Lithium factory proposal to Tadiran to Oppenheimer in 1989

letter from OPCO requesting the financial statement from Tadiran which never arrive - in summary a failure to make Israel a generator of Lithium based batteries at the inception of their use in 1989

1. Oppenheimer &Co.,Inc. Pe

soy sus
October 16, 1989 +

Me, Haim Dranisteane
3873 Orlofe Avenue
Riverdale, New York 10463

Dear Mr. Brantsteanu:

We have reviewed the preliminary information provided to us by you
regarding the proposed acquisition of the Lithlun Battery Division of
Tadiran, Led. We find the information interesting and the proposal
potentially exciting,

Based on the information provided, equity capital in the amounts
discussed should readily be available for the project. However, to date we
have only reviewed the preliminary information and initial projections
avallable to you from Tadivan. You have also informed us that che
existing lenders to the Lithium Battery Division of Tadtran would be
Willing to keep their debe in place following a transaction. Wa have not
had an opportunity to perform a due diligence review of the Company and the
industry, to meet with management or to perfora sensitivity analysis on the
projections. Upon receipt of more complete and detailed information, ve
ould be pleased to undertake a more complete analysis, with the goal of
further pursuing with you the acquisition and related financing ‘of the
Battery Division

In summary, based on the projections provided and returns outlined,
and subject to further review, due diligence, and the approval of the
commitment committee ve are potentislly interested in working with you both
as a principal in investing our oun capital and as an agent in obtaining
additional equity capital, while this Letter expresses our current
Interest In pursuing the transaction, it no way obligates Oppenheimer to
procesd either as a principal or agent. Such a decision would be made
Following a complete review and analysis as discussed above

Ho look forward to further pursuing his

\eter with you

Sincerely,

Stil, Bra

sBS/ds