U.S. Markets closed

MER Telemanagement announces adverse decision for appeal of Israeli tax ruling

Mer Telemanagement announced that the Tel-Aviv District Court rendered its decision relating to the Company's appeal of a tax ruling of the Israeli tax authorities that was issued with respect to the 1997-1999 period. According to the decision, the company's claims were partly accepted and partly rejected, which will require MTS to increase the provision already made in its financial statements for this tax exposure. The company has not as yet received an assessment from the tax authorities as to the amount they believe is due. Accordingly, the company and its tax counsel are working to determine the financial impact of the ruling, which will be included in the company's Q3 financial statements. The company is studying the decision and seeking the guidance of its tax counsel to determine whether there are grounds for appealing this decision to the Supreme Court.