Monday November 20, 3:04 pm Eastern Time

Formula Systems (1985) Ltd. and ForSoft Ltd. Announce Final Results of Tender Offer

HERZLIYA, Israel, Nov. 20 /PRNewswire/ -- Formula Systems (1985) Ltd. (Nasdaq: FORTY - news), a leading provider of information technology products, solutions and services, and ForSoft Ltd. (Nasdaq: FORS - news) today announced that the number of ordinary shares of ForSoft validly tendered and not properly withdrawn prior to the expiration of the tender offer (including all shares tendered pursuant to notices of guaranteed delivery), together with the number of shares already owned by Formula, exceeded 95% of the outstanding shares of ForSoft. Accordingly, Formula will purchase all shares tendered in the offer. In addition, as more fully described in the Offer to Purchase, all remaining shares will be transferred to Formula on the same terms as set forth in the Offer to Purchase and will be registered in Formula's name in accordance with Israeli law. Formula intends promptly to close the tender offer, to terminate the registration of ForSoft's shares under the Securities Exchange Act of 1934, and to delist the shares from quotation on the Nasdaq National Market.

ForSoft Ltd. (Nasdaq: FORS - news)

ForSoft Ltd. is a leading provider of large scale Information Technology solutions and services for large organizations in growing vertical markets. The company focuses on e-Business driven IT solutions for the Telecom, Banking, Insurance, Retail and Travel markets. The company integrates Internet and e-Commerce technology across mission critical legacy systems, utilizing its over 18 years accumulated practical full service experience in system integration, software development projects, outsourcing and professional services.

Formula Systems (1985) Ltd. (Nasdaq: FORTY - news)

Formula Systems (1985) Ltd. is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions.