Elbit Vision Systems Ltd., Executes Agreement to Purchase 20% of Yuravision from STIC Ventures Partnership, Completing First Phase of Acquisition of the Korean-Based Company.Business Editors/High-Tech Writers YOQNEAM, Israel--(BUSINESS WIRE)--April 15, 2004 EVS EVS European Voluntary Service EVS Environmental Science EVS Electric Vehicle Symposium EVS Enhanced Vision System EVS environmental studies EVS European Values Study EVS Electronic Verification System EVS Extreme Voltage Shutdown Will Pay Approximately $300,000 for 20% of Yuravision's Shares Elbit Vision Systems Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EVSNF) announced that it has executed an agreement with STIC STIC Sciences et Technologies de l'information et de la Communication (French: Information and Communication Science and Technology) STIC Smalltalk Industry Council STIC Star Trek Italian Club STIC Science and Technology Information Center Ventures Partnership for the purchase of 20% of Yuravision Co. Ltd., a South Korea based company which develops visual inspection software and systems for the microelectronics industry as well as flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time (FPD (1) (Flat Panel Display) See LCD, plasma display, EL display, FED and flat panel display. (2) (Field Programmable Device) An umbrella term for all chips that can be programmed by the customer including SPLDs, CPLDs and FPGAs. See PLD. ) and other industrial applications. The agreement announced today is the first-phase in the implementation of the previously announced acquisition of Yuravision. The acquisition of the shares is expected to close following the completion of certain standard regulatory steps. Mr. Zami Aberman, Chief Executive Officer of EVS, said: "Following the completion of our legal, accounting and business due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. reviews of Yuravision we have completed the first phase of our acquisition of the company. The penetration of the Korean market is part of our strategy for leveraging our inspection activity and applying it to the field of yield-enhancement tools for the microelectronics and flat panel display industries. With a new base in South Korea, we expect our marketing and customer support capabilities to be improved significantly due to our ability to support the needs of major industrial centers in Asia thereby raising the level of customer satisfaction. The acquisition of Yuravision is the first part of our previously stated acquisition strategy, and with the completion of the previously reported $10 million Stand by Equity Distribution Agreement with Cornell Capital Partners LP, we now have access to additional funds that will enable us to further accelerate this strategy." About the Company: Elbit Vision Systems Limited designs, develops, manufactures, markets and supports automatic optical inspection and quality monitoring systems for the industrial, web and microelectronics industries. Company product lines improve product quality and increase production efficiency in the textile, automotive, non-woven, plastics, wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. and LCD (Liquid Crystal Display) A display technology that uses rod-shaped molecules (liquid crystals) that flow like liquid and bend light. Unenergized, the crystals direct light through two polarizing filters, allowing a natural background color to show. industries. Forward looking statements in this release with respect to the Company's business, financial condition and results of operations 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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