Resolution of Dispute

27 Nov 2007 07:01

Amiad Filtration Systems Ltd27 November 2007 27 November 2007 Amiad Filtration Systems Ltd. ("Amiad" or "the Company") Resolution of Dispute with Yitzhak Orlans Amiad, the producer and global supplier of water filters and filtration systemsfor the industrial, municipal and irrigation markets, announces that it hasresolved its dispute with Yitzhak Orlans, the former president and director ofAmiad USA Inc ("Amiad USA"). Amiad USA has agreed to purchase from Mr Orlans his 18% stake held in thatcompany for US$1,317,000. In addition, Mr Orlans will receive a one-off paymentof US$80,000. The purchase of shares takes Amiad's shareholding in its subsidiary from 82% to100%. The US subsidiary is the largest of Amiad's subsidiaries by reference tosales, accounting for over 25% of the group's sales. Enquiries Amiad Filtration Systems Ltd.Itamar Eder +972 4 690 9500 Corfin CommunicationsHarry Chathli, Neil Thapar +44 20 7977 0020 This information is provided by RNS The company news service from the London Stock Exchange