$5,000,000 Corporation for Israel Development Formed in U.S.

A corporation with a share capital of about $5,000,000 to be made available for industrial and mineral development of Israel has been registered with the Securities and Exchange Commission in Washington, it was announced here today. The company, which will be known as The Industrial and Mineral Development Corporation, has been promoted by the AMPAL-American Israel Trading Corporation.

The new company will establish industrial and mineral enterprises in Israel alone and in participation with others. It plans to participate in both producing mining companies and exploratory ventures. The chairman of the board of directors is Rudolf G. Sonneborn. The vice-chairman is Edward D. Mitchell of Los Angeles. Abraham Dickenstein is president and director of the corporation.

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