Elbit Ltd. Announces Signing of Loan Agreement by Partner and the Joining of Tapuz.HAIFA, Israel--(BUSINESS WIRE)--August 17, 1998--Elbit Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ELBTF) announces that on August 13, 1998, Partner Communications Company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. Ltd. ("Partner"), holder of Israel's third cellular operation license, using the GSM system, signed a non-recourse loan agreement with a consortium of banks. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the loan agreement, in which the bank consortium undertook to invest up to $650 million in Partner, Partner's shareholders entered into a subordination agreement subordination agreement n. a written contract in which a lender who has secured a loan by a mortgage or deed of trust agrees with the property owner to subordinate the first loan to a new loan (thus giving the new loan priority in any foreclosure or payoff). and pledged, in favor of the lending banks, their shareholdings in Partner and their rights under shareholder loans made to Partner. Further to the immediate release dated April 26, 1998, it is hereby announced that on August 13, 1998 the joining of Tapuz Cellular Systems Limited Partnership ("Tapuz") as a shareholder in Partner, was completed. As a result of Tapuz joining as a shareholder as aforesaid Before, already said, referred to, or recited. This term is used frequently in deeds, leases, and contracts of sale of real property to refer to the property without describing it in detail each time it is mentioned; for example,"the aforesaid premises. , the Company's shareholding (through associated companies) in Partner will be diluted from about 17.5% to about 16.5% of the Partner's issued share capital. Tapuz will participate, in proportion to its shareholding in Partner, in the associated investments in Partner's operations, including the one-time license fee payment made by Partner following the award of the tender to Partner and in accordance with its terms, and Partner's operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. to date. The Company's two subsidiaries, HyNEX and CableTel, are continuing to develop their technologies. HyNEX has signed its first OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and agreements with multi-national communication companies, and the first phase of field trials of CableTel's telephony-over-cable technology in China have been completed successfully. Elbit is expanding its activities in the communications field through acquisitions and the establishment of new business units. The focus areas are cellular applications, and broadband data and video transfer over TV cable infrastructure. This release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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.
CONTACT: Tal Peretz Raz
Vice President and CFO
ELBIT LTD.
e-mail: raz@elbitcom.co.il
or
Stephen D. Axelrod, CFA
Nancy S. L. Block
Susan T. Bolen (Media)
212-370-4500; 212-370-4505 FAX
mail: steve@wolfeaxelrod.com
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