SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of September, 2001.
MARNETICS BROADBAND TECHNOLOGIES LTD.
(Translation of Registrant's Name Into English)
10 Hayetzira Street
P.O. Box 2640
RA'ANANA 4300 ISRAEL
(Address of Principal Executive Offices)
(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 whether the registrant by furnishing the
information contained in this form 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-_______.)
1. INFORMATION AND DOCUMENTS REQUIRED TO BE FURNISHED.
A. A Press Release dated September 12, 2001, announcing that due to
the tragic events in New York City, the location of the
Registrant's Annual Meeting has been changed and the Meeting will
be held on Friday, September 14, 2001 at 10:00 a.m. at the
Inter-Continental the Barclay in its West Parlor Room, 111 East
48th Street (between Park and Lexington Avenue), 2nd Floor, East
Wing, New York City, New York, USA.
B. A Press Release dated September 14, 2001, announcing that the
Registrant's Shareholders approved the sale of the Registrant's
electrical business and approved the other proposals as listed
in the Proxy Statement at the Annual Shareholders Meeting held
in New York City on September 14, 2001.
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.
Marnetics Broadband Technologies Ltd.
Dated: September 23, 2001 By: /s/ Isaac Nissim
-------------------------------
Name: (printed): Isaac Nissim
Title: Chief Executive Officer
[MARNETICS BROADBAND TECHNOLOGIES LTD. LETTERHEAD]
FOR IMMEDIATE RELEASE
SEPTEMBER 14, 2001
SALE OF ELECTRICAL BUSINESS APPROVED AT ANNUAL MEETING OF
MARNETICS BROADBAND TECHNOLOGIES LTD.
RA'ANANA, ISRAEL - The shareholders of Marnetics Broadband Technologies Ltd.
(AMEX: MXB), approved the sale of the Company's electrical business at the
Annual Shareholders Meeting held in New York City today.
The electrical business was historically the principal business of Stav
Electrical Systems Ltd. before it acquired Marnetics Ltd. in December 2000. As a
result of this transaction, Marnetics Broadband changed its focus from
electrical contracting to the development and marketing of Internet performance
enhancements and solutions.
The recent downturn in the Israeli economy and political developments negatively
impacted the electrical business and its anticipated prospects in the immediate
future. The losses of the electrical business increased significantly in the
fourth quarter of 2000, a trend which management expected to continue. On May
11, 2001, the Company published a request for proposals to solicit offers from
the public for the sale of the electrical business and the sole bid came from
Idan Millennium Investments and Assets Ltd., a company owned by Dov Strikovsky,
the Company's former chief executive officer and current major shareholder.
In June, the Company's Board of Directors approved the sale of its electrical
contracting business, including certain related liabilities, to Idan Millennium
Investments. The effective date of the sale of the electrical business is March
31, 2001 and, as a result, the purchaser is liable for all liabilities and
entitled to all income from this date.
At the Annual General Shareholders' meeting, Marnetics Broadband Technologies'
shareholders also approved the term renewals of the Company's Board of Directors
whose terms expired this year: Jacob Ben-Gur, Chairman, Menachem Reinschmidt,
Moshe Kessner, Ilja Bobbert and Baruch Schechter.
In addition, the Accounting firm Deloitte Touche Brightman Almagor was approved
to serve as auditors of the Company for the year ending December 31, 2001.
ABOUT MARNETICS
Marnetics Broadband Technologies Ltd., through its wholly-owned subsidiary,
Marnetics Ltd., specializes in the development and marketing of Internet
performance enhancement solutions. Prospera(TM), the Company's product line
which is currently in development, is a Capacity Enhancement Platform which will
feature such capabilities as acceleration and differentiated services. The
product is intended to better manage over-subscription situations in Internet
and Intranet networks. The product is currently in an advanced stage of
development by the Company and it expects the first to be available to the
market by year-end 2001. Shareholders in Marnetics include ECI Telecom (NASDAQ:
ECIL), Linkware Ltd., European and Israeli venture capital funds and private
investors, as well as the directors, managers and employees of Marnetics and its
subsidiaries.
Information about Marnetics may be obtained from the Company's web site:
www.marnetics.com or from the following contact:
Karen Gold Anisfeld, Vice President
Telephone: ++ 972-9-761-6862; Facsimile: ++ 972-9-744-7715
Mobile: ++ 972-54-209-578
Email: karen@marnetics.com
CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE ARE NOT HISTORICAL IN NATURE
AND ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE NOT
GUARANTEES SINCE THERE ARE INHERENT DIFFICULTIES IN PREDICTING FUTURE RESULTS,
AND ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN
THE FORWARD-LOOKING STATEMENTS. FOR A LIST OF MAJOR FACTORS THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED, REFER TO THE FILINGS
OF MARNETICS BROADBAND TECHNOLOGIES LTD. (FORMERLY NAMED STAV ELECTRICAL SYSTEMS
(1994) LTD.) WITH THE SECURITIES AND EXCHANGE COMMISSION.
[MARNETICS BROADBAND TECHNOLOGIES LETTERHEAD]
FOR IMMEDIATE RELEASE
SEPTEMBER 12, 2001
CHANGE OF LOCATION OF ANNUAL MEETING OF SHAREHOLDERS
OF MARNETICS BROADBAND TECHNOLOGIES LTD.
RA'ANANA, ISRAEL - Marnetics Broadband Technologies Ltd. (AMEX: MXB) announced
today that the location of its annual meeting of shareholders scheduled for
Friday, September 14, 2001 at 10:00 a.m. has been changed to the
Inter-Continental the Barclay in its West Parlor Room, 111 East 48th Street
(between Park and Lexington Avenues), 2nd floor, East Wing, New York City, New
York U.S.A. (phone 212-755-5900). Due to the tragic events in New York City
earlier this week, the Company will be unable to convene the meeting at the
location specified in its 2001 Proxy Statement. The Company's board of directors
has determined that, for various reasons, it is in the best interest of its
shareholders to avoid postponing the meeting.
Information about Marnetics may be obtained from the Company's web site:
www.marnetics.com or from the following contact:
Karen Gold Anisfeld, Vice President
Telephone: ++ 972-9-761-6862; Facsimile: ++ 972-9-744-7715
Mobile: ++ 972-54-209-578
Email: karen@marnetics.com
CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE ARE NOT HISTORICAL IN NATURE
AND ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE NOT
GUARANTEES SINCE THERE ARE INHERENT DIFFICULTIES IN PREDICTING FUTURE RESULTS,
AND ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN
THE FORWARD-LOOKING STATEMENTS. FOR A LIST OF MAJOR FACTORS THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED, REFER TO THE FILINGS
OF MARNETICS BROADBAND TECHNOLOGIES LTD. (FORMERLY NAMED STAV ELECTRICAL SYSTEMS
(1994) LTD.) WITH THE SECURITIES AND EXCHANGE COMMISSION.