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| Herzliya, Israel, May 19, 2008— Optibase Ltd. (NASDAQ: OBAS) a leader in advanced digital video solutions today issued an open letter to the shareholders of Scopus Video Networks Ltd. in connection with the request of Optibase to convene a general meeting of shareholders of Scopus to declassify the board of directors of Scopus and to elect a slate of directors, and in response to the letter to Scopus shareholders and the proxy statement by Scopus, dated May 9, 2008. The meeting is scheduled to be held on Monday, June 16, 2008. Shareholders of record at the close of business on May 9, 2008 will be entitled to vote at the meeting. |
| A copy of Optibase's open letter to Scopus' shareholders will be filed with the Securities and Exchange Commission on Schedule 13D and is also available at www.optibase.com/scopusvote/. |
| In the letter, Optibase demonstrates why the "concerns" raised by the board of directors of Scopus are baseless, motivated by self-enriching interests and ignore basic fundamental principles of the Israeli Companies Law. |
| Scopus shareholders' are urged to vote "AGAINST" proposal 1 (the proposal of Scopus' board of directors) and "FOR" proposal 2 and proposal 3 (Optibase' proposals). |
| Scopus shareholders are encouraged to review carefully the proxy statement, the letters issued by Scopus' board of directors and by Optibase and other documents filed by either Optibase or Scopus with the Securities and Exchange Commission relating to Optibase's proposals when they are filed, because they contain important information about the proposals and the forthcoming general meeting of Scopus shareholders. |
| Copies of the documents filed with the Securities and Exchange Commission by Optibase or Scopus may be obtained free of charge from the SEC website maintained at www.sec.gov. |
| About Optibase Ltd.: Optibase is an Israeli company founded in 1990, whose shares are listed on the Nasdaq Global Market under the symbol “OBAS.” Optibase provides professional encoding, decoding, video server upload and streaming solutions for telecom operators, service providers, broadcasters and content creators. The company’s platforms enable the creation, broadband streaming and playback of high quality digital video. Optibase’s breadth of product offerings are used in applications, such as: video over DSL/Fiber networks, post production for the broadcast and cables industries, archiving; high-end surveillance, distance learning; and business television. Headquartered in Israel, Optibase operates through its fully owned subsidiary in Mountain View, California and offices in Japan, China, India and Singapore. Optibase products are marketed in over 40 countries through a combination of direct sales, independent distributors, system integrators and OEM partners. For further information, please visit www.optibase.com. |
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