Msystems Shareholders Approve Merger with SanDisk
MILPITAS, California & KFAR SABA, Israel--(BUSINESS WIRE)-November 8, 2006 - SanDisk® Corporation (NASDAQ:SNDK - News) and msystems™ Ltd. (NASDAQ:FLSH - News) today announced that the shareholders of msystems have voted to approve the acquisition of mystems by SanDisk at a special shareholder meeting held today at msystems' offices in Kfar Saba, Israel. More than 99% of the shares represented at the meeting voted in favor of the transaction.
The proposed acquisition of msystems by SanDisk was announced on July 30, 2006 by the two companies and the closing of the transaction remains subject to conditions, including, among others, Israeli court approval as well as customary closing conditions. SanDisk expects the transaction is most likely to close in November.
SanDisk, the world's largest supplier of flash memory data storage card products, designs, manufactures and markets industry-standard, solid-state data, digital imaging and audio storage products using its patented, high density flash memory and controller technology. SanDisk is based in Milpitas, CA.
msystems has been transforming raw flash into smarter storage solutions since 1989. From embedded flash drives deployed in millions of mobile handsets to U3 USB smart drives designed for leading global brands, msystems creates, develops, manufactures and markets smart personal storage solutions for a myriad of applications targeting high growth markets.
Statements contained in this press release that are not historical facts, including statements regarding the consummation of the transaction and the timing thereof, are forward-looking statements as that item is defined in the federal securities laws. Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Many of these risks and uncertainties cannot be predicted with accuracy and some might not even be anticipated. Some of the factors that could significantly impact the forward-looking statements in this press release include the ability to obtain Israeli court and other approvals of the transaction on the proposed terms and schedule; the risk that the various conditions precedent to the consummation of the acquisition are not satisfied or waived; and other risks, some of which are discussed in the companies' reports filed with the Securities and Exchange Commission under the caption Risk Factors and elsewhere. Any forward-looking statement is qualified by reference to these risks and factors. These risks and factors are not exclusive, and the companies undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this release except as required by law. Additional information regarding these and other factors is contained in the companies' SEC filings, including, without limitation, SanDisk's Form 10-K for its fiscal year ended January 1, 2006, and its Form 10-Qs, msystems Form 20-F for the year ended December 31, 2005 and msystems Forms 6-K. The companies' filings are available from the Securities and Exchange Commission or may be obtained on SanDisk's website at www.sandisk.com and msystems website at www.msystems.com, as applicable.
SanDisk® is a registered trademark of SanDisk Corporation registered in the United States and other countries. msystems is a trademark of msystems Ltd.
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