SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2003
RADA ELECTRONIC INDUSTRIES LIMITED
(Name of Registrant)
7 Giborei Israel Street, Netanya 42504, Israel
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F __
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):__
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):__
Indicate by check mark whether by furnishing the information contained in
this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes __ No X
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- _____________
This Form 6-K is being incorporated by reference into the Company's Form
F-3 Registration Statement File No. 333-11716.
RADA ELECTRONIC INDUSTRIES LTD.
6-K Items
1. RADA Electronic Industries Ltd. Proxy Statement for Extraordinary Meeting
to be held July 22, 2003.
2. RADA Electronic Industries Ltd. Proxy Statement for Extraordinary Meeting
to be held July 22, 2003.
3. Press Release re RADA Electronic Industries Ltd. - Announces an Agreement
With its Banks That Will Result in a Reduction of the Outstanding Debt Due
to the Banks From $5.5 Million to $2 Million dated June 24, 2003.
ITEM 1
RADA Electronic Industries Ltd.
Adar Building
7 Giborei Israel Street
Poleg Industrial Zone,
Netanya, Israel
June 23, 2003
NOTICE OF EXTRAORDINARY MEETING OF SHAREHOLDERS
RADA Electronic Industries Ltd. shareholders:
We cordially invite you to an Extraordinary Meeting of Shareholders. It
will be held at 10 a.m. on Tuesday, July 22, 2003 at our offices at 7 Giborei
Israel Street (Adar Building), Poleg Industrial Zone, Netanya, Israel.
The purpose of the meeting is to consider and vote upon the ratification of
an agreement among our company, Bank Hapoalim B.M., Bank Leumi Le-Israel B.M.
and Howard P.L.Yeung, our controlling shareholder, pursuant to which we will
restructure our debt to Bank Hapoalim B.M. and Bank Leumi Le-Israel B.M., and
issue warrants to such banks in lieu of repayment of $1,251,000 of debt owed to
them by our company. The banks will enter into put and call agreements with Mr.
Yeung with respect to the warrants.
Our Board of Directors recommends that you vote in favor of the proposal,
which is described in the attached Proxy Statement.
You can vote by proxy either by mail or in person. If voting by mail, the
proxy must be received by our transfer agent or at our registered office in
Israel at least 48 hours prior to the meeting to be validly included in the
tally of ordinary shares voted at the meeting. Detailed proxy voting
instructions are provided both in the Proxy Statement and on the enclosed proxy
card.
Sincerely,
/s/Herzle Bodinger
Herzle Bodinger, Chairman
PROXY STATEMENT
This statement is being furnished in connection with the solicitation of
proxies on behalf of the Board of Directors of RADA Electronic Industries Ltd.
to be voted at the Extraordinary General Meeting of Shareholders, or the
Meeting, to be held on July 22, 2003 and any adjournment thereof. This Proxy
Statement and the enclosed proxy card are being mailed to shareholders on or
about June 23, 2003.
Shares eligible to be voted and for which a proxy card is properly signed
and returned at least 48 hours prior to the beginning of the Meeting will be
voted as directed. If directions are not given or directions are not in
accordance with the options listed on a signed and returned proxy card, such
shares will be voted FOR the proposal set forth in Item 1. Unsigned or
unreturned proxies, including those not returned by banks, brokers, or other
record holders, will not be counted for quorum or voting purposes. You may
revoke your proxy at any time prior to the exercise of authority granted in the
proxy by giving a written notice of revocation to our Corporate Secretary, by
submitting a subsequently dated, validly executed proxy, or by voting in person.
As of June 19, 2003, the record date for determination of shareholders
entitled to vote at the Meeting, there were outstanding 18,510,716 ordinary
shares. Each ordinary share entitles the holder to one vote. The ordinary shares
have a par value of NIS 0.005 per share. According to our Articles of
Association, the quorum at the Meeting shall be two shareholders present in
person or by proxy, holding or representing one third of the total voting rights
in the company. If within half an hour from the time appointed for the holding
of the Meeting a quorum is not present, the Meeting shall stand adjourned to the
same day in the next week at the same time and place or any time and hour as the
Directors shall designate and state in a notice to the shareholders entitled to
vote at the original meeting, and if, at such adjourned meeting, a quorum is not
present within half an hour from the time appointed for holding the Meeting, any
two shareholders present in person or by proxy shall be a quorum. This notice
shall serve as notice of such adjourned meeting if no quorum is present at the
original date and time and no further notice of the adjourned meeting will be
given to shareholders.
As a result of Mr. Yeung being the controlling shareholder of our company,
the Israeli Companies Law mandates that the proposal will require the
affirmative vote of a majority of the ordinary shares represented at the
Meeting, provided one of the following conditions is met: (i) at least one-third
of the non-interested shareholders with respect to such proposal represented and
voting at the Meeting are included in the majority (excluding the vote of
abstaining shareholders); or (ii) that the total shareholdings of the
non-interested shareholders who vote against the proposal do not represent more
than 1% of the voting rights in our company. Under the Israeli Companies Law,
shareholders must notify us prior to the vote at the Meeting, or if such vote is
made by proxy on the proxy card, whether or not they have a personal interest
with respect to the subject matter of the proposal. The term "personal interest"
is defined as "a person's personal interest in an act or transaction of our
company, including the personal interest of his relatives and of any other
corporation in which he or his relatives is an interested party, and exclusive
of personal interest that stems from the fact of holding shares in our company."
If a shareholder fails to notify us as to whether he or she has a personal
interest in the proposal, it will be assumed the shareholder has no controlling
or personal interest in the item. There will be a specific place on the front of
the proxy card to indicate if you have a personal interest in the proposal.
Abstentions and broker "non-votes" are not counted in determining the
outcome of the matter being acted upon. They are counted only for determining a
meeting quorum. A broker "non-vote" occurs when a nominee holding our ordinary
shares for a beneficial owner does not vote on a particular proposal because the
nominee does not have discretionary voting power with respect to that proposal
and has not received instructions from the beneficial owner.
We will bear the cost of soliciting proxies from our shareholders. Proxies
will be solicited by mail and may also be solicited personally or by telephone
by our directors, officers and employees. We will reimburse brokerage houses and
other custodians, nominees and fiduciaries for their expenses in accordance with
the regulations of the Securities and Exchange Commission concerning the sending
of proxies and proxy material to the beneficial owners of stock.
You may vote by submitting your proxy with voting instructions by mail if
you promptly complete, sign, date and return the accompanying proxy card in the
enclosed self-addressed envelope to our transfer agent or to our registered
office in Israel at least 48 hours prior to the Meeting.
Security Ownership of Certain Beneficial Owners and Management
The following table sets forth certain information as of June 15, 2003
regarding the beneficial ownership by (i) each of our directors, (ii) all
shareholders known to us to own beneficially more than 5% of our ordinary shares
and (iii) all directors and executive officers as a group:
Number of
Ordinary Shares Percentage of
Name Beneficially Owned(1) Ownership(2)
---- --------------------- ------------
Howard P. L. Yeung (3)(4)(5)........... 15,483,892 62%
Kenneth Yeung (3)(6)................... 1,350,086 7.3%
Most Worth Investments Limited (7)..... 1,100,000 5.9%
Herzle Bodinger (8).................... * *
Adar Azancot (8)....................... * *
Zvi Alon (8)(9)........................ 96,600 *
Dov Sela (8)........................... * *
Guy Shelly (8)......................... * *
Adrian Berg (10)....................... 4,600 *
Asaf Agmon (8)......................... 80,000 *
Roy Kui Chuen Chan (11)................ 4,600 *
Ben Zion Gruber (8)(12)................ 277,041 1.5%
Peter N. Keyros, Jr. (13).............. * *
Hava Snir (8).......................... * *
Zvi Tropp (8)......................... * *
____________
* Less than 1%
(1) Beneficial ownership is determined in accordance with the rules of the
Securities and Exchange Commission and generally includes voting or
investment power with respect to securities. Ordinary shares relating
to options currently exercisable or exercisable within 60 days of the
date of this table are deemed outstanding for computing the percentage
of the person holding such securities but are not deemed outstanding
for computing the percentage of any other person. Except as indicated
by footnote, and subject to community property laws where applicable,
the persons named in the table above have sole voting and investment
power with respect to all shares shown as beneficially owned by them.
(2) The percentages shown are based on 18,510,716 ordinary shares
outstanding as of June 15, 2003.
(3) Based upon, and qualified in its entirety with reference to, a
Schedule 13D filed with the Commission on April 24, 2003 and
reflecting ownership of ordinary shares as of April 1, 2003. Of the
15,483,892 ordinary shares, 1,350,086 shares are held directly by
Horsham Enterprises Ltd., a corporation incorporated in the British
Virgin Islands. Messrs. Howard P.L. Yeung and his brother, Kenneth
Yeung, are each the beneficial of 50% of the shares of Horsham
Enterprises Ltd. Accordingly, the Messrs. Yeung may be deemed to be
the beneficial owners of the ordinary shares held by Horsham
Enterprises Ltd.
(4) Includes 8,501,218 ordinary shares issuable upon the exercise of
currently exercisable warrants issued to Mr. Howard P.L. Yeung.
(5) The address of Mr. Howard P.L. Yeung is 2202 Kodak House II, 39
Healthy Street, North Point, Hong Kong.
2
(6) The address of Mr. Kenneth Yeung is 2202 Kodak House II, 39 Healthy
Street, North Point, Hong Kong.
(7) The address of Most Worth Investments Ltd., a company incorporated in
Hong Kong, is c/o 9/F King Fook Building, 30-32 Des Voeux Road,
Central, Hong Kong. Most Worth Investments is a wholly owned
subsidiary of King Fook Holdings Limited, whose shares are traded on
the Hong Kong Stock Exchange. Accordingly, King Fook Holdings may be
deemed to be the beneficial owner of the ordinary shares held by Most
Worth Investments.
(8) The business address of Messrs. Bodinger, Alon, Sela, Shelly, Azancot,
Agmon, Gruber and Tropp and Ms. Snir is c/o Rada Electronic Industries
Ltd., 7 Giborei Israel Street, Netanya, Israel.
(9) All such ordinary shares are subject to currently exercisable options
granted under our stock option plan, one half at an exercise price of
$3.75 per share and one half at an exercise price of $5.00 per share.
Such options expire in June 2010.
(10) The business address of Mr. Berg is Alexander & Co., 17 St. Ann's
Square, Manchester M2 7 PW, U.K.
(11) The business address of Mr. Chuen Chan is Gearhart Holdings (H.K.)
Limited, 2202 Kodak House II, 39 Healthy Street, E. North Point, Hong
Kong.
(12) Includes 177,041 ordinary shares issuable upon currently exercisable
warrants at an exercise price of $2.00 per share that were issued in
connection with the private placement of our shares in June 2002.
(13) The business address of Mr. Keyros is One Monument Way, Suite 200,
Portland, ME 04101.
RATIFICATION OF AN AGREEMENT AMONG OUR COMPANY, HOWARD YEUNG,
OUR CONTROLLING SHAREHOLDER, BANK HAPOALIM B.M.
AND BANK LEUMI LE-ISRAEL B.M.
(Item 1 on the Proxy Card)
On June 19, 2003, we agreed upon the terms of a memorandum of agreement
with Howard Yeung, our controlling shareholder, and Bank Hapoalim B.M. and Bank
Leumi Le-Israel B.M., or the Banks, pursuant to which the Banks agreed to
restructure part of the approximately $5.5 million of debt we owe to them. Under
the terms of the memorandum:
the Banks agreed to:
o extinguish $1,100,000 of debt, and
o grant our company an additional $500,000 line of credit, and
we agreed to:
o pay the Banks $1,100,000,
o issue to the Banks in lieu of an additional $1,251,000 in debt such
number of warrants to purchase our ordinary shares in such number as
will equal the quotient of $1,251,000 divided by 50% of the average
closing price of our shares during the 90 business days prior to the
issuance of such warrants (the "Bank Warrants"). Based on the average
closing price of our shares during the 90 business days prior to June
17, 2003, we would be required to issue 4,043,455 Bank Warrants to the
Banks under this formula if the closing date were June 17, 2003. The
exercise price of the Bank Warrants will be the nominal (par) value of
our shares. These warrants will have a term of thirty months, subject
to extension at the discretion of our Board of Directors, and may not
be exercised for a period of 21 months unless transferred pursuant to
the call or put options described below, and
o issue to the Banks five-year warrants exercisable into 1,100,000
ordinary shares at an exercise price of $2.00 per share (the "$2.00
Warrants").
3
The terms of the agreement will be on a pro-rata basis between the Banks
based on the amounts owed to the Banks by our company, which will result in a
pro-rata proportion of 60% to 40% in favor of Bank Leumi Le-Israel B.M. The Bank
Warrants and the $2.00 Warrants will contain anti-dilution protection in the
event of corporate actions such as a recapitalization, reorganization,
reclassification of share capital, allocation of bonus shares or dividend in
kind, or a merger or similar transaction.
As part of the negotiations, the Banks required that our principal
shareholder, Mr. Howard Yeung agree to grant them a put option that will allow
the Banks severally to require Mr. Yeung to purchase the Banks' Warrants at the
same price paid by the Banks to us. The put option will be exercisable within a
45 day period commencing 18 months after the issuance of the Bank Warrants.
Concurrently, the Banks will grant Mr. Yeung a call option allowing him to
require the Banks during a 21 month period commencing as of the closing to sell
him the Bank Warrants at a price not lower than $1,251,000 and not higher then
$1,770,165, the price to be based upon the average closing price of our shares
during the 90 business days prior to such exercise. In addition, we have granted
Mr. Yeung registration rights with respect to the shares underlying the Bank
Warrants and the shares issuable as a result of the exercise thereof, should any
of the above options be exercised.
As a result of the issuances of the Bank Warrants and the $2.00 Warrants to
the Banks and the potential purchase of the Bank Warrants by Mr. Yeung, the
transaction will require shareholder approval under the rules of the Nasdaq
Stock Market and pursuant to the Israeli Companies Law. Shareholder approval
will be required because: (i) the transaction may be deemed to be a sale of a
controlling interest in our company; (ii) the effective issuance price per
ordinary share may be below our book value or net asset value at the time of
issuance; (iii) the exercise price of the warrants could ultimately be lower
than the market price for our ordinary shares at the time of exercise and (iv)
our controlling shareholder, Mr. Yeung, has a personal interest in the
transaction.
Our shares have traded on the Nasdaq SmallCap Market since June 10, 2002.
Based on our preliminary financials for the year ended December 31, 2002, it
appears that we were not in compliance with Nasdaq's continued listing
requirements at such date since our shareholders' equity was lower than the
minimum requirement of $2.5 million. However, as a result of the above proposed
transaction, which we had originally anticipated would be finalized before
fiscal year end, we believe that our shareholders' equity as of December 31,
2002, on a pro forma basis, would have satisfied the requirements for continued
listing on the Nasdaq SmallCap Market. We cannot assure you that the Nasdaq
Stock Market will under these circumstances agree to maintain our listing on the
SmallCap Market since we may be deemed to be not in compliance with the listing
standards of the Nasdaq Stock Market until the reorganization is completed. As a
result, our shares may be delisted and transferred to the OTC Bulletin Board.
Furthermore, even if our current listing is maintained, in the event we continue
to incur losses in the future, we would be required to raise additional capital
and increase our shareholders' equity in order to maintain our listing on the
SmallCap Market. We cannot assure you that the current general trend of the
stock market or other factors will not affect the price of our ordinary shares,
that our shareholders' equity will continue to be greater than $2.5 million or
that we will be able to satisfy the other listing maintenance requirements.
Should we fail to satisfy such requirements, our ordinary shares may be delisted
from the Nasdaq SmallCap Market and transferred to the OTC Bulletin Board.
Our Audit Committee as well as our Board of Directors are of the unanimous
opinion that this transaction is crucial for our company's financial security
and future business prospects and is in our best interest and that of our
shareholders. Accordingly, our Audit Committee and our Board of Directors
unanimously recommend a vote in favor of the resolution.
It is therefore proposed that at the Meeting the shareholders adopt the
following resolution:
"RESOLVED, that the terms of the memorandum of agreement among our company,
Howard Yeung, our controlling shareholder, Bank Hapoalim B.M. and Bank
Leumi Le-Israel B.M., providing in part for (i) the issuance of warrants to
purchase ordinary shares, par value NIS 0.005 per share, of our company at
their nominal value, (ii) the put and call option arrangement between each
of the above banks and Mr. Yeung, our controlling shareholder, (iii) the
grant of registration rights with respect to shares underlying the above
warrants to Mr. Yeung, (iv) the authorization of our Board of Directors to
extend the terms of such warrants and (v) the
4
issuance of warrants to the Banks to purchase an aggregate of an additional
1,100,000 ordinary shares, be and hereby are ratified and approved and the
Company is authorized to enter into a final agreement incorporating such
terms."
The affirmative vote of a majority of the ordinary shares represented at
the Meeting, provided one of the following conditions is met: (i) at least
one-third of the non-interested shareholders with respect to such proposal
represented and voting at the Meeting are included in the majority (excluding
the vote of abstaining shareholders); or (ii) that the total shareholdings of
the non-interested shareholders who vote against the proposal do not represent
more than 1% of the voting rights in our company, will be necessary for
shareholder approval of the foregoing resolution.
The Board of Directors recommends a vote FOR the foregoing resolution.
OTHER MATTERS
The Board of Directors does not intend to bring any matters before the
Extraordinary Meeting other than those specifically set forth in the Notice of
the Extraordinary Meeting and knows of no matters to be brought before the
Extraordinary Meeting by others. If any other matters properly come before the
Extraordinary Meeting, it is the intention of the persons named in the
accompanying proxy to vote such proxy in accordance with the judgment of the
Board of Directors.
By Order of the Board of Directors,
/s/Herzle Bodinger
Herzle Bodinger
Chairman of the Board
Dated: June 23, 2003
5
ITEM 2
RADA ELECTRONIC INDUSTRIES LIMITED
7 Giborei Israel Street
Netanya 42504, Israel
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
The undersigned hereby appoint(s) Herzle Bodinger and Sarit Molcho, or
either of them, attorneys or attorney of the undersigned, for and in the name(s)
of the undersigned, with power of substitution and revocation in each to vote
any and all ordinary shares, par value NIS 0.005 per share, of RADA Electronic
Industries Limited (the "Company"), which the undersigned would be entitled to
vote as fully as the undersigned could if personally present at the
Extraordinary Meeting of Shareholders of the Company to be held on Tuesday, July
22, 2003 at 10:00 a.m. at the principal offices of the Company, 7 Giborei Israel
Street, Netanya 42504, Israel, and at any adjournment or adjournments thereof,
and hereby revoking any prior proxies to vote said shares, upon the following
item of business more fully described in the notice of and proxy statement for
such Extraordinary Meeting (receipt of which is hereby acknowledged):
(Continued and to be signed on the reverse side)
EXTRAORDINARY MEETING OF SHAREHOLDERS OF
RADA ELECTRONIC INDUSTRIES LIMITED
July 22, 2003
Please date, sign and mail
your proxy card in the
envelope provided as soon
as possible.
Please detach along perorated line and mail in the envelope provided.
--------------------------------------------------------------------------------
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.
PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE [X]
--------------------------------------------------------------------------------
(1) To approve the ratification of an agreement among the Company, Bank
Hapoalim B.M., Bank Leumi Le-Israel B.M. and Howard P.L.Yeung, the
Company's controlling shareholder, pursuant to which the Company will
restructure its debt to Bank Hapoalim B.M. and Bank Leumi Le-Israel
B.M., issue warrants to such banks to purchase 1,100,000 ordinary
shares at $2.00 per share and issue warrants exercisable at par value
in lieu of repayment of $1,251,000 of debt owed to them by the
Company, and whereby such banks will enter into put and call
agreements with respect to such warrants with Mr. Yeung and the
Company will provide Mr. Yeung with registration rights with respect
to the shares underlying the warrants subject to the put and call
agreements.
[ ] FOR [ ] AGAINST [ ] ABSTAIN
Pursuant to Israeli law, in order to ensure specific majority requirements we
are required to inquire of you as to whether you have a personal interest (as
described in the proxy statement) with respect to Item 1.
Do you have a personal interest in the ratification of the agreement among
the Company, Bank Hapoalim B.M., Bank Leumi Le-Israel B.M. and Howard P.L.Yeung,
the Company's controlling shareholder, as set forth above in Item 1 above and
more fully described in the proxy statement? YES [ ] NO [ ]
THIS PROXY WILL BE VOTED AS SPECIFIED ABOVE. IN THE ABSENCE OF SUCH
SPECIFICATION, THE SHARES REPRESENTED BY THIS PROXY CARD WILL BE VOTED FOR
PROPOSAL 1. ON ANY OTHER BUSINESS THAT MAY PROPERLY COME BEFORE THE
EXTRAORDINARY MEETING, THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE JUDGMENT
OF THE PERSONS NAMED ABOVE AS PROXIES.
To change the address on your account, please check the box at right and
indicate your new address in the address space above. Please note that changes
to the registered name(s) on the account may not be submitted via this method.[]
Signature of Shareholder _______ Date _____
Signature of Shareholder__________ Date _____
Note: Please sign exactly as your name or names appear on this Proxy. When
shares are held jointly, each holder should sign. When signing as executor,
administrator, attorney, trustee or guardian, please give full title as such. If
the signer is a corporation, please sign full corporate name by duly authorized
officer, giving full title as such. If signer is a partnership, please sign in
partnership name by authorized person.
ITEM 3
Press Release Source: RADA Electronic Industries Ltd.
RADA Electronic Industries Ltd. - Announces an Agreement With its Banks That
Will Result in a Reduction of the Outstanding Debt Due to the Banks From $5.5
Million to $2 Million.
Tuesday June 24, 12:25 pm ET
NETANYA, Israel, June 24 /PRNewswire-FirstCall/ -- RADA Electronic Industries
Ltd. (Nasdaq: RADIF - News) announced today that on June 22, 2003 it entered
into a Memorandum Of Agreement (MOA) with Howard Yeung, its controlling
shareholder, Bank Hapoalim B.M., and Bank Leumi Le-Israel B.M for debt
restructuring. The Banks agreed to restructure part of the approximately $5.5
million of the RADA debt. Under the terms of the memorandum the Banks agreed to
extinguish $1.100,000 of debt and the Company agreed to: (i) pay the Banks
$1,100,000, (ii) issue warrants to the Banks in lieu of an additional $1,251,000
in debt, and (iii) issue to the Banks five-year warrants exercisable into
1,100,000 ordinary shares at an exercise price of $2.00 per share. The warrants
to be issued in lieu of the $1,251,000 million of debt will be exercisable at
par and the number of warrants to be issued will be based on the amount of the
debt divided by 50% of the average closing price of the Company's ordinary
shares for the 90 days prior to closing.
As part of the agreement the Company's principal shareholder, Mr. Howard Yeung
agree to grant a put option against the Banks' warrants at the valuation at
which the Warrants were issued. Concurrently, the Banks grant Mr. Yeung a call
option allowing him, during a 21 month period commencing as of the closing, to
purchase the Banks' Warrants at a price not lower than $1,251,000 and not higher
then $1,770,165.
Following the agreement RADA's outstanding debt to the Banks will decrease from
$5.5 million to $2 million. The Banks have also agreed to provide RADA with a
$500,000 line of credit. This transaction will require shareholder approval
under Nasdaq rules and pursuant to the Israeli Companies Law and an
extraordinary meeting of shareholders has been scheduled for July 22, 2003.
"We thank Mr. Yeung and both of Israel's largest banks for their continuous
trust and support of RADA. This MOA positions RADA to better cope with the
technological and business challenges it is facing", stated Adar Azancot, RADA's
Chief Executive Officer.
About RADA: RADA Electronic Industries Ltd. is an Israel based company involved
in the military and commercial aerospace industries, with 110 staff. The company
specializes in Avionics, Ground Debriefing Stations (Video, ACMI and
Maintenance) and Automatic Test Equipment.
Note: Certain statements in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Act of 1995. Such
statements involve known and unknown risks, uncertainties and other factors that
may cause actual results to differ materially. Such risk uncertainties and other
factors include, but are not limited to, changes in general economic conditions,
risks in product and technology developments, market acceptance of new products
and continuing product demand, level of competition and other factors described
in the Company's Annual Reports on Form 20-F and other filings with the
Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Rada Electronic Industries Ltd.
(Registrant)
By: /s/Herzle Bodinger
------------------
Herzle Bodinger, Chairman
Date: June 24, 2003