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Bluephoenix Solutions Ltd
BluePhoenix Solutions Update Regarding the Dispute With Former Shareholders of TIS Consultants Ltd.
May 24th, 2009
BluePhoenix Solutions (Nasdaq: BPHX), the leading provider of value- driven legacy IT modernization solutions, today provided an update regarding the status of the dispute between the Company and the former shareholders of TIS Consultants Ltd. ("TIS"). In January 2008, the Company entered into an agreement for the purchase of the entire outstanding share capital of TIS. As disclosed in the Company's annual report to the SEC, the Company has been engaged in a dispute with the former shareholders of TIS regarding the earn out calculation for 2008, and therefore, the Company notified them that it is not going to pay them a down payment for the year 2008, which was due in...
Source: Pharma Investments, Ventures & Law Weekly (2009-05-24)
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