HOV Services - Outcome Of Board Meeting

HOV Services Ltd has informed that the Board of Directors of the Company at its meeting held on May 28, 2007, inter alia, has considered and approved the following:1. HOVS ESOP Plan 2007 comprising of 11,00,000 number of options, subject to the approval of shareholders.2. Guaranty by the Company to Merrill Lynch Mortgage Capital, Inc. in support of $ 125 Million Debt Facility for its subsidiary HOV Services, LLC in and amount equal to the lesser of (a) 400% of the total net worth as of March 31, 2007, the last audited balance sheet of the Guarantor or (b) $ 37,500,000.