Contact Information: For more information please contact: Andrea Dray MIND CTI Ltd. Tel: +972-4-993-6666
MIND CTI Updates on Company Held Auction Rate Securities
| Source: MIND CTI Ltd.
YOQNEAM, ISRAEL--(Marketwire - April 9, 2008) - MIND C.T.I. LTD. (NASDAQ : MNDO ), a leading
provider of convergent end-to-end billing and customer care product based
solutions for tier 2 and tier 3 carriers worldwide, today announced an
update on its auction rate securities rating.
As previously announced, as of December 31, 2007, we have a total of $20.3
million invested in asset backed auction rate securities called
"Mantoloking CDO" and $12.4 million in cash and cash equivalents.
While the liquidity of these investments has been significantly impacted by
market conditions, we continue to receive interest payments every month. We
are not able to predict whether conditions in the market for these
securities will worsen or improve.
Recently we were advised that the Mantoloking CDO #564616AB6 has been
downgraded to A3 by Moody's and on CreditWatch with negative implications.
The security is still rated AAA by S&P.
Obligations rated A by Moody's are considered upper-medium grade and are
subject to low credit risk.
About MIND
MIND CTI Ltd. is a leading provider of convergent prepaid and postpaid
end-to-end billing and customer care solutions for Wireless, Wireline, VoIP
and Quad-play carriers worldwide. A global company, with over ten years of
experience in providing solutions to carriers, MIND operates from offices
in Europe, Israel and the United States, serving customers in more than 40
countries around the world. For more information, visit MIND at:
www.mindcti.com.
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the
Private Securities Litigation Reform Act of 1995: All statements other than
historical facts included in the foregoing press release regarding the
Company's business strategy are "forward-looking statements." These
statements are based on management's beliefs and assumptions and on
information currently available to management. Forward-looking statements
are not guarantees of future performance, and actual results may materially
differ. The forward-looking statements involve risks, uncertainties, and
assumptions, including the risks discussed in the Company's filings with
the United States Securities Exchange Commission. The Company does not
undertake to update any forward-looking information.