Brief: Nova announces royalty buyout agreement with Israeli Office of Chief Scientist

Nova

18/08/2016 09:00

Aug 18 (Reuters) - Nova Measuring Instruments Ltd  NVMI.TA  
    * As part of agreement, nova agreed to pay approximately $14 
million to ocs in israel 
    * Nova announces royalty buyout agreement with israeli 
office of chief scientist 
    * Nova is now released from any future royalty payments on 
previous funds received from ocs 
    * Expects to have over $90 million in total cash reserves at 
end of q3 of 2016 
    * Agreement enables nova to apply for research and 
development program funding without future royalty payments, 
beginning in 2017 
    * Payment is expected to reduce company future tax payments 
by approximately $2 million 
 
Source text for Eikon:  ID:nPn6j0P37a  
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