A shareholders’ meeting to authorize the Company’s liquidation is tentatively targeted for July or August 2013. BackWeb will publicly announce the shareholders’ meeting date and anticipates distributing proxy materials approximately 4-5 weeks prior to the meeting. Shareholders are urged to verify their email and address information and their proxy receipt and voting preferences with their broker or BackWeb’s transfer agent for those who hold their shares in certificate form.BackWeb’s acting CEO, Bill Heye, commented: “Having successfully monetized our patent portfolio over the past few years, the Board and management concluded it was in the interest of shareholders to sell our remaining patent rights. Furthermore, the Board and management concluded that a voluntary liquidation of the Company is the best way to return value to our shareholders. Because BackWeb is an Israeli company, the liquidation process is subject to various Israeli legal and regulatory requirements, making the timing and ultimate cost of the process difficult to predict. Our advisors indicate that a liquidation in Israel typically takes approximately six to twelve months following shareholder approval of the liquidation.” The following balance sheet reflects the company’s unaudited financial position as of February 28, 2013. It includes proceeds from the sale of the patent portfolio but does not reflect future anticipated expenses including liquidation-related expenses estimated at $0.7 million to $1.2 million.
|BackWeb Technologies Ltd.PRELIMINARY, UNAUDITED Preliminary Consolidated Balance Sheet as ofFebruary 28, 2013(in thousands)|
|Feb 28, 2013Unaudited,preliminary|
|Cash and Cash Equivalents||$||10,942|
|Trade Accounts Receivable and Other Current Assets||665|
|Total Current Assets||$||11,607|
|Non-current Assets, Property and Equipment, net and Other||--|
|Accounts Payable and Accrued Liabilities||$||639|
|Total current liabilities||$||639|
|Total shareholders equity||$||10,968|
|Total liabilities and shareholders equity||$||11,607|
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