Aryt Industries Ltd. - Subsidiary Ceases Activities.Business Editors, Technology Writers TEL-AVIV, Israel--(BUSINESS WIRE)--May 1, 2002 Aryt Industries Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ARYTF) announced today that on April 28th, 2002 the board of directors of ElscinTec Systems Ltd. ("ElscinTec"), a subsidiary of the Company, decided to cease its activities due to its financial condition and failure to raise additional funds required to continue its operations. Aryt holds through a holding company 50% of ElscinTec's outstanding shares. As a result of the above decision Aryt will record a capital loss of US$ 5 million. ElscinTec Systems Ltd., is a private company, engaged in the development manufacture and sale, worldwide, of mammography mammography, diagnostic procedure that uses low-dose X rays to detect abnormalities in the breasts. The early diagnosis of breast cancer made possible by the routine use of mammography for screening women increases a woman's treatment alternatives and improves her systems for the detection and diagnostic of breast cancer. Aryt is a managing holding company which is engaged through its subsidiaries in medical, defense and technological industries. |
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