Sep 25 2012
XTL Biopharmaceuticals Ltd. ("XTL") today announced that InterCure Ltd. ("InterCure"), which is approximately 45.4% (50.79% on a fully diluted basis) held by XTL, signed a strategic service agreement with a private company ("the Marketing Company") wholly owned by Mr. Shay Ben Yitzhak and Mr. Avner Yassur.
Ben Yitzhak and Yassur, who are behind several of the most successful online marketing ventures, are now entering the health sector through InterCure, a medical device company publically traded on the Tel-Aviv Stock Exchange (TASE).
Few of the companies in which Ben Yitzhak and Yassur held pivotal marketing and management including 888 Holdings plc (LSE: 888), Empire Online and were partners with Mr. Noam Lanir in the limited partnership Chanpak (the controlling shareholder in Babylon Ltd. (TASE: BBYL), are the wholly owners of a new online marketing service company they have established exclusively for the online marketing of InterCure's products.
According to the agreement signed by the parties, Ben Yitzhak and Yassur's marketing company will have the right to invest up to NIS 11 million ($2.8 million USD) in InterCure at NIS 0.54 per share (approximately 20% premium on the share price as of today), subject to achieving annual sales of up to approximately NIS 120 million ($30 million USD) in online marketing sales channels. If all of the above warrants shall be exercised (including cashless exercise), Ben Yitzhak and Yassur will hold approximately 30% of the issued and outstanding share capital of the InterCure.
InterCure, a publically traded company on the Tel-Aviv Stock Exchange, reported sales of approximately NIS 5 million ($1.25 million USD) in the first 6 months of the year.
SOURCE XTL Biopharmaceuticals Ltd