ETview in reverse merger with First SBS
ETView has developed a tracheoscope.
Based on a market cap of NIS 6.2 million for First SBS, ETView has a company value of about NIS 8.2 million. The deal is subject to ETView raising $2-3 million in a private placement.
First SBS will lend ETView $500,000, which if the deal is not closed, will be converted into ETView shares at a company value NIS 20 million. The merged company will allot 4.25% of its shares to First SBS controlling shareholder Upswing Capital Ltd., and will make a one-time payment of NSI 3.6 million for consultancy services from Upswing.
First SBS's share fell 11.1% today to NIS 0.658, giving a market cap of almost NIS 6 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
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