Elbit Vision Systems Ltd. Completes Second Phase of Yuravision Acquisition.Business Editors/High-Tech Writers YOQNEAM, Israel--(BUSINESS WIRE)--June 8, 2004 Acquisition to Strengthen EVS' Presence in 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 Microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. Markets and Establish South Korean Presence Elbit Vision Systems Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : EVSNF.OB) announced today that it has completed the second phase of its planned acquisition of Yuravision Co. Ltd., increasing its holdings in the South Korean developer of visual inspection systems for the microelectronics and display industries to 51%, through an investment directly in Yuravision and a series of purchase agreements with certain of its shareholders for an aggregate purchase price of approximately $700,000. This acquisition will support EVS' previously announced efforts to penetrate the 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) and display technology markets. Mr. Zami Aberman, Chief Executive Officer of 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 , said: "The execution of the second phase of our acquisition of Yuravision, in which we have become the controlling shareholder, is a very important step in the implementation of our strategic goal of entering the microelectronics and display markets. We believe that this acquisition better positions EVS to meet the growing demand for FPD inspection and yield enhancement products, which is being driven by significant investment in new sixth and seventh generation fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. plants. Our newly established presence in South Korea will enable us to better serve our customers in this key region, enhance our marketing and customer support capabilities and support the needs of major industrial centers in Asia." About the Company: Elbit Vision Systems Ltd. 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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