As of December 31, 2011, we had cash, cash equivalents, and other financial investments, net, of $23.1 million, and shareholders' equity of $61 million, compared with $12.9 million, and $71 million, respectively, as of September 30, 2011.In addition, we and S.A. Vitec ("Vitec"), the company that purchased our Video Solutions Business in July 2010, have been unable to come to an agreement as to several disputes which arose between the parties. To date, we and Vitec are parties to arbitration proceedings relating to the abovementioned disputes, regarding, inter alia, adjustment amount, the collecting of sums payable from past clients and, service and maintenance. Following the abovementioned disputes, Vitec submitted its Statement of Claim against us in the arbitration proceedings demanding us to pay Vitec approximately $24 million, and we submitted our Statement of Claim against Vitec demanding that Vitec pay us an aggregate sum of approximately $1.5 million. We believe the claim submitted by Vitec against us is with no merit.
Optibase Ltd. Announces Fourth Quarter Results And Updates On The Transaction With Vitec
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