HAIFA, Israel, Nov. 18 /PRNewswire/ -- Elscint Ltd. (NYSE: ELT), a
subsidiary of Elbit Medical Imaging Ltd. (Nasdaq: EMITF), has signed a
definitive agreement to sell its nuclear medicine (NM) and magnetic resonance
(MR) medical imaging businesses to GE Medical Systems (GEMS), a division of
General Electric Company, for $100 million subject to adjustments. The
definitive agreement follows an announcement made on September 11 regarding a
term sheet signed with GE Medical Systems. This agreement, together with the
definitive agreement signed with Picker International for the sale of
Elscint's Computerized Tomography (CT) Division on Friday, November 13 for the
sum of $269.5 million, is subject to the approval of Elscint Ltd.'s
shareholders (an Extraordinary Meeting of the Company's shareholders has been
scheduled for November 20, 1998), in addition to approvals in Israel and
abroad, and the approval of the Chief Scientist's Office of the Israeli
Ministry of Trade and Industry. Elscint expects to close the transaction as
soon as practical after receiving shareholder approval. Presently the Company
cannot estimate the net financial results from this transaction.
Elscint will retain portions of its manufacturing facilities in Israel and
will be supplying sub-assemblies for the businesses acquired by GEMS, plus
Elscint's 50% ownership in ELGEMS, the joint venture company which Elscint and
GEMS established in 1997.
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.
 back to top
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, 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
|
