HAIFA, Israel, Nov. 17 /PRNewswire/ -- Elscint Ltd. (NYSE: ELT), a
subsidiary of Elbit Medical Imaging Ltd. (Nasdaq: EMITF), has signed a
definitive agreement to sell its Computerized Tomography (CT) Division to
Picker International, Inc., a wholly-owned subsidiary of The General Electric
Company, p.l.c., for $269.5 million. The definitive agreement follows an
announcement made in September regarding a term sheet reached with Picker
International for the sale of Elscint's CT Division. The sale is subject to
certain price adjustments, governmental regulatory reviews and other customary
closing conditions, as well as the approval of Elscint's shareholders at a
special meeting of shareholders to be held on Friday, November 20, 1998.
Elscint expects to close the transaction as soon as practical after receiving
shareholder approval. Presently, Elscint cannot estimate the net gain
resulting from this transaction.
As previously announced, subsequent to the acquisition of Elscint's
CT Division, Picker will maintain Elscint's research and development,
production and manufacturing, and sales and service operations worldwide.
Elscint will retain portions of its manufacturing facilities in Israel and
will be supplying sub-assemblies for the businesses acquired by Picker.
Elscint is an advanced medical imaging company serving healthcare
professionals worldwide. Guided by the philosophy of applying unique
technologies for the advancement of cost-effective healthcare, Elscint
designs, manufactures, sells and services a wide range of sophisticated
computer-based medical imaging products, including Computerized Tomography
(CT), Magnetic Resonance Imaging (MRI), Nuclear Medicine (NM) and Mammography
systems.
Any statements in this press release that may be forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially. Actual results may differ from such forward-
looking statements due to the risk factors discussed in periodic reports filed
by the Company with the Securities and Exchange Commission which the Company
urges investors to consider.
SOURCE Elscint Ltd.
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Related links:
http://www.elscint.co.il
CONTACT:
Emmanuel Gill, Chairman & CEO of Elscint
Ltd., 972-4-855-0219; or Laurie Berman, General Info.,
310-442-0599, or Alicia Nieva-Woodgate, Media Info.,
415-986-1591, or Brian Gill, Investor Info., 212-661-8030, all 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 or internet home page,
http://www.elscint.co.il
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