| Business Editors & Technology Writers HERZLIA, Israel(BUSINESS WIRE)Oct. 13, 2002 Crystal Systems Solutions (NASDAQ: CRYS): - Consolidation Creates a Leading Software Modernization Solutions Entity - Strengthens Crystals and Lirazs Presence in Eur | | Business Exchange Crystal Systems Solutions to Combine Forces With Liraz
Systems Ltd.; Crystal to Issue Shares to Liraz Shareholders and...Publication: Date:Sunday, October 13 2002
Subject: Company: Business Editors & Technology Writers HERZLIA, Israel(BUSINESS WIRE)Oct. 13, 2002 Crystal Systems Solutions (NASDAQ: CRYS): - Consolidation Creates a Leading Software Modernization Solutions Entity - Strengthens Crystal's and Liraz's Presence in Europe
and The U.S. Crystal Systems Solutions Ltd. (NASDAQ: CRYS), a global provider of
leading software products and support services for the modernization of
existing information systems, today announced it has received audit
committee and board approval to issue 3, 478, 624 shares to certain
shareholders of Liraz Systems Ltd. (TASE: LIRAZ) in exchange for
5, 809, 302 million shares of Liraz. As a result, these Liraz shareholders
will own approximately 26% of the outstanding shares of Crystal, and
Crystal will own approximately 86% of Liraz. Crystal and Liraz intend to work together in the areas of
marketing, sales and technology development. The closing of the
transaction is subject to the approval of the shareholders of Crystal...
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