Elbit Medical Imaging Ltd. Announces Receipt of Mr. Yonatan Aderet's Claim.TEL-AVIV, Israel--(BUSINESS WIRE)--Sept. 7, 1999-- Elbit Medical Imaging 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 : EMITF EMITF European Microsoft Information Technology Forum ) announced today that it has been served with a Statement of Claim ("the Claim"), as well as a Motion that the Claim be recognized as a representative (class action) claim ("the Motion"). The Claim and the Motion were submitted to the District Court of Tel Aviv-Yafo Tel A·viv-Ya·fo or Tel A·viv-Jaf·fa A city of west-central Israel on the Mediterranean Sea west-northwest of Jerusalem. Tel Aviv was founded in 1909 by settlers from the ancient city of Yafo. by Mr. Yonatan Aderet, the former president of the Elscint Ltd. (a subsidiary of the Company - hereinafter here·in·af·ter adv. In a following part of this document, statement, or book. hereinafter Adverb Formal or law from this point on in this document, matter, or case Adv. 1. "Elscint") and a shareholder of Elscint, against the Company, Elscint, Elbit Medical Holdings Ltd., (a subsidiary of the Company), Elron Electronic Industry Ltd. and 5 former Directors of the Elscint. The Motion was submitted by the applicant on behalf of all existing shareholders of Elscint who were either shareholders or the holders of options convertible to Elscint's shares during the period preceeding November 5, 1998. The principal subject matter of the Claim is the plaintiff's allegation The assertion, claim, declaration, or statement of a party to an action, setting out what he or she expects to prove. If the allegations in a plaintiff's complaint are insufficient to establish that the person's legal rights have been violated, the defendant can make a that the former Directors of Elscint by their actions, including their decisions regarding the sale of Elscint's assets, caused damage to be suffered by Elscint and the discrimination of the minority shareholders of the Elscint, while acting in a conflict of interests between those of Elscint and its shareholders and the interests of the Company and the holders of the controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Elscint. In terms of the Motion, the applicant has requested that Elscint be ordered to purchase from each of the members of the represented group all shares held by them at a price of not less than US$28 per share, or alternatively, that the Company be directed to publish an acquisition proposal for the purchase of its shares held by the public at a price of US$28. The Company is of the opinion that the Claim is groundless, is devoid of both factual and legal merit, and intends to vigorously oppose and defend same. 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. |
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