Pointer Telocation Announces Market Maker Appointment
December 28 2006 - 9:59AM
PR Newswire (US)
GIVATAYIM, Israel, December 28 /PRNewswire-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 has entered
into an agreement for Market Making in Israel in Pointer's
securities with Clal Finance Batucha Investment Management Ltd.
("Clal Finance"), in accordance with the Tel Aviv Stock Exchange
Regulations. The Agreement, which is conditional upon receipt by
Clal Finance of the authorization from the Tel Aviv Stock Exchange,
appoints Clal Finance to act as a market maker, for a period of one
year, in connection with the trading of Pointer's ordinary shares
on the Tel Aviv Stock Exchange. In order to provide liquidity for
Clal Finance's market making operation, the controlling
shareholder, DBSI Investments Ltd., will make available 10,000
Ordinary Shares of Pointer, by lending them to Clal Finance. Yossi
Ben Shalom, Chairman of the Board of Directors, commented "We have
appointed Clal Finance as a Market Maker, further to the dual
listing of the Company's shares on the Tel Aviv Stock Exchange, to
further contribute to the liquidity of the Company's shares." 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 Pointer's 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 company's concentration on one
industry in limited territories, decline in demand for the
company's 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 company's 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: Yael
Nevat Commitment-IR.com Tel: +972-3-611-4466 E-mail: DATASOURCE:
Pointer Telocation Ltd CONTACT: Contact: Ronen Stein, V.P. and
Chief Financial Officer , Tel.:+972-3-572-3111, E-mail: . Yael
Nevat, Commitment-IR.com, Tel: +972-3-611-4466, E-mail:
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