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  • BOS to Offer $5.5 Million in Shares on the Tel Aviv Stock Exchange

    October 16, 2006 Timothy Prickett Morgan

    Better On-line Solutions, the Israeli maker of midrange connectivity products, said last week that it has filed a draft prospectus with the Israeli Securities Authority and the Tel Aviv Stock Exchange to offer ordinary shares and warrants on that exchange valued at $5.5 million.

    BOS, which sells its products in the U.S. through BOSaNOVA, said two weeks ago that its president and chief executive officer, Adiv Baruch, has turned in his resignation and will leave the company at the end of the year. Baruch said that he came in to turn BOS around, and he divested unprofitable businesses and shored up profitable ones such that BOS is now bringing in revenue at an annual run rate of about $20 million and is at breakeven. Having accomplished this, BOS feels that it can go to the stock market to raise money, enabling it to further expand its operations.

    According to the draft prospectus that was filed last week, the prospectus related to the $5.5 million offering will only be available in Israel and will not be registered in the United States through the Securities and Exchange Commission. BOS is traded on the Nasdaq market here in the States as well as on the Tel Aviv Stock Exchange back in Israel. BOS said that no final offering has been made yet, and the structure of the offering is dependent on input from its board of directors and its shareholders. The news sent shares of BOS up about 10 percent to $2.60 a share on the Nasdaq, which gives BOS a market capitalization of about $17.6 million.

    BOS ended its second quarter in June with just under $2.5 million in cash. The company did not say how it plans to use the funds it raises, but the final prospectus probably will outline this.

    RELATED STORIES

    BOS CEO Steps Down, Company Brings in Outsider Replacement

    Better On-line Solutions Reports Mixed Results in Q2

    Revenues Down in Fiscal Q1 at Better Online Solutions After Divestitures

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    Tags: Tags: mtfh_rc, Volume 15, Number 41 -- October 16, 2006

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TFH Volume: 15 Issue: 41

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    Table of Contents

    • IBM Delivers Entry Capacity BackUp Machines, As Promised
    • AMR Research Says ERP Software Sales to Hit $29 Billion This Year
    • IBM Uncloaks Power6 Chip Details
    • IBM Enhances Web Enablement Bundle, But for V5R4 Only
    • User-Capped i5 520s, SAP Solution Edition 520s Launched
    • IBM Cuts Memory Prices on i5 570s, Gives Disk Controller Upgrade Conversions
    • IBM Brings Blogging and RSS to Lotus Notes/Domino
    • BOS to Offer $5.5 Million in Shares on the Tel Aviv Stock Exchange
    • Mad Dog 21/21: Blowing Up Buddha
    • Rimini Street Hires SAP Execs as TomorrowNow Expands Operations

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