HAIFA, Israel, May 4 /PRNewswire/ -- Elscint Ltd. (NYSE: ELT), a
subsidiary of EMI (Nasdaq: EMITF), announced today that EMI has published
today an announcement as follows:
1. EMI was notified by Elron Electronics Industries Ltd. and Europe
Israel Ltd. that the Closing Date of the Agreement signed on February
25, 1999, has eventuated. The transaction whereby Elron Electronics
Industries Ltd. sold all its holdings in Elbit Medical Imaging Ltd.
(EMI) to Europe Israel Ltd. -- 8,575,448 ordinary shares par value 1
NIS each, which constitute 36.5% of outstanding share capital of EMI
on a fully diluted basis, for a sum of approximately 127.8 million
dollars was completed.
Europe Israel Ltd. has thus become the holding company in EMI, taking
into consideration additional shares Europe Israel purchased on May 3,
1999, amounting to 37.3% of the outstanding share capital of the
Company on a fully diluted basis.
In accordance with its report dated March 1, 1999, it is hereby noted
that Control Centers Ltd., the controlling shareholder in Europe
Israel Ltd. has purchased 2,221,151 shares of EMI which constitute
9.5% of the outstanding share capital of the EMI on a fully diluted
basis.
2. Europe Israel Ltd. stated in its Press Release today, that further to
notices regarding the replacement of directors in the companies (Elbit
Medical Imaging Ltd. and Elscint), the activity of the committees of
Independent Directors of Elbit Medical Imaging and Elscint regarding
the communication in connection with EMI's intent to examine the
possibility of a tender offer by EMI for Elscint's shares, shall
continue. It is noted that so far no such offer has crystallized.
3. Mr. Mordechay Zisser, the newly appointed Chairman of the Board of
Elbit Medical Imaging Ltd., has stated that Europe Israel Ltd., Elbit
Medical Imaging Ltd. and Elscint Ltd. will jointly become on of the
largest investment groups in Israel. The Group's various well-
integrated high-tech investments will be further expanded with a view
to strengthening its standing in the industry. In addition, it is
planned that the group will rapidly become a leading developer of
shopping and entertainment centers in Central Europe, as well as in
hotel ownership and management.
EMI currently holds approximately 57% of Elscint Ltd.
Internet home page: http://www.elscint.co.il
This release contains certain forward-looking statements which involve
known and unknown risks, uncertainties or other factors not under the
Company's control which may cause actual results, performance or achievements
of the Company to be materially different from the results, performance or
other expectations implied by these forward-looking statements. These factors
include, but are not limited to, those detailed in the Company's periodic
filings with the Securities and Exchange Commission.
SOURCE Elscint Ltd.
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Related links:
http://www.elscint.co.il
CONTACT:
Emmanuel Gill, Chairman of the Board of
Elscint Ltd., 972-4-8550219; General Information, Virginia St.
John-Needham, 310-442-0599, or Investor Inquiries, Nicole Salas
212-661-8030, ext. 320, both of The Financial Relations Board
NOTE TO EDITORS: For further information on Elscint, via
facsimile at no cost, please call 1-800-PRO-INFO and enter
company code 206 or ticker symbol ELT
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