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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO.1 ON
FORM 8-K/A TO
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) DECEMBER 22, 1999
DATA SYSTEMS & SOFTWARE INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 0-19771 22-2786081
(State or Other Jurisdiction (Commission file Number) (IRS Employer
of Incorporation) Identification No.)
200 Route 17, Mahwah, New Jersey 07430
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (201) 529-2026
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Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
On December 22, 1999, the Registrant entered into a definitive agreement to
sell all of its interest in Tower Semiconductor Ltd. to Israel Corp. Ltd., a
publicly-held Israeli holding company, for approximately $30,889,000. The
transaction closed on January 25, 2000. Pursuant to the agreement, DSSI may be
entitled to receive up to an additional approximately $2,400,000 to the extent
that Israel Corp. sells Tower shares (other than in unsolicited market
transactions or in a sale or transfer to an affiliate) during 2000, at a sales
price in excess of $11.00 per share.
The purchase price and the other terms of the transaction were determined
by arms-length negotiations between Israel Corp. Ltd. and the Registrant.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized, in the Township of
Mahwah, State of New Jersey, on March 2, 2000.
DATA SYSTEMS & SOFTWARE INC.
BY: /s/ Yacov Kaufman
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VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
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