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Cimatron Completes the Increase of its Holding in Microsystem to 100%
Thursday, July 24, 2008
GIVAT SHMUEL, Israel, July 24 /PRNewswire-FirstCall/ -- Cimatron Limited
(Nasdaq: CIMT), a leading provider of integrated CAD/CAM solutions for the
toolmaking and manufacturing industries, today announced that it has
completed the exercise of its previously disclosed second call option to
acquire an additional 49% of the shares of Microsystem Srl, the company's
Italian distributor, and accordingly, to increase its holding in Microsystem
from 51% to 100%.
For more information about the transaction, please see Cimatron's press
release as of July 14th, 2008, which may also be found under the investors'
section on Cimatron's website, as well as Cimatron's Annual Report on Form
20-F for the year ended December 31, 2007, filed with the SEC on June 30,
2008.
About Microsystem
Microsystem is Cimatron's Italian subsidiary and a well-established
distributor of software solutions for the Italian manufacturing industry.
Microsystem started distributing CAD/CAM systems in 1984, subsequently
broadening its offering to cover all phases of the design and manufacturing
cycle. With headquarters in Bologna and offices in Milan, Treviso and Ancona,
Microsystem provides customers with best-in-class manufacturing solutions and
superior technical support.
About Cimatron
With over 25 years of experience and more than 40,000 installations
worldwide, Cimatron is a leading provider of integrated, CAD/CAM solutions
for mold, tool and die makers as well as manufacturers of discrete parts.
Cimatron is committed to providing comprehensive, cost-effective solutions
that streamline manufacturing cycles, enable collaboration with outside
vendors, and ultimately shorten product delivery time.
The Cimatron product line includes the CimatronE and GibbsCAM brands with
solutions for mold design, die design, electrodes design, 2.5 to 5 axes
milling, wire EDM, turn, Mill-turn, rotary milling, multi-task machining, and
tombstone machining. Cimatron's subsidiaries and extensive distribution
network serve and support customers in the automotive, aerospace, medical,
consumer plastics, electronics, and other industries in over 40 countries
worldwide.
Cimatron is publicly traded on the NASDAQ exchange under the symbol CIMT.
For more information, please visit the company web site at:
http://www.cimatron.com.
Safe Harbor Statement
This press release includes forward looking statements, within the
meaning of the Private Securities Litigation Reform Act Of 1995, which are
subject to risk and uncertainties that could cause actual results to differ
materially from those anticipated. Such statements may relate to the
company's plans, objectives and expected financial and operating results. The
words "may," "could," "would," "will," "believe," "anticipate," "estimate,"
"expect," "intend," "plan," and similar expressions or variations thereof are
intended to identify forward-looking statements. Investors are cautioned that
any such forward-looking statements are not guarantees of the future
performance and involve risks and uncertainties, many of which are beyond the
company's ability to control. The risks and uncertainties that may affect
forward looking statements include, but are not limited to: currency
fluctuations, global economic and political conditions, marketing demand for
Cimatron products and services, long sales cycle, new product development,
assimilating future acquisitions, maintaining relationships with customers
and partners, and increased competition. For more details about the risks and
uncertainties of the business, refer to the Company's filings with the
Securities and Exchanges Commission. The company cannot assess the impact of
or the extent to which any single factor or risk, or combination of them, may
cause. Cimatron undertakes no obligation to publicly update or revise any
forward looking statements, whether as a result of new information, future
events or otherwise.
Contact:
Ilan Erez, Chief Financial Officer
Cimatron Ltd.
Tel.; +972-3-531-2121
E-mail: ilane@cimatron.com
Yael Nevat,
Commitment-IR.com
Tel: +972-9-714-8866, +972-50-762-6215
E-mail: yael@commitment-IR.com
SOURCE Cimatron Ltd
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