Babylon meeting Yahoo!

Babylon: Yahoo! has not suspended the agreement between the parties.

In a notice to the Tel Aviv Stock Exchange (TASE), Babylon Ltd. (TASE:BBYL) stated that its executives will meet representatives of Internet giant Yahoo! Inc. (Nasdaq: YHOO) this evening, following Yahoo's letter about deficiencies that it sent to Babylon.

"As of the date of this report, Yahoo! has not suspended the agreement between the parties," Babylon emphasized. "The company will update about any developments resulting from this meeting."

Babylon's share price plummeted in the last two sessions, in the wake of Yahoo!'s letter. It stated that, as part of tests carried out for Babylon, several deficiencies were found in the way Babylon was implementing the July 2012 agreement between the parties, deficiencies that Yahoo! considers as a breach of the agreement. Yahoo! threatened to suspend the agreement with Babylon if the deficiencies were not corrected immediately.

Published by Globes [online], Israel business news - - on October 22, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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