Israeli-owned Xfone, Inc. (XFNE) (Berlin:XFO) yesterday announced that its Israeli subsidiary, Xfone Communication Ltd., has submitted to the Israeli government's Ministry of Communication an application for a license to provide international telecommunications services.
Consistent with government requirements, the application included a bank guarantee of NIS 10 million.
Xfone president and CEO Guy Nissensonsaid, "The Xfone team is extremely excited by the potential to become one of the few international telecommunication service providers in the important $330 million Israeli market. We hope to have a swift review of our application and to launch the Xfone service in Israel within several months of receiving our license. We believe that we can effectively utilize our proprietary technologies and expertise to provide Israeli customers with high quality service at competitive prices."
Xfone owns 74% of Xfone Communication Ltd, with the remaining 26% owned by HSN Telecom Investments Ltd, an Israeli based company.
Israeli government regulations require that at least 26% of any company providing telecommunications service within its borders be owned by Israeli citizens and residents. Xfone noted that HSN is controlled by related parties who fulfill this requirement.
Published by Globes [online] - www.globes.co.il - on Tuesday, May 11, 2004