Exhibit 1 [LIPMAN TRANSACTION SOLUTIONS(TM) LOGO OMITTED] FOR FURTHER INFORMATION CONTACT - ------------------------------- ISRAEL: UNITED STATES: Maya Lustig Jeff Corbin/Lee Roth Investor Relations & Public Relations Manager KCSA Worldwide Lipman Electronic Engineering Ltd. 800 Second Ave. 11 Haamal Street, Park Afek New York, NY 10017 Rosh Haayin 48092, Israel (212) 896-1214/(212) 896-1209 972-3-902-9730 jcorbin@kcsa.com/lroth@kcsa.com maya_l@lipman.co.il LIPMAN BOARD OF DIRECTORS AUTHORIZES THE REPURCHASE OF UP TO $30 MILLION OF LIPMAN'S ORDINARY SHARES Rosh Haayin, Israel, November 28, 2005 - Lipman Electronic Engineering Ltd. (Nasdaq, TASE: LPMA) today announced that its Board of Directors has authorized the Company to purchase up to $30 million worth of its ordinary shares. Purchases of shares may be made from time to time at the discretion of management in the open market or through privately negotiated transactions. The timing and amount of shares purchased will be subject to share prices, market conditions and other factors. The purchase of shares will be made using the Company's cash resources and may be commenced or suspended at any time, or from time-to-time. As of November 24, 2005, the Company had outstanding 27,042,436 ordinary shares. Isaac Angel, President and Chief Executive Officer of Lipman, said, "We believe that the current valuation of Lipman's shares makes the repurchase of our shares a sound investment, as well as an attractive opportunity to enhance shareholder value in the long-term. Lipman has a strong balance sheet with approximately $118 million in cash and no debt. Our financial strength makes it possible for us to invest in our shares without sacrificing our ability to grow, either organically or through acquisition." ABOUT LIPMAN Lipman is a leading worldwide provider of electronic payment systems. Lipman develops, manufactures and markets a variety of handheld, wireless and landline POS terminals, electronic cash registers, retail ATM units, PIN pads and smart card readers, as well as integrated PIN and smart card ("Chip & PIN") solutions. In addition, Lipman develops technologically advanced software platforms that offer comprehensive and customized transaction processing solutions for its customers, as well as managed professional services such as on-site and call-center support with remote terminal management. Lipman's corporate headquarters and R&D facilities are located in Israel. Lipman also maintains offices in the US, United Kingdom, Turkey, China, Spain, Finland, Russia, Italy, Canada, Brazil, Argentina, Mexico, Australia and India. For more information visit www.lipman.biz Statements concerning Lipman's business outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements" as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: our dependence on distributors and customers; the competitive market for our products; market acceptance of new products and continuing products; timely product and technology development/upgrades and the ability to manage changing market conditions; manufacturing in Israel; compliance with industry and government standards and regulations; dependence on key personnel; possible business disruption from acquisitions; and other factors detailed in Lipman's filings with the U.S. Securities and Exchange Commission. Lipman assumes no obligation to update the information in this release.
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Lipman Electronic Engineering (LPMA) Inactive 6-KCurrent report (foreign)
Filed: 28 Nov 05, 12:00am