CORRECTING and REPLACING EMG’s Gas Supply To Israel - Update
May 16 2011 - 4:47PM
Business Wire
Please replace the release with the following
version.
EMG’S GAS SUPPLY TO ISRAEL - UPDATE
Ampal-American Israel Corporation (Nasdaq: AMPL), a holding
company in the business of acquiring and managing interests in
various businesses, announced today that it has been advised by
East Mediterranean Gas Co.("EMG"), in which Ampal has a 12.5%
interest, that the technical repair work to the gas valve station
that was damaged by an attack on April 27, 2011 and is owned and
operated by the Egyptian gas transport company, has been completed
and that the site is technically ready for gas transmission. Ampal
had previously disclosed the attack on the valve station on April
27, 2011.
Furthermore, EMG was advised that the government of Egypt has
been implementing additional security measures for securing its gas
transportation system in the Sinai from further attacks.
EMG was also advised that gas deliveries to Jordan, Syria,
Lebanon, Israel and Egyptian industrial and electric facilities in
the Sinai, will resume once these security measures have been fully
implemented. EMG was informed that these measures are expected to
be completed and gas deliveries are expected to resume by the end
of May 2011.
About Ampal:
Ampal and its subsidiaries acquire interests primarily in
businesses located in the State of Israel or that are
Israel-related. Ampal is seeking opportunistic situations in a
variety of industries, with a focus on energy, chemicals and
related sectors. Ampal’s goal is to develop or acquire majority
interests in businesses that are profitable and generate
significant free cash flow that Ampal can control. For more
information about Ampal please visit our web site at
www.ampal.com.
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Certain information in this press release includes
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934) and information relating to Ampal that are
based on the beliefs of management of Ampal as well as assumptions
made by and information currently available to the management of
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forward-looking statements. Such statements reflect the current
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performance of Ampal, the outcome of which is subject to certain
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materially from those anticipated by the forward-looking
statements, including among others, the economic and political
conditions in Israel, the Middle East, including the situation in
Iraq and Egypt, and the global business and economic conditions in
the different sectors and markets where Ampal's portfolio companies
operate. Should any of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results or
outcome may vary from those described herein as anticipated,
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