Resolution of Dispute
November 27 2007 - 2:03AM
UK Regulatory
RNS Number:5405I
Amiad Filtration Systems Ltd
27 November 2007
27 November 2007
Amiad Filtration Systems Ltd.
("Amiad" or "the Company")
Resolution of Dispute with Yitzhak Orlans
Amiad, the producer and global supplier of water filters and filtration systems
for the industrial, municipal and irrigation markets, announces that it has
resolved its dispute with Yitzhak Orlans, the former president and director of
Amiad USA Inc ("Amiad USA").
Amiad USA has agreed to purchase from Mr Orlans his 18% stake held in that
company for US$1,317,000. In addition, Mr Orlans will receive a one-off payment
of US$80,000.
The purchase of shares takes Amiad's shareholding in its subsidiary from 82% to
100%. The US subsidiary is the largest of Amiad's subsidiaries by reference to
sales, accounting for over 25% of the group's sales.
Enquiries
Amiad Filtration Systems Ltd.
Itamar Eder +972 4 690 9500
Corfin Communications
Harry Chathli, Neil Thapar +44 20 7977 0020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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