TEL AVIV , Aug. 1, 2005 (PRIMEZONE) -- Technoprises, Ltd. (OTCBB:TNOLE) announced that, on July 26, 2005, the Honorable Judge Varda Alsheh of the District Court of Tel Aviv appointed Adv. Adi Braunstein as the official receiver of TNOLE. The receivership was requested by the major debtholders of the company, Bushido Bridges and Pipe and DC Asset Management.
The receiver began his activity last thursday by the powers which were authorized to him by the district court of Tel Aviv and as part of his responsibilities will verify the actual business situation of the company as well as verifying existing assets in the Company and its affiliates.
Braunstein declared that: "We hope to make a quick and efficient reorganization of the company that, besides the Debt holder, will involve the equity Investors including those institutions that provided capital to the the company in previous rounds of equity financing in 2004. We will make all possible effort to file the 20F expeditiously in order to maintain full listing on the OTCBB."
In the context of the court decision, it was noted that above-mentioned "debtholders lent over $850,000 to the company which required periodic interest payments. However, Technoprises, under the Management of Mr Prosper Abitbol had not paid any of the required interest or principal payments."
In this respect the honorable Judge Miss Varda Alshech wrote that: "she was not able to believe, and this is an understatement, the accuracy and truthfulness of Mr. Abitbol's testimony." The Court also pointed out that Mr. Abitbol's testimony was one-sided, although he could not deny the facts that Technoprises owed both both principal and interest.
The receiver is due to report to the court within 30 days.
Released by The official Receiver Of the District court of Tel Aviv.
Safe Harbor
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of the management of Technoprises only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; decline in demand for Technoprises' affiliates' products; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of Technoprises to differ materially from those contemplated in such forward-looking statements. Technoprises Ltd. undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risk and uncertainties affecting Technoprises, reference is made to Technoprises' reports filed from time to time with the Securities and Exchange Commission.