MTS Announces Sale of its Interest in cVidya Networks Inc. as Part of the Company's Decision to Sell Non-Core Assets
04 Février 2008 - 2:00PM
PR Newswire (US)
RA'ANANA, Israel, February 4 /PRNewswire-FirstCall/ -- MTS - Mer
Telemanagement Solutions Ltd. (Nasdaq Capital Market: MTSL), a
global provider of business support systems (BSS) for comprehensive
telecommunication management and customer care & billing
(CC&B) solutions, today announced that it has completed the
sale of its ownership interest in cVidya Networks Inc. MTS is
expected to receive total proceeds of approximately US$600,000 for
the sale. The Company will record a capital gain of approximately
$380,000 as a result of this transaction. This sale is part of the
Company's plan to improve its liquidity by selling non-core assets
in which significant synergies or added values no longer exist.
This sale and the sale of the Company's 50% ownership interest in
Jusan S.A., a Spanish affiliate, during the fourth quarter of 2007
have generated total proceeds of approximately $1,600,000. Mr.
Eytan Bar, MTS's CEO, commented "The sale of our ownership interest
in cVidya Networks Inc. is the second step of our restructuring
plan and efforts to improve our Company's working capital. Together
with the $750,000 investment of Mr. Lior Salansky, which is
expected to close this week, the Company has strengthened its cash
position and is now able to focus on its search for new
opportunities and in expanding its core business." About MTS Mer
Telemanagement Solutions Ltd. (MTS) is a worldwide provider of
innovative solutions for comprehensive telecommunications expense
management (TEM) used by enterprises, and for business support
systems (BSS) used by information and telecommunication service
providers. Since 1984, MTS Telecommunications' expense management
solutions have been used by thousands of enterprises and
organizations to ensure that their telecommunication services are
acquired, provisioned, and invoiced correctly. In addition, the
MTS's Application Suite has provided customers with a unified view
of telecommunication usage, proactive budget control, personal call
management, employee cost awareness and more. MTS's solutions for
Information and Telecommunication Service Providers are used
worldwide by wireless and wireline service providers for
interconnect billing, partner revenue management and for charging
and invoicing their customers. MTS has pre-configured solutions to
support emerging carriers of focused solutions (e.g. IPTV, VoIP,
MVNO) to rapidly install a full-featured and scaleable solution.
MTS's unique technology reduces integration risks and lessens
revenue leakage by using the very same system to manage retail and
wholesale business as well as supporting multiple business units.
Total cost of ownership (TCO) is reduced by providing web-based
customer self-care and provisioning. Headquartered in Israel, MTS
markets its solutions through wholly owned subsidiaries in the
United States, Hong Kong, The Netherlands, and Brazil, as well as
through OEM partnerships with Siemens, Phillips, NEC and other
vendors. MTS shares are traded on the NASDAQ Capital Market (symbol
MTSL). For more information please visit the MTS web site:
http://www.mtsint.com/. Certain matters discussed in this news
release are forward-looking statements that involve a number of
risks and uncertainties including, but not limited to, risks in
product development plans and schedules, rapid technological
change, changes and delays in product approval and introduction,
customer acceptance of new products, the impact of competitive
products and pricing, market acceptance, the lengthy sales cycle,
proprietary rights of the Company and its competitors, risk of
operations in Israel, government regulations, dependence on third
parties to manufacture products, general economic conditions and
other risk factors detailed in the Company's filings with the
United States Securities and Exchange Commission. Contact: Alon
Mualem CFO Tel: +972-9-762-1733 Email: DATASOURCE: MTS-MER
Telemanagement Solutions Ltd CONTACT: Contact: Alon Mualem, CFO,
Tel: +972-9-762-1733 , Email:
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