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Yellowave Corp. Announces Acquisition of NewS@t NewS@t is One of Two Licensees Providing Digital Satellite TV Programming in Israel LOS ANGELES, Jul 14, 2000 (BUSINESS WIRE) -- Yellowave Corp. (OTCBB: YWAV chart, msgs) today announced that it has closed the acquisition of a 55 percent ownership interest in NewS@t, a leading Israeli provider of digital satellite television programming. The acquisition, from the Abitbol-Benhamou group, is for stock. NewS@t is being acquired from Prosper Abitbol and Eric Benhamou, Chairman and Chief Executive Officer of 3Com Corp. (Nasdaq: COMS chart, msgs). Abitbol, who last year was named as one of the 50 most influential members of the Israeli communications industry, will continue as Chairman and Chief Executive Officer of NewS@t. The NewS@t platform enables the delivery of a wide range of multi-channel television, radio, pay-per-view, personal TV, interactive entertainment and Webcasting services via digital satellite broadcasting. Set-top boxes utilize video compression and other techniques to deliver a broad range of interactive multimedia services. As an additional option, a YOOPYAH home server, provided by another Yellowave holding, gives NewS@t subscribers access to a digital video player/recorder, home banking and other advanced services. NewS@t holds one of two licensees for digital satellite broadcast issued by the Israel government. The company has signed a strategic alliance with CANAL+, a global leader in pay television programming and technology. CANAL+ is merging with Vivendi SA (F:VVN), which also is acquiring Seagram Co. (NYSE: VO chart, msgs) to obtain Universal Studios. Yellowave is an incubator of high-tech companies, with a special focus on assisting the development of wireless and telecommunications companies emerging from the very active science and technology community in Israel. Yellowave is currently in advanced negotiations with several other Israeli companies. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from those anticipated in such forward-looking statements. -------------------------------------------------------------------------------- Contact: Yellowave Corporation Laura Ballegeer, 310/979-8055 or Auerbach & Co. Public Relations Alexander Auerbach, 800/871-2583 auerbach@aapr.com | ||||||||||||||
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