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Tuesday November 14, 1:38 pm Eastern Time
Magic Software Enterprises Becomes First Company to Take Advantage of Fast-Track Dual Listing in Tel Aviv
Magic Shares To Begin Trading On The Tel Aviv Stock Exchange On Thursday
IRVINE, Calif.- (BUSINESS WIRE)- Magic Software Enterprises (Nasdaq:MGIC - news), Tuesday announced that it will become the first company to take advantage of new regulations allowing the fast-track dual listing on the Tel Aviv Stock Exchange of Israeli companies whose shares currently trade only on U.S. capital markets.
Shares of Magic, which is listed on Nasdaq, will begin trading on the Tel Aviv Stock Exchange on Thursday.
In a move designed to boost volume and liquidity, Israel's parliament last July approved measures to allow Israeli companies traded in the United States to also list in Tel Aviv without additional reporting. Under the new regulations, U.S. listed Israeli companies will be able to report to the Tel Aviv Stock Exchange using the same form required of foreign companies by the U.S. Securities and Exchange Commission. They will not have to translate their financial reports into Hebrew or convert dollars into shekels.
Currently, more than 100 Israeli companies are traded in the United States; however, very few are dual-listed. Formula Systems, Magic's parent company, already trades on both Nasdaq and the Tel Aviv Stock Exchange, but the company had dual-listed before the new regulations went into effect. Magic's sister company, Crystal Systems Solutions, also is expected to dual list.
"Magic is extremely pleased to be the first company to take advantage of the new regulations regarding dual-listing," said Dan Goldstein, chairman of Magic. "We expect this development to increase the volume of Magic trading, making the stock more liquid for investors."
About Magic Software Enterprises
Magic Software Enterprises, a member of the Formula Group (Nasdaq: FORTY - news), develops, markets and supports software development and deployment technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems.
Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries. The company's North American subsidiary is located at 1642 Kaiser Avenue, Irvine, Calif., 92614, telephone 949/250-1718, fax 949/250-7404, http://www.magicsoftware.com.
The Formula Group is an international information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and producing computer-based solutions.
Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the company's most recent annual report and other filings with the Securities and Exchange Commission.
Contact:
Magic Software Enterprises, Irvine
Katharine Hanley, 949/250-1718, ext. 220
khanley@magic-sw.com
 
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