The Israel-American Oil Corporation announced today that it had completed an exchange of shares with the "Miami Group" under which it acquired a 20 percent interest in Israel Oil Ventures, which operates the Heletz-Brur oil fields in Israel .The Miami group, headed by Xavier Federman, Samuel Friedland and Max Orovitz, obtained in exchange 80 percent of the common shares of Israel-American Oil.
Seven new directors were elected to the Israel-American board following the exchange. The new board elected George Friedland, chairman; George S. Buchanan, president; Xaver Federman, vice-president; Samuel Stein, vice-president; Reuven Dafni, secretary-treasurer, and J. A. Brin, assistant secretary-treasurer.
Israel-American common is listed on the American Stock Exchange.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
