Elbit Vision Systems Ltd. to Complete $700,000 Investment; EVS to Distribute 4,000,000 Warrants to its Shareholders.Business Editors YOQNEAM, Israel--(BUSINESS WIRE)--Jan. 2, 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 it is to complete a $700,000 investment with its 34.42% shareholder Altro Warenhandels GmbH GmbH Gesellschaft mit Beschränkter Haftung (German: limited liability company; business entity) a company owned by Alon's family, which will be buying 2000,000 shares at $0.35 per share. 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 also announced today that it will distribute four year warrants to purchase up to 4 million shares at $0.35 per share to all of its shareholders (with the exception of Altro). The transactions announced today are subject to the approval of the shareholders. The investment announced today will replace Altro's previously announced commitment to invest in EVS and will bring the total investment of Altro in EVS to an aggregate amount of $2,200,000. Mr. Nir Alon Nir Alon (born 1964) is an Israeli sculptor and an installation artist. Alon studied from 1988 until 1992 at the Bezalel Academy of Art and Design in Jerusalem. In 1996 he received the price for young artists of the Israeli Ministry for education and Culture. , the Chairman of the Board of Directors stated: "This investment is a clear indication of our confidence that the Company, under its present management, is capable to bring about a breakthrough in the development and sales, as a result of it." About the Company: Elbit Vision Systems Limited designs, develops, manufactures, markets and supports automatic optical inspection and quality monitoring systems for the textile textile Any filament, fibre, or yarn that can be made into fabric or cloth, and the resulting material itself. The word originally referred only to woven fabrics but now includes knitted, bonded, felted, and tufted fabrics as well. 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 Consistency can refer to:
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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