Elbit Medical Imaging Ltd. Announces receipt of Claim.TEL-AVIV, Israel--(BUSINESS WIRE)--September 22, 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 Haifa Haifa (hī`fä), city (1994 pop. 246,700), NW Israel, a port on the Mediterranean Sea, at the foot of Mt. Carmel. Haifa is the chief city of N Israel and the country's principal oil refining center. by Mr. David Gesser, a shareholder of Elscint Ltd. ("Elscint"), against the Company, Elscint, Elbit Medical Holdings Ltd., (a subsidiary of the Company), Elron Electronic Industry Ltd. and 6 former Directors of the Elscint. The Motion was submitted by the applicant on behalf of all persons who were minority shareholders of Elscint as of the date of submission of the Claim, as well as all minority shareholders of Elscint who held Elscint's shares on February 18, 1999. 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 Company, through the assistance of the former Directors of Elscint, 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 control holders of Elscint. It shall be noted that the subject mater ma·ter n. Chiefly British Mother. [Latin m  ter; see m of the Claim is similar to a different claim, submitted by Mr. Jonathan Aderet, former President of Elscint, for details see a Press Release published by the Company on September 7, 1999. Mr. Aderet himself is one of the defendants in the Claim. In the Claim the Plaintiff challenges, inter alia [Latin, Among other things.] A phrase used in Pleading to designate that a particular statute set out therein is only a part of the statute that is relevant to the facts of the lawsuit and not the entire statute. , Mr. Aderet's authority to submit the mention previous claim. In terms of the Motion, the applicant has requested that Elscint, or alternatively all or part of the defendants, be ordered to purchase from each of the members of the represented group all shares held by them at a price of US$27.46 per share, and as an interim relief, that Elscint be directed to purchase all minority shares, at a price of US$14 per share. The Company is of the opinion that the Claim is groundless, is devoid de·void adj. Completely lacking; destitute or empty: a novel devoid of wit and inventiveness. [Middle English, past participle of devoiden, 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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