NETANYA,
Israel,
February 1 /PRNewswire-FirstCall/ -- RADA Electronic
Industries Ltd. (NASDAQ: RADI), announced today that a three (3)-for-one (1)
reverse stock split (the "Reverse Split") and corresponding decrease in the
authorized capital stock of the Company from 49,000,000 ordinary shares, par
value NIS 0.005 to 16,333,333 ordinary shares, par value NIS 0.015 was
approved by the Company's shareholders on
January 29, 2007. The Reverse Split
will become effective at the open of trading on
February 14, 2007 (the
"Effective Date"). The record date for the Reverse Split is
February 13, 2007.
As a result of the Reverse Split, on the Effective Date each holder of
ordinary shares will be entitled to receive one share for each three shares
held immediately prior to the Effective Date. No fractional shares will be
issued.
Promptly after the Effective Date, the Company's transfer agent, American
Stock Transfer & Trust Company, will mail letters of transmittal to the
Company's stockholders on the Effective Date, which will describe the
procedures for surrendering stock certificates in exchange for a new
certificate representing the Company's shares on a post-Reverse Split basis.
In order to receive a new stock certificate, holders of the Company's stock
certificates must deliver their stock certificates and a properly completed
letter of transmittal to the Company's exchange agent, American Stock
Transfer & Trust Company, Inc. Upon receipt of the stock certificates and
properly completed letters of transmittal, the transfer agent will, where
applicable, deliver the new stock certificates to the shareholders of the
Company.
About RADA
RADA Electronic Industries Ltd. is an Israel based company involved in
the military and commercial aerospace industries. The Company specializes in
Avionics systems (Digital Video Recorders, Ground Debriefing Stations, Stores
Management Systems, Flight Data Recorders, Inertial Navigation Systems),
Trainers Upgrades, Avionics systems for the UAV market, and Electro optic
cameras for airplanes and armored vehicles.
Note: Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation Act of
1995. Such statements involve known and unknown risks, uncertainties and
other factors that may cause actual results to differ materially. Such risk
uncertainties and other factors include, but are not limited to, changes in
general economic conditions, risks in product and technology developments,
market acceptance of new products and continuing product demand, level of
competition and other factors described in the Company's Annual Report on
Form 20-F and other filings with the Securities and Exchange Commission.
Company Contact:
Zvika Alon (V.P Business Development)
Tel: +972-9-892-1111
alon_zvika@rada.com
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