Formula Vision sells Clockwork Solutions for $7.65m

Formula will post a NIS 12 million gain.

Formula Vision Technologies Ltd. (TASE: FVT), controlled by Dan Goldstein (55%), is selling its subsidiary Clockwork Solutions for $7.65 million. Formula will sell Clockwork's intellectual property and its US subsidiary Clockwork Ltd. to two US companies, and will post a gain of NIS 12 million.

Clockwork Solutions develops and sells predictive modeling technology, and provides consultancy services to the security industry, among other things for the maintenance of fleets of aircraft. In the past, the company had an R&D center in Herzliya, but in the past two years, it has operated in the US only. Among Clockwork's customers are the US Army and the US Navy, Lockheed Martin, Sikorsky, Bell Helicopter, among many others.

Formula Vision is a listed company that invests in technology. It had sales of NIS 19.2 million in the first quarter, compared with NIS 42.6 million the previous quarter. The company has NIS 40 million cash.

Published by Globes [online], Israel business news - www.globes-online.com - on June 1, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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