Electronics co Aryt acquires Tadsec stake, Medis assets

Aryt Industries is expanding its defense manufacturing activities through the acquisitions.

Aryt Industries Ltd. (TASE:ARYT), which manufactures and markets sophisticated electronics and electro-optics products for the military market, is expanding its defense activities. The company announced today that it has signed a loan agreement for NIS 9.5 million in exchange for acquisition of 41% of Tadsec Homeland Securities Ltd. and 50% of the IP and assets of Medis Technologies Ltd. (Nasdaq: MDTL) bankrupt subsidiary Mor Technologies.

The deal is subject to approval by the receiver and courts.

Aryt Industries co-CEO Uri Waldiger said, "To our joy we have partners with high technological capabilities ripe for immediate marketing and we believe that together we can expand Tadsec's activities and enter the batteries technologies market."

Tadsec, which formerly belonged to Tadiran Communications Ltd., and is today privately owned, provides command and control centers for protecting regions and company complexes. Medis, whose IP, manufacturing and assembly equipment was recently privately acquired by Tadsec, develops and manufactures fuel cell battery technologies that significantly extends a battery's life. Aryt and Tadsec will set up a jointly owned subsidiary Medicell to develop the batteries.

With the latest acquisition, Aryt Industries becomes a holding company whose holdings include Reshef Technologies, Tadsec and Medicell.

In late afternoon trading on the TASE today, Aryt Industries share price was up 2.79% to NIS 1.18.

Published by Globes, Israel business news - www.globes-online.com - on September 21, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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