Elbit Vision Systems Ltd. Announces Completion of $1,500,000 Private Equity Investment from Financial Institutions.Business Editors/High-Tech Writers YOQNEAM, Israel--(BUSINESS WIRE)--Jan. 22, 2004 Proceeds Will Support the Establishment of the New Microelectronic The miniaturization of electronic circuits. See chip. Product Line Following the Acquisition of Korea-Based Yuravision Co. Ltd. Elbit Vision Systems Ltd. (Nasdaq:EVSNF.OB) announced today that it has completed a second private equity investment from financial institutions for an aggregate sum of $1,500,000. The investment was conducted by Meitav Capital (www.meitav.co.il). The investors will receive 1,530,612 shares at a price of $0.98 per share and two-year warrants to purchase 382,653 shares at an exercise price of $1.40 per share. The new investors will not participate in the warrant distribution approved by the Company's shareholders in October 2003 as part of the previously reported plan of arrangement. Mr. Avner Stepak, VP Business development of Meitav Group said: "The financial institutions decided to invest in 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 as part of their policy to invest in companies with promising vision and a market-oriented management team. We believe that EVS' proposed strategic acquisition in order to penetrate the 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. inspection market and establish comprehensive support to Asian customers will enable the company to increase its revenues and profitability and to become a player in the emerging Asian markets". Mr. Yaky Yanay, CFO See Chief Financial Officer. of EVS said: "We are delighted that financial institutions have shown their confidence in the company's ambitious plans for expansion into the field of automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. vision inspection in the micro-electronics and LCD industries. We hope that the new product line we introduced in the ITMA ITMA Institute of Trade Mark Attorneys (UK) ITMA It's That Man Again ITMA Incentive Travel & Meetings Association (UK) ITMA Information Technology Management Association exhibition and our decision to enter into new industries will increase our revenues and profitability. We will announce our 2003 financial results on March 1, 2004. We forecast a significant reduction of our net losses in 2003 compared to 2002 due to the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the company, the reduction of our burn rate and the launch of new profitable products." 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 micro electronic industries. Company product lines improve product quality and increase production efficiency in the textile, automotive, non-woven, plastics, wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. and LCD industries. 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. 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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