SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 July 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. Press Release re RADA's Shareholders Approve 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 July 23, 2003.
ITEM 1
Press Release Source: RADA Electronic Industries Ltd.
RADA's Shareholders Approve 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
Wednesday July 23, 10:43 am ET
NETANYA, Israel, July 23 /PRNewswire-FirstCall/ -- RADA Electronic Industries
Ltd. (Nasdaq: RADIF - News) announced today that in an extraordinary meeting of
its shareholders that was held on July 22, 2003 the terms of 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 that was signed on
June 22, 2003 were approved. Under the MOA 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.
Pursuant to the terms of the agreement RADA's outstanding debt to the Banks will
decrease from $5.5 million to $2 million.
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.
Company Contact: Adar Azancot - CEO
RADA Electronic Industries
Tel: 011-972-9-892-1111
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
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Herzle Bodinger, Chairman
Date: July 24, 2003