Elbit Vision Systems Ltd. Announces Overwhelming Approval by Shareholders of Plan of Arrangement for Investment of $700,000 by Altro.Business Editors/High-Tech Writers YOQNEAM, Israel--(BUSINESS WIRE)--Oct. 15, 2003 Elbit Vision Systems Ltd. (Nasdaq: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 ) announced today that its shareholders approved the previously announced plan of arrangement between the Company and its shareholders. Under Israeli law Israeli law Legal practices and institutions of modern Israel. The ancient people of Israel created the law of the Torah and the Mishna (the latter was later incorporated into the Talmud). , 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 of Israel must still give its final approval of the plan. According to the plan of arrangement the previous commitment of Altro Warenhandelsgesel mbh, EVS's major shareholder, 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 is to be replaced by an investment of $700,000 by Altro for the purchase of 2 million ordinary shares of the Company, and a warrant distribution to all EVS's shareholders (with the exception of Altro) of approximately 4,000,000 four-year warrants to purchase the Company's ordinary shares at a price of $0.35 per share. Zami Aberman, EVS's 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. said: "We are delighted with the results of the shareholders meeting. Altro's investment together with the Company's release of new products at 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 in Birmingham, UK and our expansion into the field of micro-electronics inspection, will help to launch EVS into new levels of success. With the grant of 4-year warrants to our shareholders, we hope to give them a share in our future successes. The only shareholders to object to the arrangement approved at the meeting was Mr. Hillel Avni the former CTO (Chief Technical Officer) The executive responsible for the technical direction of an organization. See CIO and salary survey. of EVS and current CEO/CTO of Panoptes Ltd., with which EVS is currently in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , as well as one additional minority shareholder of EVS who is also a Panoptes employee. The press release issued last week by Mr. Avni misleads our shareholders into thinking that we have filed for bankruptcy. We have not made any such filing nor do we have any intention of doing so." About EVS: Elbit Vision Systems Ltd. is an innovative company that develops, markets and supplies solutions, products and services worldwide for the modernization and improvement of production processes by computerized vision technology to the textile market in its various applications as well as to other web inspection applications. Established in 1991, 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion