NETANYA, Israel, Aug. 28, 2017 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (NASDAQ:RADA) (the “Company” or “RADA”) today announced that DBSI, the Company’s principal shareholder, has converted a $3.175 million convertible loan granted to the Company in June 2016, into ordinary shares of RADA. The conversion was made at $2.40 per ordinary share, in accordance with the loan terms.
This conversion is expected to save RADA approximately $250,000 in annual financial expenses.
RADA Electronic Industries Ltd. is an Israel-based defense electronics system house. The Company specializes in the development, production, and sales of Tactical Land Radars for Force and Border Protection, and Avionics Systems (including Inertial Navigation Systems) for fighter aircraft and UAVs.
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Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
CONTACT: Company Contact: Shiri Lazarovich, CFO Tel: +972-9-892-1111 email@example.com www.rada.com Investor Relations Contact: Ehud Helft/Gavriel Frohwein GK Investor & Public Relations Tel: +1 646 688 3559 firstname.lastname@example.org
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