Optibase Ltd. Announces Arbitration Award
HERZLIYA, Israel--(BUSINESS WIRE)-- Optibase Ltd.
For further information regarding the arbitration proceedings between Optibase, Vitec and its attorney, see Item 8. "Financial Information - Legal Proceedings" on Optibase's annual report on Form 20-F for the year 2012, as filed with the U.S. Securities and Exchange Commission on March 14, 2013.
The arbitration award is final and the parties have no right to appeal such award. Under Israeli law, a cancellation request of the award may be filed with the Israeli court within 45 days following the date of the arbitration award, subject to the causes mentioned in the Israeli Arbitration Law, 1968.
Optibase invests in the fixed-income real estate field and currently holds properties in Switzerland and in Miami, Texas and Philadelphia, USA and is currently looking for additional real estate investment opportunities. Optibase was previously engaged in the field of digital video technologies until the sale of its video solutions business to Optibase Technologies Ltd., a wholly owned subsidiary of VITEC Multimedia ("Vitec") in July 2010. For further information, please visit www.optibase-holdings.com.
KEYWORDS: Middle East Israel
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