Scailex Receives Notice of Delisting From Nasdaq
September 11 2006 - 6:01PM
PR Newswire (US)
TEL AVIV, Israel, September 11 /PRNewswire-FirstCall/ -- Scailex
Corporation Ltd. (NASDAQ:SCIX)(TASE:SCIX) announced today that it
received notice from the staff of the Nasdaq Stock Market, Inc. on
September 7, 2006 indicating that the Company's ordinary shares
will be delisted from The Nasdaq Global Market at the opening of
business on September 18, 2006. The notice stated that the staff of
the Nasdaq Stock Market, Inc. believes that the Company no longer
has an operating business and is therefore a "public shell". The
staff's determination was based on Nasdaq Marketplace Rules 4300
and 4330(a)(3), which provide generally that Nasdaq may apply more
stringent criteria to preserve and strengthen the quality and
integrity of the Nasdaq Stock Market and grant Nasdaq discretionary
authority over continued inclusion of securities in The Nasdaq
Stock Market even though the securities meet all enumerated
criteria for continued inclusion in Nasdaq or because Nasdaq deems
it necessary to protect investors and the public interest. The
Company's ordinary shares will continue to trade on the Tel Aviv
Stock Exchange and, when delisted from the Nasdaq Global Market,
the Company expects that they may become eligible thereafter for
quotation on the OTC Bulletin Board and/or on the "Pink Sheets",
centralized quotation services that facilitate trading in unlisted
securities. In any event, the Company will continue to be obligated
to file periodic reports with the Securities and Exchange
Commission, including Annual Reports on Form 20-F and periodic
reports on Form 6-K. Scailex Corporation Ltd. Scailex Corporation
Ltd.'s shares trade on Nasdaq and The Tel Aviv Stock Exchange under
the symbol "SCIX". For more information, please visit our Web site
at http://www.scailex.com/. Forward Looking Statements Except for
the historical information herein, the matters discussed in this
news release include forward-looking statements within the meaning
of the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements that are
based on various assumptions (some of which are beyond the
Company's control) may be identified by the use of forward-looking
terminology, such as "may", "can be", "will", "expects",
"anticipates", "intends", "believes", "projects", "potential", "are
optimistic", "view" and similar words and phrases. Actual results
could differ materially from those set forth in forward-looking
statements due to a variety of factors, including, but not limited
to, (1) our absence of significant operations following the sale of
the business of Scailex Vision and uncertainty as to our future
business model and our ability to identify, evaluate and execute
suitable business opportunities, (2) the fact that our U.S.
shareholders may suffer adverse tax consequences if we are
classified as a passive foreign investment company or PFIC, (3)
changes in domestic and foreign economic and market conditions, (4)
the impact of the Company's accounting policies, (5) risks relating
to pursuing strategic alternatives, (6) risks and uncertainties
associated with the tax and accounting consequences of the sale of
the business of Scailex Vision, (7) risks and uncertainties
relating to the Company's plans for its financial assets following
the sale of Scailex Vision, (8) the fact that we may be deemed an
"investment company" under the Investment Company Act of 1940 under
certain circumstances (including as a result of the investments of
assets following the sale of the operations of Scailex Vision),
and/or the risk that we may be required to take certain actions
with respect to the investment of our assets or the distribution of
cash to shareholders in order to avoid being deemed an "investment
company", (9) risks and uncertainties resulting from the sale of
approximately 50% of our outstanding share capital by our former
two principal shareholders to an unaffiliated third party and the
potential impact on the Company and our operations and strategies,
(10) the impact of significant changes in our board of directors
and management resulting from such sale, (11) risks associated with
a delisting of the Company's ordinary shares from Nasdaq and (12)
the other risk factors detailed in the Company's most recent annual
report and other filings with the US Securities and Exchange
Commission, including without limitation, those set forth under
such headings as "Risk Factors" and "Trend Information" in the
Company's Annual Report on Form 20-F. Except as may be required by
law, the Company does not undertake, and specifically disclaims,
any obligation to publicly release the results of any revisions
which may be made to any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances
after the date of such forward-looking statements. Contact Scailex
Corporation Ltd. Yahel Shachar Chief Executive Officer Tel:
+972-3-607-5855 Fax: +972-3-607-5884 E-mail: DATASOURCE: Scailex
Corporation Ltd CONTACT: Scailex Corporation Ltd., Yahel Shachar,
Chief Executive Officer, Tel: +972-3-607-5855, Fax:
+972-3-607-5884, E-mail:
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