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<SEC-DOCUMENT>0001178913-09-000945.txt : 20090706
<SEC-HEADER>0001178913-09-000945.hdr.sgml : 20090703
<ACCEPTANCE-DATETIME>20090427121956
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001178913-09-000945
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOS BETTER ONLINE SOLUTIONS LTD
		CENTRAL INDEX KEY:			0001005516
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER COMMUNICATIONS EQUIPMENT [3576]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		20 FREIMAN STREET
		CITY:			RISHON LEZION
		STATE:			L3
		ZIP:			75100
		BUSINESS PHONE:		011-972-3-954-1000

	MAIL ADDRESS:	
		STREET 1:		20 FREIMAN STREET
		CITY:			RISHON LEZION
		STATE:			L3
		ZIP:			75100
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
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     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        \\Backup\edgar filing\BOS better online solutions Ltd\96678\a96678.eep -->
     <!-- Control Number: 96678                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    BOS better online solutions Ltd                                  -->
     <!-- Project Name:   Corresp                                                          -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>Corresp</TITLE>
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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Phillips Nizer LLP
<BR>666 Fifth Avenue
<BR>New York, NY 10103
<BR>Tel: 212-977-9700
<BR>Fax: 212-262-5152</FONT></P>


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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April
27, 2009 </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>VIA EDGAR AND TELECOPY</U> </FONT> </H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States Securities and Exchange Commission
<BR>100 F Street, N.E.
<BR>Washington, D.C.  20549
<BR>
<BR>Mail Stop 4561
<BR>
<BR>Attn:  Jan Woo, Esq.</FONT></P>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         Re: </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">B.O.S.
Better Online Solutions Ltd. <BR>Amendment No. 1 to Registration Statement on Form F-3
<BR>Filed April 1, 2009
<BR><U>File No. 333-152020</U> </FONT></TD>
</TR>
</TABLE>
<BR>




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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
behalf of B.O.S. Better Online Solutions Ltd., an Israeli corporation (the
&#147;Company&#148;), we have set forth below the Company&#146;s proposed responses to the
Staff&#146;s comment letter dated April 15, 2009 with respect to Amendment No. 1 to the
Company&#146;s Registration Statement on Form F-3 (the &#147;Form F-3&#148;). The
Staff&#146;s comments have been reproduced (in bold) below and are immediately followed by
the Company responses thereto. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>General</U> </FONT> </H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>1.</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>You
include an additional 2,335,601 ordinary shares of common stock for           resale by
selling </B><B>shareholders that were issued in unregistered           securities
transactions in July 2008 and August 2008. </B><B>It appears that           these
securities were issued after the filing of the Form F-3 on June 30, 2008. </B><B>Because
the offer and sale of these securities was not complete prior to           the filing of
the </B><B>registration statement that included the resale of           those securities,
Rule 152 is not available to </B><B>separate the issuance and           resale as
separate transactions. Please remove the resale of these </B><B>securities from the
registration statement. In addition, advise us of the           exemption from </B><B>registration
you relied upon in effecting these           issuances.</B></FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2></font></p>
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<page>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States Securities and Exchange Commission
<BR>April 27, 2009
<BR>Page 2</FONT></P>


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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>
Securities
Act Exemptions</U></B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
For
the reasons discussed below, we believe that the July 2008 Offering and the August 2008
Offering (collectively, the &#147;Offerings&#148;) did not require registration under
Section 5 of the Securities Act of 1933, as amended (the &#147;Act&#148;) by reason of the
exemptions available under Regulation S and Section 4(2) under the Act. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
securities that were sold in the July 2008 Offering were purchased by three private Non-US
Person investors (the &#147;July Investors&#148;) located in Canada and France. The
offering was conducted from Israel to Canada and France. The July Investors were existing
beneficial stockholders of the Company prior to the July Offering and prior to the filing
of the Company&#146;s Form F-3 on June 30, 2008. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
securities that were sold in the August 2008 Offering, were purchased by one private
investment company (the &#147;August Investor&#148;)<B> </B>that is a Non-US Person
organized under Australian law and located in Australia. The offering was conducted from
Israel to Australia. The August Investor was a company with whom the Company&#146;s
placement agent, Cukierman &amp; Co., had an existing relationship since the end of 2006. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Neither
the July Investors nor the August Investor (collectively, the &#147;Investors&#148;)
contacted the Company in response to the filing of the Form F-3 in June 30, 2008. In both
cases, the Company&#146;s placement agent contacted the Investors. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
To
date (more than eight months after the completion of the Offerings), none of the
securities purchased in the Offerings have been sold. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I><U>
Regulation
S</U></I> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Offerings met the requirements of Regulation S, including that the Offerings were
conducted by the Company in offshore transactions to Non-U.S. Persons and there were no
directed selling efforts in the United States. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
SEC&#146;s adopting release for Regulation S (Exchange Act Release No. 27942 dated April
24, 1990) states that : </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;Offshore
transactions made in compliance with Regulation S will not be integrated with registered
domestic offerings or domestic offerings that satisfy the requirements for an exemption
from registration under the Securities Act, even if undertaken contemporaneously.&#148;
[Section III, C1.] </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2></font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States Securities and Exchange Commission
<BR>April 27, 2009
<BR>Page 3</FONT></P>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I><U>
Section
4(2)</U></I> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Offerings also met the requirements of Section 4(2), in that the Offerings were made in
private transactions to a limited number of sophisticated investors that had substantive
pre-existing relationships with the Company or its placement agent. The investors were not
solicited by means of the filing of the Form F-3 or by reason of any other type of public
solicitation or general advertising. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
 SEC  Release  No.   33-8828   (which  is  cited  in  Securities  Act  Compliance  and
 Disclosure          Interpretation No. 139.25) the Staff stated that: </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;Our
view is that, while there are many situations in which the filing of a registration
statement could serve as a general solicitation or general advertising for a concurrent
private offering, the filing of a registration statement does not, per se, eliminate a
company&#146;s ability to conduct a concurrent private offering, whether it is commenced
before or after the filing of the registration statement. Further, it is our view that the
determination as to whether the filing of the registration statement should be considered
to be a general solicitation or general advertising that would affect the availability of
the Section 4(2) exemption for such a concurrent unregistered offering should be based on
a consideration of whether the investors in the private placement were solicited by the
registration statement or through some other means that would otherwise not foreclose the
availability of the Section 4(2) exemption. This analysis should not focus exclusively on
the nature of the investors, such as whether they are &#147;qualified institutional
buyers&#148; as defined in Securities Act Rule 144A or institutional accredited investors,
or the number of such investors participating in the offering; instead, companies and
their counsel should analyze whether the offering is exempt under Section 4(2) on its own,
including whether securities were offered and sold to the private placement investors
through the means of a general solicitation in the form of the registration statement. For
example, if a company files a registration statement and then seeks to offer and sell
securities without registration to an investor that became interested in the purportedly
private offering by means of the registration statement, then the Section 4(2) exemption
would not be available for that offering. <I>On the other hand, if the </I> <I>prospective
private placement investor became interested in the concurrent private placement through
</I> <I>some means other than the registration statement that did not involve a general
solicitation and </I> <I>otherwise was consistent with Section 4(2), such as through a
substantive, pre-existing relationship </I> <I>with the company or direct contact by the
company or its agents outside of the public offering </I> <I>effort, then the prior filing
of the registration statement generally would not impact the potential </I>
<I>availability of the Section 4(2) exemption for that private placement and the private
placement </I> <I>could be conducted while the registration statement for the public
offering was on file with the </I> <I>Commission.</I> Similarly, if the company is able to
solicit interest in a concurrent private placement by contacting prospective investors who
(1) were not identified or contacted through the marketing of the public offering and (2)
did not independently contact the issuer as a result of the general solicitation by means
of the registration statement, then the private placement could be conducted in accordance
with Section 4(2) while the registration statement for a separate public offering was
pending. While these are only examples, we believe they demonstrate the framework for
analyzing these issues that companies and their counsel should apply and that the staff
will consider when reviewing registration statements.&#148; [Emphasis added.] </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2></font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States Securities and Exchange Commission
<BR>April 27, 2009
<BR>Page 4</FONT></P>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
this case, the Investors were not solicited to participate in the Offerings by means of
the filing of the shelf registration statement on Form F-3. The Company did not conduct
any marketing efforts in connection with the filing of the Form F-3 and the Investors did
not contact the Company as a result of seeing the Form F-3 on file with the SEC. Instead,
the Investors, who had existing relationships with the Company or its placement agent,
were contacted directly by the Company&#146;s placement agent to participate in Offerings
in compliance with Section 4(2). </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>
Registration
of the Offerings Shares</U></B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Although
the original Form F-3 was filed on June 30, 2008 (prior to the Offerings), the Form F-3
was not filed in contemplation of the Offerings and did not include any references to such
Offerings. The original Form F-3 included a generic nonspecific shelf registration of
securities for sale by the Company in future public offering transactions as well as the
registration of shares for sale by selling stockholders who purchased such shares from the
Company in prior transactions. As discussed above, the Offerings were separate
transactions in which the Investors received non-registered securities and the closings of
the Offerings were not contingent on the registration of the shares for sale by the
Investors under the F-3. The Investors owned such shares for more than eight months prior
to the filing by the Company of Amendment No. 1 to the Form F-3. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
As
a result, we believe this is a different set of circumstances than is contemplated in
Securities Act CDI No. 134.01 in which the Staff indicated that a registrant may not file
a registration statement for the resale of privately placed securities prior to the
closing of a private placement. Although technically Amendment No. 1 to the Form F-3 is
part of the same registration statement that was filed on June 30, 2008, in this case the
original F-3 did not contemplate the Offerings and Amendment No. 1 was not filed in close
proximity to the closing of the Offerings such as to call into question whether the
securities had come to rest in order to permit a genuine secondary offering. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2></font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States Securities and Exchange Commission
<BR>April 27, 2009
<BR>Page 5</FONT></P>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
order to avoid the time and expense of having to file a separate (but largely identical)
registration statement for the Offerings shares, the Company respectfully requests that it
be permitted to register such shares for resale by the Investors in the Form F-3. We
believe this would be beneficial to the Company and would not adversely affect the
interests of investors. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Cover Page</U> </FONT> </H1>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B>We note your response to comment 1 of our letter dated July 23, 2008 that you
          believe that the </B> <B>company meets the conditions set forth under General
          Instruction I.B.5 of Form F-3. In accordance </B> <B>with instruction 7 to the
          General Instructions, please set forth on the outside front cover of the </B>
          <B>prospectus the calculation of the aggregate market value of the
          company&#146;s outstanding voting and </B> <B>non-voting common equity.</B> </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
We
will comply with the Staff&#146;s comment.  </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>3.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B>You disclose on page 19 that following your request to the Tel Aviv Stock
          Exchange to delist your </B> <B>ordinary shares of common stock from trading,
          the last day of trading of your ordinary shares on the </B> <B>Tel Aviv Stock
          Exchange is May 10, 2009. Please revise your cover page to clarify that your
          </B> <B>ordinary shares are traded on the Tel Aviv Stock Exchange only until May
          10, 2009.</B> </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
We
will comply with the Staff&#146;s comment.  </FONT></TD>
</TR>
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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B>Please revise your heading above the word &#147;prospectus&#148; on he cover
          page to clearly indicate that up </B> <B>to an aggregate amount of $6,250,000
          ordinary shares is being offered by the company, and not by the </B> <B>selling
          shareholders.</B> </FONT></TD>
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We
will comply with the Staff&#146;s comment.  </FONT></TD>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibits</U> </FONT> </H1>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>5.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B>You state in the exhibit list that you plan to file the Form of Share
          Purchase Warrant (Exhibit </B> <B>4.10) by amendment or as an exhibit to a
          report on Form 6-K. Please tell us why you have not yet </B> <B>filed this
          document and to which transaction the warrant relates. Also tell us why you have
          not </B> <B>filed the following exhibits pursuant to Item 601(b)(10) of
          Regulation S-K:</B> </FONT></TD>
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          <BR>

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The
warrant that is referred to Exhibit 4.10 is the warrant that would be issued in the future
if the Company elects to issue warrants as part of the securities that are being
registered for sale by the Company under the primary shelf offering. No such warrants have
been issued to date. </FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States Securities and Exchange Commission
<BR>April 27, 2009
<BR>Page 6</FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Agreements with Israel Aircraft Industries and the &#147;strategic Latin American
customer,&#148; which you </B> <B>refer to as &#147;Strategic Customer,&#148; which
accounted for 11% and 13% of your year 2008 revenues, </B> <B>respectively;</B> </FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>IAI
Contract</U></I> </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company recognizes that if the IAI contract falls within one of the categories of
agreements with respect to which disclosure is required under Instruction 4 to Item 19 of
Form 20-F, it would be required to file it as an exhibit to its Form 20-F, but believes
that this contract does not fall within this category because: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>it
is an ordinary course business contract that does not account for a major part of the
Company's sales, and</B> </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>the
Company's business is not substantially depending on this contract.</B> </FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
IAI contract is an ordinary course business contract because it involves the sale of
standard electronic components by the Company&#146;s subsidiary, Odem, which is part of
the normal business activities of this company. The IAI contract covers parts to be
supplied by Odem to IAI for the construction of two models of business jets (the G150 and
G200). The components that Odem supplies pursuant to the IAI contract are the same types
of components that Odem supplies to IAI for use in the manufacture of other types of
airplanes pursuant to individual purchase orders that are not subject to the contract. The
Company believes that IAI requested Odem to enter into a supply contract covering the
parts for these planes to enable IAI to assure its customer for these planes of a
continuity of supply for what is expected to be a long and stable production and sales
cycle for these jets. Although the majority of Odem&#146;s sales are made pursuant to
individual purchase orders, it has entered into supply contracts with other customers from
time to time in the ordinary course of its business. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
under the IAI contract represent a small percentage of the Company&#146;s overall sales to
IAI. In 2008 BOS had total revenues of approximately $50.8 million, of which approximately
$5.6 million (or 11%) represented sales to IAI by Odem. Of the sales to IAI in 2008,
approximately $919 thousand (representing 1.8% of BOS&#146;s total revenues for these
periods), were made pursuant to the IAI contract. The balance of the Company&#146;s sales
to IAI during these periods were made under individual purchase orders that were not
subject to or governed by the IAI contract. These purchase orders were made pursuant to
the Standard Terms which are not governed by any master contract. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States Securities and Exchange Commission
<BR>April 27, 2009
<BR>Page 7</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC staff previously questioned whether the IAI contract should be filed as an exhibit to
the Company&#146;s annual report on Form 20-F in connection with the Staff&#146;s review
of the Company&#146;s 2006 Form 20-F and in response to a similar explanation the Staff
agreed that filing of this contract as an exhibit would not be required. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Strategic
Customer Agreement</I></U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the strategic customer agreement, this agreement is an ordinary course business
contract for the supply of various components used in aircraft manufacturing that was
entered into in July 2008 between the Company&#146;s subsidiary, Summit Radio, and a South
American customer. This agreement accounted for approximately 13% of the Company&#146;s
consolidated sales in fiscal 2008 and approximately 8% of the Company&#146;s consolidated
sales in the first quarter of fiscal 2009. In light of the current economic climate, the
Company anticipates that sales under this contract will account for less than 10% of the
Company&#146;s consolidated sales in fiscal 2009. As a result, the Company does not
believe that it is substantially dependent on this contract, and accordingly, does not
believe that it falls within one of the categories of contracts which are required to be
filed as exhibits to the Company&#146;s Form 20-F (or Form F-3). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
in the event that the Staff is unable to agree with the Company&#146;s analysis concerning
the strategic customer contract, the Company would propose to file this contract as an
exhibit to its fiscal 2008 annual report on Form 20-F, which is required to be filed by
June 30, 2009. In connection with such filing the Company intends to seek confidential
treatment with respect to certain trade secret information contained therein. Since the
instructions to Form F-3 do not require the filing of material contracts as exhibits to
the Form F-3 and no ordinary shares are being registered in connection with this contract,
the Company would prefer not to file this contract until the filing of the Form 20-F in
order not to delay the completion of the Form F-3 pending the Staff&#146;s review of a
confidentiality application for such contract. The Company would be happy to furnish a
copy of this contract to the Staff on a supplemental basis. </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>revised
loan documents the govern your short term revolving credit line from Bank Leumi Le Israel Ltd.;
and</B></FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will file these documents with Amendment No. 2 to the Form F-3. </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>the
Dimex Asset Purchase Agreement dated January 29, 2008 and the agreement with Dimex
Systems that </B><B>revises the payment schedule under purchase agreement.</B></FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Dimex Asset Purchase Agreement was filed as exhibit No. 4.10 to the Company&#146;s 2007
Form 20-F. A cross reference to this exhibit will be included in Amendment No. 2 to the
Form F-3 The amendment to this purchase agreement that included a revised payment schedule
was filed as Exhibit No. 10.1 to the Amendment No. 1 to the Form F-3. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States Securities and Exchange Commission
<BR>April 27, 2009
<BR>Page 8</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On behalf of the Company we hereby
acknowledge the following: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Company is responsible for the adequacy and accuracy of the disclosure in the filing;</FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>staff
comments or changes to disclosure in response to staff comments do not foreclose the
              Commission from taking any action with respect to the filing; and</FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Company may not assert staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States. </FONT></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If you have any questions concerning
the responses, please do not hesitate to call me at 212-841-0700 </FONT></P>

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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Very truly yours,
<BR>
<BR>/s/ Brian Brodrick
<BR>
<BR>Brian Brodrick</FONT></TD>
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