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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 2270 (9-02) | ||
| 1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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| (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | |||||||||
| Convertible Promissory Notes | $ 0.25 | Â | Â | 3 | Â | Â | 06/08/2006 | Â (1) | Common Stock | Â | 23,035,678 (3) | By Clal Industries (4) | ||
| Convertible Promissory Notes | $ 0.25 | Â | Â | 3 | Â | Â | 06/08/2006 | Â (1) | Common Stock | Â | 1,641,708 (3) | By DIC (6) | ||
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
| CLAL INDUSTRIES & INVESTMENTS LTD TRIANGULAR TOWER, 3 AZRIELI CENTER 45TH FLOOR TEL AVIV, L3 67023 |
 |  X |  |  |
| DISCOUNT INVESTMENT CORP LTD Â |
 |  X |  |  |
| IDB DEVELOPMENT CORP LTD 511 FIFTH AVENUE NEW YORK, NY 10017 |
 |  X |  |  |
| IDB HOLDING CORP LTD 666 THIRD AVENUE, 5TH FLOOR NEW YORK, NY 10017 |
 |  X |  |  |
| Dankner Nochi 3 AZRIELI CENTER 44TH FLOOR TEL AVIV, L3 67023 |
 |  X |  |  |
| Bergman Shelly 9 HAMISHMAR HA'EZRACHI STREET AFEKA TEL AVIV, L3 69697 |
 |  X |  |  |
| Manor Ruth 26 HAGDEROT STREET SAVYON, L3 56526 |
 |  X |  |  |
| Livnat Avraham TAAVURA JUNCTION RAMLE, L3 72102 |
 |  X |  |  |
| FBR Infinity II Venture Partners Ltd. 3 AZRIELI CENTER (TRIANGLE TOWER) 42FL. TEL-AVIV, L3 67023 |
 |  X |  |  |
| /s/ Boaz Simons, Clal Industries and Investments Ltd. | 02/14/2008 | |
| **Signature of Reporting Person | Date | |
| /s/ Yehuda Ben Ezra, Clal Industries and Investments Ltd. | 02/14/2008 | |
| **Signature of Reporting Person | Date |
| * | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
| ** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
| (1) | Not applicable. |
| (2) | The Convertible Notes were in the aggregate principal amount of $349,893.48 and convertible into 1,399,574 shares of common stock. These securities were sold, as reported under the Form 4 filed by the reporting persons with the SEC on November 11, 2007. |
| (3) | See the Schedule 13D filed by the reporting persons with the SEC on November 14, 2007. The calculation of the beneficial ownership of the securities therein is accurate also as of December 31, 2007, the end of the Issuer's fiscal year. It should be noted that such calculation excludes shares beneficially owned by ECI, which is not an affiliate of DIC (as defined below) as of September 28, 2007. |
| (4) | Clal Industries and Investments Ltd. ("Clal Industries") is a majority owned indirect subsidiary of IDB Holding Corporation Ltd. ("IDB Holding"). The securities are held directly by Clal Electronics Industries Ltd., a wholly owned subsidiary of Clal Industries, and by Clal Venture Capital Fund L.P. whose general partner is Clal Venture Capital Fund Management Ltd., a majority owned subsidiary of Clal Industries. |
| (5) | The Convertible Notes are in the aggregate principal amount of $459,419 and convertible into 1,837,676 shares of common stock. This figure includes Convertible Notes in the aggregate principal amount of $81,394.50 and convertible into 325,578 shares of common stock held by ECI (see footnote 3). |
| (6) | Discount Investment Corporation Ltd. ("DIC") is a majority owned indirect subsidiary of IDB Holding. The securities are held directly by DIC and its affiliates, Elron Electronic Industries Ltd., RDC Rafael Development Corporation Ltd. and, until September 28, 2007, ECI Telecom Ltd. |
|  Remarks: 1. Each of the reporting person and the joint filers disclaims beneficial ownership of the reported securities except to the  extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that the reporting person  or any joint filer is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of  1934, as amended or for any other purpose. 2. Boaz Simons and Yehuda Ben Ezra, authorized signatories of Clal Industries and Investments Ltd., for itself and on behalf  of the other Reporting Persons | |