Sarine Technologies Ltd recently provided an update on the outcome of the case pertaining to the attempted theft of Sarine’s intellectual property, interdicted by the police in Israel in the summer of 2017.

“Further to our announcement of 23 July 2017, concerning the attempt by two Indian nationals to buy Sarine’s Galaxy® system’s schematics, list of parts and vendors and software source code for US$ 1,000,000, which was offered to an investigator posing as a Sarine employee, who were immediately arrested by the police, we are pleased to update that the perpetrators were convicted, ordered to pay a substantial fine with one suspect also sentenced to eight months in Israeli prison, and the second perpetrator summarily expelled from the country,” the Company stated.

In response to this development, David Block, CEO of Sarine, said: "Sarine is fully committed to prosecuting each and every attempt to illegally benefit from its intellectual property to the extent possible.”