YOKNEAM, ISRAEL--(Marketwire - January 24, 2011) - MIND C.T.I. LTD. (
In recognition of the special relationship, the Board resolved to issue EastLink a warrant to purchase 924,545 ordinary shares of MIND at an exercise price of $2.48 per share (equal to the average closing price per share of MIND's ordinary shares on the NASDAQ Stock Market during the 30 trading day period immediately preceding the date of the issuance thereof). The Warrant shall be exercisable from time to time for a period of 18 months following the date of issuance thereof.
MIND provides EastLink with an integrated end-to-end prepaid and postpaid convergent billing solution for full support of its future wireless services and offers scalability to meet EastLink's expected rapid subscriber growth. MIND's solution supports all of EastLink's billing and customer care requirements enabling EastLink to be competitive in the marketplace with its flexible services and promotions offerings.
"EastLink chose MIND after concluding a detailed process where we considered all our options. MIND's comprehensive platform and extensive experience working with mobile communications providers will provide flexibility as we grow our business," said Matthew MacLellan, President of Wireless at EastLink. "We see MIND as a long-term partner and we are happy to have the opportunity to become a future investor in MIND."
Monica Iancu, Chairperson and CEO, commented: "We are excited to have been selected by such a dynamic operator and by the professional team that managed the process. We believe that this is the beginning of a long-term partnership and welcome EastLink to both MIND families, customers and investors."
Located in Canada, EastLink is one of the fastest Internet providers in North America. EastLink provides a range of communications, entertainment, television and advertising services to residential, business and public sector customers in Atlantic Canada, Ontario, Quebec, Alberta, Manitoba and British Columbia. It was the first cable company in Canada to enter the telephone market, and the first communications and entertainment company in North America to combine cable, Internet and telephone service in one communications and entertainment package. EastLink has been recognized as one of Canada's 50 Best Managed Companies for the past four years.
MIND CTI Ltd. is a leading provider of convergent end-to-end billing and customer care product based solutions for service providers as well as telecom expense management (call accounting) solutions. MIND provides a complete range of billing applications for any business model (license, managed service or complete outsourced billing service) for Wireless, Wireline, VoIP and Quad-play carriers in more than 40 countries around the world. A global company, with over twelve years of experience in providing solutions to carriers and enterprises, MIND operates from offices in the United States, UK, Romania and Israel.
For more information, visit MIND at: www.mindcti.com.
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: All statements other than historical facts included in the foregoing press release regarding the Company's business strategy are "forward-looking statements." These statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements are not guarantees of future performance, and actual results may materially differ. The forward-looking statements involve risks, uncertainties, and assumptions, including the risks discussed in the Company's filings with the United States Securities Exchange Commission. The Company does not undertake to update any forward-looking information.
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MIND CTI Ltd.