutions with regard to potential winding up and/or any other alternative routes, if and when such resolutions are adopted. |
