Americal Online Inc has invested $40m for a 20% share in Picture Vision according to reports in the Israeli press. The Israeli company is now controlled by Eastman Kodak Inc who, three months ago bought 51% of the company for $50m. AOL will be purchasing the shares from the other shareholders, which include the two founders, Yaakov Ben Yaakov and Elliot Joffe, as well as a number of US and Israeli venture capital funds. Half of the money will be transferred in almost two years on condition that various terms in the agreement are met. The company has developed a system in which films are turned into digital images, which are then made available to clients on the company’s internet site.
