TEL-AVIV, Israel, Aug. 22,
2024 /PRNewswire/ -- Israel Acquisitions Corp
(NASDAQ: ISRL) (NASDAQ: ISRLU) (NASDAQ: ISRLW) ("ISRL"), a
publicly-traded special purpose acquisition company, Pomvom Ltd.
(TASE: PMVM) ("Pomvom"), an Israeli technology company
developing and providing experiential content to amusement parks
and attractions globally, announced today that they have signed a
mutual termination and release agreement (the "Termination
Agreement") to terminate the Business Combination Agreement and
additional related agreements (the "Merger Agreement"), due
to the change in global market conditions.
Pursuant to the Termination Agreement, the parties also mutually
agreed to waive any claim or demand on the part of any of the
parties against the other parties, except in relation to a
violation of the Termination Agreement or a violation of the
confidentiality obligations stipulated in the Merger Agreement.
Shira Fayans Birenbaum,
Pomvom's Chairman and Izhar Shay,
ISRLSPAC's Chairman released a joint statement: "The decision
to terminate the Merger Agreement was made jointly by the
companies, with the understanding that the current state of the
capital markets does not allow for the transaction to proceed at
this time based on the same financial parameters that had been
agreed upon originally. Considering these factors and in order to
avoid additional expenses related to the transaction for both
parties, it was decided in good spirit to terminate the
transaction."
About Pomvom Ltd:
Pomvom, which is traded on the Tel-Aviv Stock Exchange (TASE:
POMO; PMVM), is a technology company, which develops and provides
experiential documentation solutions to the global amusement parks
and attractions market, which replace the existing operative
photographic solutions. Pomvom has developed a digital platform,
which combines innovative technology for photographing and creating
content, automatically in a cloud environment, the distribution and
the sale thereof to the ultimate user for the purpose of their
personal use and for sharing on social networks. Pomvom provides
its customers with comprehensive media documentation services,
which is done by means of the digital platform, in addition to
which it provides photographic equipment and manpower, the creation
of content and media processing, printing or the distribution of
pictures and the sale thereof to visitors to amusement parks and
attractions. See Pomvom's website for additional details - Pomvom -
Any media. Any device. Anyone.
About Israel Acquisitions Corp.
ISRL, which is traded on Nasdaq (NASDAQ: ISRL, ISRLU, ISRLW), is
a Cayman Islands exempted company
incorporated as a blank-check company and formed for the purpose of
entering into a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or similar business
combination with one or more businesses or entities. ISRL intends
to focus on high-growth technology companies that are domiciled in
Israel, and that either carry out
all or a substantial portion of their activities in Israel or have some other significant Israeli
connection. ISRL's management team is led by Chairman, Izhar Shay, Chief Executive Officer,
Ziv Elul, and Chief Financial
Officer, Sharon Barzik Cohen.
Forward Looking Statements
This press release may include, and oral statements made from
time to time by representatives of ISRL or Pomvom may include,
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements regarding
possible business combinations and the financing thereof, and
related matters, as well as all other statements other than
statements of historical fact included in this press release are
forward-looking statements. When used in this press release, words
such as "anticipate," "believe," "continue," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "possible,"
"potential," "predict," "project," "should," "would" and similar
expressions, as they relate to ISRL, Pomvom or either management
team, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of ISRL's and Pomvom's
management, as well as assumptions made by, and information
currently available to, ISRL's and Pomvom's management. Actual
results could differ materially from those contemplated by the
forward-looking statements as a result of certain factors detailed
in ISRL's filings with the SEC. All subsequent written or oral
forward-looking statements attributable to ISRL's, Pomvom's or
persons acting on ISRL's or Pomvom's behalf are qualified in their
entirety by this paragraph. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of
ISRL or Pomvom, including those set forth in the Risk Factors
section of ISRL's annual report on Form 10-K for the fiscal year
ended December 31, 2023, filed with
the SEC on March 28, 2024. ISRL
undertakes no obligation to update these statements for revisions
or changes after the date of this press release, except as required
by law.
Investor Contact:
Meirav Gomeh-Bauer
+972-54-476-4979
Email: Meirav@bauerg.com
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SOURCE Pomvom Ltd.; Israel Acquisitions Corp.