Elbit Medical Imaging Announces That Its Subsidiary Elscint has Signed a Definitive Agreement to Sell Its Nuclear Medicine and Magnetic Resonance Imaging Businesses for $100 Million.HAIFA, Israel--(BW HealthWire)--Nov. 18, 1998--ELBIT MEDICAL IMAGING LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (Nasdaq: EMITF EMITF European Microsoft Information Technology Forum ) announced today that it had received notification from its 57% owned subsidiary Elscint Ltd., that Elscint had signed a definitive agreement to sell its nuclear medicine (NM) and magnetic resonance magnetic resonance, in physics and chemistry, phenomenon produced by simultaneously applying a steady magnetic field and electromagnetic radiation (usually radio waves) to a sample of atoms and then adjusting the frequency of the radiation and the strength of the (MR) medical imaging businesses to GE Medical Systems (GEMS), a division of the General Electric Company, for the gross amount of $100 million. 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 computerized tomography n. Abbr. CT Computerized axial tomography. Noun 1. computerized tomography - a method of examining body organs by scanning them with X rays and using a computer to construct a series of (CT) Division on Sunday Sunday: see Sabbath; week. , November 15 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. As previously announced, subsequent to the acquisition of Elscint's NM and MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. Divisions, GEMS 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 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 magnetic resonance imaging (MRI), noninvasive diagnostic technique that uses nuclear magnetic resonance to produce cross-sectional images of organs and other internal body structures. (MRI), Nuclear Medicine (NM) and 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. Source: Elbit Medical Imaging, Ltd. Forward looking statements with respect to the Company's business, financial condition and results of operations, in this release are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements, including, but not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development, the effect of the Company's accounting policies as well as certain other risk factors which are detailed from time to time in the Company's SEC filings |
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