Elbit Vision Systems Ltd. -- EVS -- Files for Damages and a Permanent Injunction Against Panoptes Ltd.Business Editors YOQNEAM, Israel--(BUSINESS WIRE)--Nov. 3, 2002 Elbit Vision Systems 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 SC:EVSN EVSN External Volume Serial Number (Veritas Net Backup) EVSN Ecumenical Volunteer Service Network (Baltimore, MD) EVSN Eigenverlag Sieberichs-Nau EVSN European Vacuum Science Network EVSN European Virtual Seismic Network ) -- the world's leading provider of Computer Vision Systems for the Automatic Inspection of textile fabrics and industrial webs filed an application for a permanent injunction permanent injunction n. a final order of a court that a person or entity refrain from certain activities permanently or take certain actions (usually to correct a nuisance) until completed. against Panoptes Ltd. with the Haifa District Haifa District (Hebrew: מחוז חיפה, Mehoz Ḥefa) surrounding the city of Haifa, Israel (also the district's capital city), is one of six administrative districts of Israel. Court, in Israel, requiring it to cease all production and marketing of its current products. 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 is also claiming damages from Panoptes. The claim which is also brought against Mr. Hillel Avni, the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Panoptes and former founder of EVS, is based on the fact that Panoptes, which was established by Mr. Hillel Avni, has recruited several former EVS employees, and has begun marketing products which are unlawfully based on EVS' technology, to the Textile and Web markets. Mr. Zami Aberman -- EVS' president and CEO commented: "We have evidence that the only way that Panoptes was able to expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex introduce its products, which are based on EVS' technology, was by violating copyrights and inappropriate use of EVS commercial secrets." "We strongly condemn such acts and determined to prevent any future illegal use of EVS' copyrights and knowledge, by former employees." Added Mr. Aberman. About EVS Elbit Vision Systems Ltd. -- EVS -- designs, develops, manufactures, markets and supports automatic quality monitoring and inspection systems for the global industries. EVS is a public held company headquartered in Yokne'am, Israel, with offices in the United States, Europe and Asia. 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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