CIS Technologies Inc said itexecuted a formal share purchase agreement with Swiss
Reinsurance Co of Zurich, Switzerland.
    Under terms of the agreement, Swiss Re will acquire 5.5 mln
newly issued CIS stock at 2.50 dlrs a share, or 13.8 mln dlrs.
This purchase represents 30 pct of the outstanding shares.
    Swiss Re will acuqire 500,000 of the shares immediately and
remaining shares will be bought after a due diligence report is
completed by auditors.
    The transaction is expected to be complete by June 11.
 Reuter
