Optibase and Scopus Video Networks Sign a Non-Binding Term Sheet for the Sale of Optibase's...

WEBWIRE – Thursday, August 07, 2008 HERZLIYA, Israel, August 2008 – Optibase, Ltd. ("Optibase" or the "Company"), a leader in advanced digital video solutions, announced today that Optibase and Scopus Video Networks Ltd. signed a non-binding term sheet for the sale by Optibase to Scopus of Optibase’s digital video and streaming business (the "Business"). In consideration for the purchase of the Business, Scopus will issue Optibase 2,600,000 ordinary shares of Scopus, currently representing prior to the issuance approximately 19% of Scopus’ share capital. In addition, the parties agreed on an earn-out mechanism pursuant to which Scopus may issue to Optibase up to additional 900,000 ordinary shares of Scopus subject to achievement of sales goals. Immediately following the closing of such transaction, Optibase will hold... [read full story]