Elbit Vision Systems Ltd. Announces Letter of Intent with Tessival for the Purchase of 420 EVS LOOM-TEX Systems.Business Editors & Technology Writers 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 YOQNEAM, Israel--(BUSINESS WIRE)--Dec. 3, 2003 Elbit Vision Systems Ltd. (Nasdaq:EVSNF) announced that Tessival SpA, one of Europe's largest textile manufacturers, has executed a letter of intent for the purchase of 420 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 LOOM-TEX(TM) Wide systems, for use in conjunction with Tessival's new weaving weaving, the art of forming a fabric by interlacing at right angles two or more sets of yarn or other material. It is one of the most ancient fundamental arts, as indicated by archaeological evidence. machines purchased recently from SulzerTextile. Provided the completion of a successful two-month trial period, a final agreement will be signed for the delivery of the systems over the following two year period. The LOOM-TEX(TM), which was launched at the ITMA exhibition in October 2003 in Birmingham UK, is an automatic visual inspection system which is integrated into the weaving loom loom, frame or machine used for weaving; there is evidence that the loom has been in use since 4400 B.C. Modern looms are of two types, those with a shuttle (the part that carries the weft through the shed) and those without; the latter draw the weft from a for the real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. monitoring of fabric thereby increasing first grade yield. This order together with approximately one hundred pre-release orders for the LOOM-TEX(TM), brings to a potential backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of approximately 500 LOOM-TEX(TM) systems to be supplied over the next two years. Giuseppe Annunziata, chairman of Tessival said: "Having expanded Tessival's production capability, our goal is to improve its production quality. This can only be achieved by using the most advanced computer-aided systems. Based on our positive past experience with EVS's automatic quality inspection systems, Tessival has decided to test EVS's LOOM-TEX(TM) Wide system for real-time detection of weaving defects. "We are confident that production and quality assurance through the use of the most advanced technologies will strengthen Tessival's position in the marketplace to the benefit of its customers." Zami Aberman, 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 Elbit Vision Systems said: "The ITMA Exhibition was a huge success for EVS, with enormous interest shown in our new suite of on-line inspection systems with prices starting from $8,000. We are sure that this agreement will lead to a long and fruitful fruit·ful adj. 1. a. Producing fruit. b. Conducive to productivity; causing to bear in abundance: fruitful soil. 2. relationship between EVS and Tessival. The agreement is further evidence that our textile inspection systems are a generation ahead of all of our competitors. "We believe that the LOOM-TEX(TM) will revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. the textile industry by facilitating huge increases in both quality and productivity for manufacturers." About Tessival Tessival Spa is an industrial textile group which ranks as one of Europe largest textile manufacturers of cotton and cotton blends, yarns and fabrics. The varied product range extends from the finest poplins through dense bed thicking to heavy bull denims den·im n. 1. a. A coarse twilled cloth, usually cotton, used for jeans, overalls, and work uniforms. b. denims Trousers or another garment made of this cloth. 2. . The most advanced technology of its plants and the highest quality of the systems reflect the philosophy of the management to have a leading role in the economy of Textile Industry in Europe. About the Company Elbit Vision Systems Limited designs, develops, manufactures, markets and supports automatic optical inspection and quality monitoring systems for the textile and the non-woven industries. The Company's systems, marketed under the brand I-TEX(TM) and PRINTEX(TM), are designed to increase the accuracy, consistency and speed of detecting and identifying defects in the manufacturing process in order to improve product quality and increase production efficiency. 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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