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Israel-rassco Suspends $5,000,000 Debenture Offering in U.S.

Isras, the Israel-Rassco Investment Company, Ltd., Tel Aviv, announced here today that it had suspended an offering of $5, 000, 000 of 7 percent Convertible Debentures announced earlier this month. The company said that it had asked the Security Exchange Commission to suspend the offering because of “prospective changes in its management.”

The offering was to have included a rights issue to holders of the company’s ordinary shares totaling $3, 063, 240 at a price of 95 percent and the remainder along with any debentures not subscribed for under the rights issue at a price of 100 percent for the general public. The company indicated that it would file an amended prospectus with details of management changes as soon as they were available.