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Cellcom Israel Ltd. Announces Entry to Financial Services Market
NETANYA, Israel, July 7, 2010-- Cellcom Israel Ltd. (NYSE: CEL) (the "Company") announced today its entry
to the financial services market including through an innovative "mobile
wallet". The first step includes a cooperation agreement with Citibank group,
or Citi, that will enable a service of money remittance from Israel abroad by
customers of all cellular operators in Israel, through Citi's platform and
worldwide distribution channels. Additional added value services will be
provided to the Company's mobile wallet customers through a cooperation of
the Company with Isracard group, a leading Israeli credit card company.
Mr. Amos Shapira, the Company's CEO, commented on the new remittance
service: "The mobile phone is the world's most common computerized retail
point of sale. It is this added value that Citi and the Company intend to
bring to the financial services market." Mr. Shapira further noted that the
Company's entry to the financial services market is consistent with the
Company's business strategy to create growth opportunities and provide added
value to its customers while leveraging the mobility advantage and the
Company's core business and competencies through new synergies. "Leveraging
Citi's international banking and financial capabilities, expertise and
infrastructure and the mobility advantage provided by the Company, together
with its familiarity with the Israeli consumer and close relationship with
its customers, the remittance services are expected to have a non significant
effect on the Company's expenses," added Mr. Shapira.
The mobile wallet is expected to be launched by the end of 2010.
The Company also intends to launch an internet based payment service and
is reviewing the launch of additional financial services, such as bill
payments and product purchasing through the mobile phone.
Forward Looking Statement
The information contained in this press release contains, or may be
deemed to contain, forward-looking statements (as defined in the U.S. Private
Securities Litigation Reform Act of 1995 and the Israeli Securities Law,
1968). Said forward-looking statements, relating to the launch of financial
services and the impact of the money remittance services on the Company's
expenses, are subject to uncertainties and assumptions regarding market
conditions, Citi's performance and the regulatory environment. Any change in
such factors, could lead to materially different outcome than that set forth
above.
About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is the leading
Israeli cellular provider; Cellcom Israel provides its approximately 3.313
million subscribers (as at March 31, 2010) with a broad range of value added
services including cellular and landline telephony, roaming services for
tourists in Israel and for its subscribers abroad and additional services in
the areas of music, video, mobile office etc., based on Cellcom Israel's
technologically advanced infrastructure. The Company operates an HSPA 3.5
Generation network enabling advanced high speed broadband multimedia
services, in addition to GSM/GPRS/EDGE and TDMA networks. Cellcom Israel
offers Israel's broadest and largest customer service infrastructure
including telephone customer service centers, retail stores, and service and
sale centers, distributed nationwide. Through its broad customer service
network Cellcom Israel offers its customers technical support, account
information, direct to the door parcel services, internet and fax services,
dedicated centers for the hearing impaired, etc. As of 2006, Cellcom Israel,
through its wholly owned subsidiary Cellcom Fixed Line Communications L.P.,
provides landline telephone communication services in Israel, in addition to
data communication services. Cellcom Israel's shares are traded both on the
New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For
additional information please visit the Company's website
http://www.cellcom.co.il
Company Contact
Yaacov Heen
Chief Financial Officer
investors@cellcom.co.il
Tel: +972-52-998-9755
Investor Relations Contact
Porat Saar & Kristin Knies
CCG Investor Relations Israel & US
cellcom@ccgisrael.com
Tel: +1-646-233-2161
Source: Cellcom Israel Ltd.
Company Contact: Yaacov Heen, Chief Financial Officer, investors@cellcom.co.il, Tel: +972-52-998-9755, Investor Relations Contact, Porat Saar & Kristin Knies, CCG Investor Relations Israel & US, cellcom@ccgisrael.com, Tel: +1-646-233-2161
Cellcom Israel Ltd. Announces Entry to Financial Services Market
NETANYA, Israel, July 7, 2010-- Cellcom Israel Ltd. (NYSE: CEL) (the "Company") announced today its entry
to the financial services market including through an innovative "mobile
wallet". The first step includes a cooperation agreement with Citibank group,
or Citi, that will enable a service of money remittance from Israel abroad by
customers of all cellular operators in Israel, through Citi's platform and
worldwide distribution channels. Additional added value services will be
provided to the Company's mobile wallet customers through a cooperation of
the Company with Isracard group, a leading Israeli credit card company.
Mr. Amos Shapira, the Company's CEO, commented on the new remittance
service: "The mobile phone is the world's most common computerized retail
point of sale. It is this added value that Citi and the Company intend to
bring to the financial services market." Mr. Shapira further noted that the
Company's entry to the financial services market is consistent with the
Company's business strategy to create growth opportunities and provide added
value to its customers while leveraging the mobility advantage and the
Company's core business and competencies through new synergies. "Leveraging
Citi's international banking and financial capabilities, expertise and
infrastructure and the mobility advantage provided by the Company, together
with its familiarity with the Israeli consumer and close relationship with
its customers, the remittance services are expected to have a non significant
effect on the Company's expenses," added Mr. Shapira.
The mobile wallet is expected to be launched by the end of 2010.
The Company also intends to launch an internet based payment service and
is reviewing the launch of additional financial services, such as bill
payments and product purchasing through the mobile phone.
Forward Looking Statement
The information contained in this press release contains, or may be
deemed to contain, forward-looking statements (as defined in the U.S. Private
Securities Litigation Reform Act of 1995 and the Israeli Securities Law,
1968). Said forward-looking statements, relating to the launch of financial
services and the impact of the money remittance services on the Company's
expenses, are subject to uncertainties and assumptions regarding market
conditions, Citi's performance and the regulatory environment. Any change in
such factors, could lead to materially different outcome than that set forth
above.
About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is the leading
Israeli cellular provider; Cellcom Israel provides its approximately 3.313
million subscribers (as at March 31, 2010) with a broad range of value added
services including cellular and landline telephony, roaming services for
tourists in Israel and for its subscribers abroad and additional services in
the areas of music, video, mobile office etc., based on Cellcom Israel's
technologically advanced infrastructure. The Company operates an HSPA 3.5
Generation network enabling advanced high speed broadband multimedia
services, in addition to GSM/GPRS/EDGE and TDMA networks. Cellcom Israel
offers Israel's broadest and largest customer service infrastructure
including telephone customer service centers, retail stores, and service and
sale centers, distributed nationwide. Through its broad customer service
network Cellcom Israel offers its customers technical support, account
information, direct to the door parcel services, internet and fax services,
dedicated centers for the hearing impaired, etc. As of 2006, Cellcom Israel,
through its wholly owned subsidiary Cellcom Fixed Line Communications L.P.,
provides landline telephone communication services in Israel, in addition to
data communication services. Cellcom Israel's shares are traded both on the
New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For
additional information please visit the Company's website
http://www.cellcom.co.il
Company Contact
Yaacov Heen
Chief Financial Officer
investors@cellcom.co.il
Tel: +972-52-998-9755
Investor Relations Contact
Porat Saar & Kristin Knies
CCG Investor Relations Israel & US
cellcom@ccgisrael.com
Tel: +1-646-233-2161
Source: Cellcom Israel Ltd.
Company Contact: Yaacov Heen, Chief Financial Officer, investors@cellcom.co.il, Tel: +972-52-998-9755, Investor Relations Contact, Porat Saar & Kristin Knies, CCG Investor Relations Israel & US, cellcom@ccgisrael.com, Tel: +1-646-233-2161