The business activity of HeliOss Communications has reportedly been sold to Koor Industries (NYSE:KOR) subsidiary Microwave Networks in exchange for 12% of Microwave Networks' share capital.
HeliOss has fired most of its workers. Following the deal with Houston, Texas-headquartered Microwave Networks, HeliOss is expected to sell the rest of its assets and turn into a holding company for Microwave Networks.
HeliOss' development center in Yokneam will apparently remain in operation.
The deal has reportedly not been finalized yet.
HeliOss develops infrastructure for broadband wireless communications. The company facility in Yokneam employed about 60 people. HeliOss was established in 1996. To date it has raised some $33 million from ten key investors, including the Japanese bank Nomura.Microwave Networks manufactures wireless infrastructure and last-mile transmission equipment for cellular, PCS and private communications networks. The company employs over 300 people.