Together with 21e, we will help them to optimize the value of their
programming assets by providing editorial and technical services, repurposing
content for the Web, and creating the greatest possible scope for exploiting
content across all distribution platforms.

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The Company agreed to sell its
holdings in Modem-Art Ltd.1
million, consisting of cash and stock.

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,
Chicago -based producer of factual and entertainment programming, announced
today that it has signed an agreement with 21e, a leader in Internet and
television technology based in Nashville, to create a partnership for
acquiring, developing and distributing video programming to broadband users
worldwide.

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0M million and its equity interest was 2.

About Ampal

Ampal and its subsidiaries primarily acquire interests in
businesses located in the State of Israel or that are Israel-related. CANNES, France , Towers Productions, Inc."
Among the categories of programming and virtual on-demand networks that
Towers Productions and 21e will offer are: documentary; international and
ethnic; faith and values, music, news and current affairs; performing and fine
arts, sporting news and events.

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Ampal has diversified interests in the following sectors:
telecommunication, real estate, capital markets , leisure-time, high
technology and other.

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Towers Productions will produce and source programming for global
broadband distribution using 21e's Web-based television platform.com

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, Chairman of the Frist Family Internet Partnership, and John
Ingram, Chairman of Ingram Book Group and Vice Chairman of Ingram Industries.

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Ampal Completes Sale of Its Holdings in Modem-Art Ltd.

ampal.

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(TPI )
Founded in 1989, TPI is a full-service production company based in
Chicago, IL.

About 21e
21e was founded in 1998 by Rick Davis as a converged media company
combining expertise in creative and network design, broadband operations and
distribution, advertising and e-commerce , on-line provisioning and capital
funding.

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2 million. For more information about Ampal please visit
our web site at www. The 21e platform generates revenues
from advertising, e-commerce and merchandising , subscription and transactional
downloads of video files. At the same time, we
ensure our programming partners of robust security and rights management
within the broadband environment.

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com

Certain information in this press release includes forward-looking
statements (within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934) and
information relating to the Company that are based on the beliefs of
management of the Company as well as assumptions made by and
information currently available to the management of the Company.

Towers Productions and 21e Sign Agreement for Acquisition Development and Distribution of Broadband Content

"Enhancing the quality
of the Web video experience drives revenues from multiple sources.

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, a privately held developer of
advanced processor technology for 3G/UMTS mobile devices, for an
aggregate sale price of $5. to Agere Systems for $145.
As of December 31, 2004, Ampal's total investment in Modem-Art was
$1. Such statements reflect the current views
of the Company with respect to future events or future financial
performance of the Company, the outcome of which is subject to certain
risks and other factors which could cause actual results to differ
materially from those anticipated by the forward-looking statements,
including among others, the economic and political conditions in
Israel, the Middle East, including the situation in Iraq, and the
global business and economic conditions in the different sectors and
markets where the Company's portfolio companies operate.

About Towers Productions Inc. The Company has produced over 400 hours of factual and
entertainment programming for networks including A+E, CNN, The History
Channel, Discovery Networks, National Geographic Channel, PBS and The Weather
Channel.

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Atlanta-based broadcast and telecommunications service provider
Crawford Communications will provide operational support for the new venture.
"Broadband provides a unique opportunity for content owners to build a
direct relationship with viewers," said Jonathan Towers, President and
Executive Producer of Towers Productions. Robert
Frist , Jr.

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in connection with the sale of all of the
outstanding shares of Modem-Art Ltd.

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2%.

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When
used in this press release, the words "anticipate," "believe,"
"estimate," "expect," "intend," "plan, " and similar expressions as
they relate to the Company or the management of the Company, identify
forward-looking statements. Please refer to the Company's annual, quarterly and
periodic reports on file with the SEC for a more detailed discussion
of these and other risks that could cause results to differ
materially."
"21e was created to provide the best-in-class television experience for
broadband users," said 21e Founder and CEO Rick Davis. Our goal
is to provide users of 21e 's broadband network with great programming, the
highest quality of service on the Web, and instant access to merchandise and
services within an integrated programming experience.

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Business Editors

TEL AVIV, Israel----Ampal-American
Israel Corporation (Nasdaq:AMPL) today announced that it has sold all
of its shares in Modem-Art Ltd. As part of
the agreement, 21e will create a broadband performing arts portal which will
include films from the Broadway Archive Primetime Specials, the most extensive
library of Broadway plays and great works of dramatic literature produced for
television over the last five decades.


Contact:

Rick Davis, CEO of 21e:
615/313 -8118 or rdavis@21e.

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"We want to enable them to get
their programming in front of the widest possible audience and to monetize it. Company's investors include US Senator Lamar Alexander, Dr.

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Should any of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect , actual results or outcome may vary from
those described herein as anticipated, believed, estimated , expected,
intended or planned. Subsequent written and oral forward-looking
statements attributable to the Company or persons acting on its behalf
are expressly qualified in their entirety by the cautionary statements
in this paragraph.net

William Fisher, Collegia Capital, LLC, for TPI:
305/728-7072 or wfisher@collegiacapital.

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- - kjjkjk

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