Elbit Vision Systems Ltd. to Acquire Korea Based Yuravision Co. Ltd.Business Editors YOQNEAM, Israel--(BUSINESS WIRE)--Dec. 10, 2003 Acquisition as Part of EVS' Strategy to Expand into Field of Visual Inspection in the Microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. and 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 Industries Elbit Vision Systems Ltd. (Nasdaq:EVSNF.OB) announced today that it has signed a term sheet to acquire Yuravision Co. Ltd. (www.yuravision.co.kr), a Korea based company which develops visual inspection software and systems for the microelectronics industry as well as flat panel display (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 other industrial applications. Following the transaction Yuravision will be a fully owned subsidiary 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 . Yuravision' aggregate revenues in 2003 are approximately $1M and Yuravision' management forecasts that the revenues for Yuravision products in 2004 will be 3-4 million US$. Consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of this transaction is subject to completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by EVS, execution of definitive documentation and other customary closing conditions. Yuravision was established in 1999 by Prof. Kim Whoi-Yul and is co-managed by Mr. Jung-Un Na.. Prof. Kim Whoi-Yul heads the computer vision research lab at the Hanyang University Hanyang University is a large university in South Korea. It is located in Seoul, with a second campus in the suburban city of Ansan. Love in Truth in Deed is the founding principle and educational philosophy of Hanyang University. It is located in South Korea. , in Seoul, and is a world renowned expert in computer vision and image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished applications. He has filed around 30 patents in computer vision field and some of them are registered in US. In machine vision applications, he has lead the team pioneering to develop a number of fastest yet intelligent automatic visual inspection systems for various manufacturing industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation . Mr. Jung-Un Na is a senior marketing executive with many years of experience in the microelectronics industry. EVS' President, Mr. Zami Aberman, said: "This acquisition enables EVS to leverage its textile inspection activity and apply it to the field of yield-enhancement tools for the microelectronics industry and other industrial applications. With a new base in Korea, our marketing and customer support capabilities will be improved significantly due to our ability to support the needs of major industrial centers in Asia, thereby gaining access to new markets and raising customer satisfaction level. I am proud that Prof. Kim and his team have chosen to become our partners to implement computer vision technology to the conventional machine vision systems. Following the completion of the transaction, we intend to utilize the location of teams in both Korea and Israel to enable "round-the-clock" development cycles, thereby shortening the "time to market" of new products and increasing production throughput to the benefit of our customers." Commenting on the transaction, Prof. Whoi-Yul Kim 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 Yuravision said: Through the partnership with EVS, Yuravision should be able to produce on a commercial scale the state-of-the-art machine vision systems based on computer vision technology, and to utilize their expertise for global marketing. Our R&D team will work closely with EVS team to expand the market share in the next generation machine vision industry. In addition, stationed in Asia, we will be able to provide right solutions at the right time for our valuable customers. About Yuravision: Yuravision's R&D team is a spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. from the research lab in the university. The Company has developed numerous intelligent machine vision systems to detect defects in microelectronics and in conventional manufacturing facilities. In microelectronics, Yuravision built TCP (1) (Transmission Control Protocol) The reliable transport protocol within the TCP/IP protocol suite. TCP ensures that all data arrive accurately and 100% intact at the other end. and FPD auto inspection systems for the first time in the world meeting the demand from the Korean/Japan FPD industry. Micro/macro inspection systems built by Yuravision are currently running in major FPD production lines. 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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