Internet Gold Announces Update to Anticipated Schedule for Closing of the Searchlight Transaction

Tuesday, 12. November 2019 15:16

Ramat Gan, Israel, Nov. 12, 2019 (GLOBE NEWSWIRE) --  Internet Gold - Golden Lines Ltd. (the “Company” or “Internet Gold”) (NASDAQ Global Select Market and TASE: IGLD).

Further to the Company's previous announcements with respect of the ‘Searchlight Transaction‘, the Company today announced that the anticipated schedule for closing of the Searchlight Transaction is December 2, 2019.

There is no guarantee that the Searchlight Transaction will be completed, and if completed, the timing of closing of the transaction.

As previously announced, if the Searchlight Transaction is completed, the Company will not be able to fully pay its debts, and the Company intends to initiate a creditors’ arrangement which would be submitted to the applicable Israeli court. The Company anticipates that pursuant to such arrangement the existing shares of the Company will be nullified and that the creditors of the Company will receive, inter alia, 100% of the shares of the Company.

About Internet Gold

Internet Gold is a telecommunications-oriented holding company whose principal asset is a 51.95% stake in B Communications Ltd., the owner of 26.34% of outstanding shares of Bezeq The Israel Telecommunication Corporation Limited, the leading communications group in Israel. On June 2019, Internet Gold entered into a transaction for the sale of its entire holdings in B Communications Ltd. For more information, please visit the following Internet sites:

www.igld.com
www.bcommunications.co.il
www.ir.bezeq.co.il

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties including statements regarding completion of the Searchlight Transaction and the timing of such closing. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the risk that the Searchlight Transaction will not close for any reason, general business conditions in the industry, changes in the regulatory and legal compliance environments, the failure to manage growth and other risks detailed from time to time in the Company’s filings with the Securities Exchange Commission. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

There is no certainty that the Searchlight Transaction will be consummated.

For further information, please contact:

Doron Turgeman- CEO
doron@igld.com / Tel: +972-3-924-0000

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