BluePhoenix Solutions Amends Refinancing Agreement to Allow Conversion of Loan into Equity Based on 30 Trading Days Average Price on NASDAQ

BluePhoenix Solutions

announced today that it has entered into an amendment of an agreement to refinance a $5 million loan. On March 20, 2012, the Company announced that it entered into a set of agreements with its three major shareholders, for assignment of a $5 million loan extended to the Company by a third party to the three major shareholders, amendment of the terms of such loan and agreement to raise a debt of $0.5 million of new debt through a bridge loan.