Alvarion (in Receivership) Provides Update on Status of Receivership
ROSH HA'AYIN, Israel, Oct. 24, 2013 (GLOBE NEWSWIRE) -- Alvarion^® Ltd. (in
receivership) (Nasdaq:ALVR) announced today that the District Court of Tel
Aviv – Yaffo granted its request for a second extension to submit the
Company's creditors' plan of settlement by November 6, 2013.
The proposed creditors' plan of settlement will be published in the Israeli
newspapers in conjunction with the Court's approval of the plan. The
creditors' meetings will be held no earlier than 14 days after such date.
Separately, the court approved the continuation of a limited operation plan
for the Company until the end of 2013 in order to complete the execution of
the asset sale agreement with Valley Telecom and maximize the proceeds of the
receivership, including, among others, managing the creditors' plan of
This press release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995. The forward-looking statements contained herein are based largely on
the Company's current expectations and assumptions and are subject to a number
of risks and uncertainties. The Company cautions that trading in its ordinary
shares is highly speculative and poses substantial risks. The Company expects
that following the approval by the District Court of Tel Aviv – Yaffo of the
definitive agreement to sell the Company assets, current shareholders may be
significantly diluted. and/or currently outstanding ordinary shares may have
limited value, and urges extreme caution with respect to any existing or
future investments in its ordinary shares. In addition, there is no guarantee
that the Company will be successful in its appeal before NASDAQ to keep its
ordinary shares listed on NASDAQ and consequently on the Tel Aviv Stock
Exchange. The Company makes no commitment to revise or update any
forward-looking statements to reflect any facts, events or circumstances after
the date any such statement is made that may bear upon any forward-looking
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