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CONTACT: Robert K. Lifton
(212) 935-8484
KCSA Joseph A. Mansi
CONTACT: (212) 682-6300, Ext. 205
[email protected]
www.kcsa.com
FOR IMMEDIATE RELEASE
MEDIS TECHNOLOGIES ANNOUNCES
COMPLETION OF TENDER OFFER FOR MEDIS EL
NEW YORK, June 6, 2000 -- Medis Technologies Ltd. (Nasdaq: MDTL) announced today
that it has accepted for exchange 3,635,397 ordinary shares of Medis El Ltd.
tendered pursuant to Medis Technologies' offer to exchange 1.37 shares of its
common stock for each Medis El ordinary share tendered. The exchange offer
expired as scheduled at 5:00 p.m., eastern time on June 5, 2000.
Based upon a preliminary report from Medis Technologies' exchange
agent, 3,635,397 ordinary shares of Medis El were tendered and not withdrawn,
which constitutes, along with the approximately 64 percent of Medis El already
owned by Medis Technologies, approximately 97.8% of the outstanding ordinary
shares of Medis El. It is contemplated that each holder of ordinary shares not
tendered in the exchange will receive 1.37 shares of Medis Technologies' common
stock upon a proposed statutory merger of Medis El with and into a wholly-owned
subsidiary of Medis Technologies, with the consequence of Medis Technologies
beneficially owning 100 percent of Medis El's ordinary shares. The merger will
be completed as soon as practicable.
"We are pleased at this resounding affirmative response to the exchange
offer," said Robert K. Lifton, Chairman and Chief Executive Officer of Medis
Technologies. "The start of trading of Medis Technologies' shares under the MDTL
symbol completes this chapter in our development. Meanwhile, we continue to work
to achieve our vision for Medis Technologies of `clean energy for the 21st
Century' with significant advances in our fuel cell, toroidal engine, toroidal
compressor and other energy-related technologies. And the CellScan also
continues to see valuable advances. We look forward with excitement to the
future of Medis Technologies."
Medis El, Ltd., founded in 1992, is an Israeli corporation, operating
as a greenhouse for the development of highly advanced, innovative, proprietary
technology products primarily related to sources of clean energy that is seeks
to license, sell, or joint venture with large international corporations. Its
energy related products, in varying stages of development, include fuel cell
technology, toroidal engine and compressor, stirling cycle linear compressor,
reciprocating electrical machine, direct current regulating device, and water
technologies. In
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addition it has developed the CellScan, a static cytometer for sophisticated
cell analysis.
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This report may contain forward-looking statements which are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve risk and uncertainties, included,
but not limited to, the successful completion of product development, the
success of product tests, commercialization risks, availability of financing and
results of financing efforts. Further information regarding these and other
risks is described from time to time in the Company's filings with the SEC.
This release and prior releases are available on the KCSA Public
Relations website at www.kcsa.com.
