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Blue Square Israel Ltd News
Blue Square Acquires 50% of "Nofesh Yashir" Travel Services Operated by Issta, Israel's Largest Travel Agency, and Signs an Agreement With Issta to Establish a Joint Company for the Operation of Nofesh Yashir
ROSH HAAYIN, Israel, January 30 PRNewswire-FirstCall — Blue Square-Israel Ltd. (NYSE: BSI) (hereinafter: "Blue Square") announced today that it has signed an agreement with Issta, Israel's largest travel agency, to acquire 50% of Issta's operated "Nofesh Yashir" (direct vacation) enterprise, operating travel services through an internet portal and a travel services call center, for the consideration of US $250,000. The parties also agreed upon the establishment of a jointly owned (50% each) company to operate the travel and tourism joint enterprise and develop it within Blue Square's supermarkets, through Blue Square's marketing and through the Nofesh Yashir Internet travel services portal and call center.
The acquisition and the launch of the joint operation of Nofesh Yashir is to be effective as of February 1st, 2008.
"We are delighted to join forces with Issta as a strategic partner in the rapidly-growing travel markets, providing our customers added value and more services then any other retail chain in Israel " said Uri Falach, Blue Square's Acting CEO. "Throughout the world, travel has become one of the services provided by supermarket retail chains and we are proud to lead this trend in Israel. In building up the joint venture with Issta, we will be able to take advantage of the marketing and operational infrastructure of Blue Square's retail chain, spread all over Israel, and merge them with Issta's impressive travel infrastructure. We are confident that the partnership with Issta and our entrance to the travel industry will become an important long-term growth driver for Blue Square."
Blue Square-Israel Ltd. is a leading retailer in Israel. A pioneer of modern food retailing, in the region. Blue Square currently operates 184 supermarkets under different formats, each offering varying levels of services and prices. For more information, please refer to the Blue Square-Israel Ltd. website at http://www.bsi.co.il.
Forward Looking Statements
The statements contained in this release, except for historical facts, which are forward-looking with respect to plans, projections, or future performance of the Company, involve certain risks and uncertainties. Potential risks and uncertainties include, but are not limited to, risk of market acceptance, the effect of economic conditions, the impact of competitive pricing, supply constrains, the effect of the Company's accounting policies, as well as certain other risks and uncertainties which are detailed in the Company's filings with the Securities and Exchange Commission, particularly the Annual Report on Form 20-F/A for the year ended December 31, 2006.
Contact: Blue Square-Israel Ltd. Elli Levinson-Sela General Counsel & Corporate Secretary Telephone: +972-3-9282670 Fax: +972-3-9282498 Email: ellils@bsi.co.il
SOURCE Blue Square Israel Ltd
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