UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
November 26, 2002
Date of Report
(Date of earliest event reported)
RADVISION LTD.
(Exact name of registrant as specified in its charter)
Israel 000-29871__ N/A
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
24 Raoul Wallenberg Street, Tel Aviv 69719, Israel
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(Address of principal executive offices and zip code)
011-972-3-645-5220
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
ITEM 5. Other Events.
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Corporate Contacts: Investor Contacts:
David Seligman Peter Benedict Jody Burfening/Kathy Price
Chief Financial Officer Dir. Media and Investor Relations Lippert/Heilshorn
RADVISION RADVISION & Associates
Tel: 201.689-6333 Tel: 201.689-6311 Tel: 212.838.3777
cfo@radvision.com pr@radvision.com jbs@lhai.com
RADVISION RECEIVES COURT APPROVAL TO COMMENCE
SECOND SHARE REPURCHASE PROGRAM
GLEN ROCK, New Jersey, November 26, 2002 -- RADVISION (NASDAQ: RVSN) has
received approval from the Israeli court to commence its second program to
repurchase up to $10 million or 2 million of its common shares under the share
repurchase program that was announced on August 28, 2002. Under Israeli law, a
company without retained earnings is required to obtain approval from the court
before proceeding with a share repurchase program in order to ensure that the
company's creditors are not harmed by the action.
This share repurchase program comes as an addition to the first program that was
announced on February 28, 2001. The Company completed the first program in the
first quarter of 2002, having repurchased a total of 1,866,115 ordinary shares
at a cost of $11.8 million.
The repurchase program will be funded using the company's existing cash balances
and the repurchased shares may be used in connection with the company's employee
stock plans or for other corporate purposes. As of September 30, 2002, the
company had cash and liquid investments of approximately $86.9 million and 18
million common shares outstanding, net of 1.9 million shares held in company's
treasury.
About RADVISION
RADVISION (Nasdaq: RVSN) is the industry's leading provider of high quality,
scalable and easy-to-use products and technologies for videoconferencing, video
telephony, and the development of converged voice, video and data over IP and 3G
networks. RADVISION has two distinct business units. RADVISION's Networking
Business Unit (NBU) offers one of the broadest and most complete set of
videoconferencing network solutions for IP- and ISDN-based networks, supporting
all end points in the industry. The company also provides businesses and service
providers with integrated solutions that deliver converged IP-based video
telephony applications to employee computer desktops and residential broadband
homes worldwide. The Company's Technology Business Unit (TBU) provides protocol
development tools and platforms, enabling equipment vendors and service
providers to develop and deploy new converged networks, services, and
technologies. For more information please visit our website at
www.radvision.com.
This press release contains forward-looking statements that are subject to risks
and uncertainties. Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not limited to, general
business conditions in the industry, changes in demand for products, the timing
and amount or cancellation of orders and other risks detailed from time to time
in RADVISION's filings with the Securities Exchange Commission, including
RADVISION's Form 10-K Annual Report. These documents contain and identify other
important factors that could cause actual results to differ materially from
those contained in our projections or forward-looking statements. Stockholders
and other readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which they are
made. We undertake no obligation to update publicly or revise any
forward-looking statement.
SIGNATURE
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.
Date: November 26, 2002 RADVISION LTD.
(Registrant)
By: /s/David Seligman
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David Seligman
Chief Financial Officer