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Fund raising update

Aug 23, 2015

OTC Disclosure & News Service

Ness-Tsiona, Israel -

As for the Companys previous announcements and the approval of the general assembly of the Company's shareholders on July 20th, 2015 regarding fund raising in a way of unusual private placement, the Company announced that the Board of Directors of the Company, in its meeting from August 20th, 2015, decided to grant an investor, which invested $2M in this fund raising round, an extension to transfer the investment amount until September 3rd, 2015. Immediately after this date and subject to transferring the money to the Company, the Company will issue the securities to the investor.

Another investor, which is a foreign fund (herein- "the fund"), which invested $2M in this fund raising round, announced that due to the market fall in Shanghai, the fund ceased from making investments, and therefore it is not able to meet its obligation and participate in the fund raising round.

The Company is in contact with several investors which showed interest in investing in the Company in this fund raising round, and will update in this issue until September 10th, 2015.

The Company wishes to clarify that in any case, the current fund raising amount, without taking into consideration the amounts of the two above mentioned investors, is approximately NIS 42M gross, and this amount is sufficient in order to meet the Company's business goals as stated in the past. 

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