EX-99
3
ex99-2_pressrelease.txt
EX_99-2-PRESS RELEASE
Exhibit 99.2
[AMPAL LOGO]
FOR: AMPAL-AMERICAN ISRAEL CORPORATION
CONTACT: Irit Eluz
CFO - SVP Finance & Treasurer
(866) 447 8636
irit@ampal.com
FOR: Kwan Communications
CONTACT: Zvi Rabin
011 972 50 600140
zvi@kwan.co.il
Ampal-American Israel Corporation
Completes Sale of Its Holdings of MIRS
to Motorola Israel Ltd.
TEL AVIV, Israel, October 3, 2005 - Ampal-American Israel Corporation
(Nasdaq:AMPL) announced today that Ampal Communications L.P., a limited
partnership controlled by Ampal, has completed the previously announced sale to
Motorola Israel Ltd. ("Motorola ") of all of its holdings of MIRS Communications
Ltd. ("MIRS").
In connection with the sale of its holdings of MIRS, Ampal Communications L.P.
received approximately US $89 million of total proceeds composed of US$67
million for the purchase price and an additional US$22 million related to
guaranteed dividend payments and recorded a loss during the third quarter of
approximately US$4.1 million. Approximately US$74 million of the proceeds was
used to repay all outstanding debt to Banks incurred in connection with making
the MIRS investment, and Ampal received US$11 million of net proceeds from the
sale. In addition, in connection with the closing of the transaction, the
existing lawsuit among the parties and others relating to MIRS has been
dismissed.
Ampal Communications L.P. is a limited partnership which previously held a 33%
interest in MIRS. Ampal American-Israel Corporation holds 75% of Ampal
Communications L.P.
About Ampal
Ampal and its subsidiaries primarily acquire interests in businesses located in
the State of Israel or that are Israel-related. Ampal has diversified interests
in the following sectors: telecommunication, real estate, capital markets,
leisure-time and other. For more information about Ampal please visit our web
site at www.ampal.com.
Certain information in this press release includes forward-looking statements
(as such term is defined in the Private Securities Litigation Reform Act of
1995) and information relating to the Company that are based on the beliefs of
management of the Company as well as assumptions made by and information
currently available to the management of the Company. When used in this press
release, the words "anticipate", "believe", "estimate", "expect", "intend,"
"plan", and similar expressions as they relate to the Company or the management
of the Company, identify forward-looking statements. Such statements reflect the
current views of the Company with respect to future events or future financial
performance of the Company, the outcome of which is subject to certain risks and
other factors which could cause actual results to differ materially from those
anticipated by the forward-looking statements, including among others, the
economic and political conditions in Israel, the Middle East, and the global
business and economic conditions in the different sectors and markets where the
Company's portfolio companies operate. Should any of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results or outcome may vary from those described herein as anticipated,
believed, estimated, expected, intended or planned. Subsequent written and oral
forward-looking statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by the cautionary statements in
this paragraph. Please refer to the Company's annual, quarterly and periodic
reports on file with the SEC for a more detailed discussion of these and other
risks that could cause results to differ materially.

EX - 99 3 ex99 - 2 _ pressrelease . txt EX _ 99 - 2 - PRESS RELEASE Exhibit 99 . 2 [ AMPAL LOGO ] FOR : AMPAL - AMERICAN ISRAEL CORPORATION CONTACT : Irit Eluz CFO - SVP Finance & Treasurer ( 866 ) 447 8636 irit@ampal.com FOR : Kwan Communications CONTACT : Zvi Rabin 011 972 50 600140 zvi@kwan.co.il Ampal - American Israel Corporation Completes Sale of Its Holdings of MIRS to Motorola Israel Ltd . TEL AVIV , Israel , October 3 , 2005 - Ampal - American Israel Corporation ( Nasdaq : AMPL ) announced today that Ampal Communications L . P . , a limited partnership controlled by Ampal , has completed the previously announced sale to Motorola Israel Ltd . ( " Motorola " ) of all of its holdings of MIRS Communications Ltd . ( " MIRS " ) . In connection with the sale of its holdings of MIRS , Ampal Communications L . P . received approximately US $ 89 million of total proceeds composed of US$ 67 million for the purchase price and an additional US$ 22 million related to guaranteed dividend payments and recorded a loss during the third quarter of approximately US$ 4.1 million . Approximately US$ 74 million of the proceeds was used to repay all outstanding debt to Banks incurred in connection with making the MIRS investment , and Ampal received US$ 11 million of net proceeds from the sale . In addition , in connection with the closing of the transaction , the existing lawsuit among the parties and others relating to MIRS has been dismissed . Ampal Communications L . P . is a limited partnership which previously held a 33 % interest in MIRS . Ampal American - Israel Corporation holds 75 % of Ampal Communications L . P . About Ampal Ampal and its subsidiaries primarily acquire interests in businesses located in the State of Israel or that are Israel - related . Ampal has diversified interests in the following sectors : telecommunication , real estate , capital markets , leisure - time and other . For more information about Ampal please visit our web site at www.ampal.com . Certain information in this press release includes forward - looking statements ( as such term is defined in the Private Securities Litigation Reform Act of 1995 ) and information relating to the Company that are based on the beliefs of management of the Company as well as assumptions made by and information currently available to the management of the Company . When used in this press release , the words " anticipate " , " believe " , " estimate " , " expect " , " intend , " " plan " , and similar expressions as they relate to the Company or the management of the Company , identify forward - looking statements . Such statements reflect the current views of the Company with respect to future events or future financial performance of the Company , the outcome of which is subject to certain risks and other factors which could cause actual results to differ materially from those anticipated by the forward - looking statements , including among others , the economic and political conditions in Israel , the Middle East , and the global business and economic conditions in the different sectors and markets where the Company 's portfolio companies operate . Should any of these risks or uncertainties materialize , or should underlying assumptions prove incorrect , actual results or outcome may vary from those described herein as anticipated , believed , estimated , expected , intended or planned . Subsequent written and oral forward - looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph . Please refer to the Company ' s annual , quarterly and periodic reports on file with the SEC for a more detailed discussion of these and other risks that could cause results to differ materially .
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