Mentergy to Transfer to Nasdaq Small Cap Market; UK IT Training Subsidiary Shuts Down its Operations
RAMAT GAN, Israel, Jul 23, 2002 (BUSINESS WIRE) –Mentergy(TM), Ltd. (Nasdaq:MNTE), a leading global provider of blended e-Learning solutions, announced that it has received the approval of Nasdaq for a transfer to Nasdaq’s Small Cap Market.
The transfer will be effective July 24, 2002. The ticker symbol will remain MNTE.
Mentergy also reported that as part of its strategy to reach profitability it has shut down its IT training activity in the UK, and that it had agreed with the principal secured creditor of its IT training UK subsidiary to place that subsidiary in receivership. The secured creditor and the receiver are making efforts to sell the activities of the subsidiary’s business. The company will not receive any proceeds of such sale, and expects to write-off this investment.
Mentergy will continue to focus on IT training activities in Israel, Turkey, Hungary, Germany and in other markets that show potential growth and profit.
Mentergy, Ltd. (Nasdaq:MNTE), formerly Gilat Communications, Ltd. (Nasdaq:GICOF), is a global e-Learning company, providing e-Learning products, consulting, and courseware development services for large enterprises. With over 21 years of expertise in the learning industry, Mentergy assists businesses worldwide to make a cost-effective shift from traditional learning to a blended e-Learning approach. Mentergy Ltd.’s North American operations comprise the Allen Communication Learning Services division and the LearnLinc Live e-Learning division (Mentergy, Inc.), in addition to John Bryce Training in Israel and Europe, and a global sales and marketing operation that includes Mentergy Europe. Mentergy’s majority-owned subsidiary, Gilat Satcom Systems, supplies VSAT service as well as point to point satellite links, Internet backbone connectivity over satellite, and satellite infrastructure for the e-Learning industry. www.mentergy.com.
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to the Company’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for the Company’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with the Company’s international operations and its location in Israel. For additional information regarding these and other risks and uncertainties associated with the Company’s business, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission.
4, Ha’Chilazon St.
Ramat Gan 52522, Israel