Published On: Tue, Nov 4th, 2014

Israeli BackWeb Begins Liquidation Process

Backweb

Oh, what a tangled web we weave. But who knows, perhaps the process of BackWeb’s liquidation will go smoothly. The company announced it would begin the liquidation process and return funds to shareholders through two distributions, one beginning in December 2014 and the other one scheduled for February 2015. The second phase will happen after the company settles its financial obligations and ceases its operations in the U.S. and Israel. The first and second distributions are expected to be in the range of $9.7 million to $10.2 million. There are currently 43 million shares outstanding

Yoav Kir, CEO of VAR and liquidator of BackWeb said in a press release, “We are making progress on BackWeb’s distribution program, enabling the company to make an initial distribution of approximately 90% of liquidation proceeds. We will keep shareholders informed of major milestones in the liquidation process.”

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