a leading developer, manufacturer and operator of high-end technology and products for AVL (Automatic Vehicle Location) solutions for stolen vehicle retrieval, fleet management, car & driver safety, vehicle security and asset management, and a leading provider of RSA (Road Side

Assistance) services, announced that its subsidiary, Shagrir Systems Ltd., is negotiating the formation of a joint venture with Multimatrix Ltd., a public company traded on the Tel Aviv Stock Exchange.

The purpose of the joint venture is the possible purchase of 50% of the activities of the IRM Group, which has been active for the past eighteen years in providing services to insurance companies in the field of dental care, for an amount of approximately NIS 20 million, subject to adjustments.

The agreement between Shagrir and Multimatrix and between the joint venture and IRM Group would be subject, among other conditions, to the completion of a due diligence review to the satisfaction of Shagrir

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