Elron Electronic Industries Ltd. Makes an Announcement.Business Editors HAIFA, ISRAEL--(BUSINESS WIRE)--Aug. 20, 2000 Elron Electronic Industries Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ELRNF) a leading multinational high technology holding company, announced today that, following the press release dated November 9, 1999 regarding a Statement of Claim (the "Claim") and an application to have the Claim recognized as a Representative (Class Action) Claim (the "Application"), the Application was dismissed by 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. The Claim and the Application were submitted against Europe Israel (M.M.S) Ltd. (the parent company of Elbit Medical Imagining Ltd.), ("EIL EIL Experiment in International Living EIL Environmental Impairment Liability EIL Engineers India Limited EIL Exide Industries Ltd EIL Enterprise Integration Lab (University of Alabama) "), Elbit Medical Imagining Ltd. (in which the company held approximately 40% until May 1999) ("EMI (ElectroMagnetic Interference) An electrical disturbance in a system due to natural phenomena, low-frequency waves from electromechanical devices or high-frequency waves (RFI) from chips and other electronic devices. Allowable limits are governed by the FCC. "), Elscint Ltd. (a subsidiary of EMI) ("Elscint"), Control Centers Ltd. (the controlling shareholder of EIL), Marina Herzlia Limited Partnership 1988 (which is controlled by Control Centers Ltd.) and against Elron and 25 past and present officers in the above companies, including officers of Elron. The Claim was submitted by a number of investors and others, who hold shares in Elscint, while the Application was submitted on behalf of those who held shares in Elscint on September 6, 1999 and continue to hold such shares on the date of Application, excluding the respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. . The allegations which the claimants raised against Elron and its officers, relate to the period prior to the sale of Elron's holdings in EMI to EIL. These allegations include, inter alia [Latin, Among other things.] A phrase used in Pleading to designate that a particular statute set out therein is only a part of the statute that is relevant to the facts of the lawsuit and not the entire statute. , that Elron and its officers preferred the interests of Elron and the personal interests of the officers over the interests of Elscint and its minority shareholders, that they did not act in order to enable the minority shareholders of Elscint to participate in the proceeds of the sale of Elscint's assets and allegations against the transactions whereby the Company sold its holdings in EMI to EIL. Further allegations were raised against the other respondents. On August 17, 2000, the Haifa District Court decided to accept the defendants' request for dismissal of the Application by the claimants for the recognition of the Claim as a Class Action and ordered the application struck out in limine in limine (in limb-in-ay) from Latin for "at the threshold," referring to a motion before a trial begins. A motion to suppress illegally-obtained evidence is such a motion. (See: motion to suppress) IN LIMINE. In or at the beginning. . Elron Electronic Industries Ltd. is a multinational high technology holding company based in Israel. Through affiliates, Elron is engaged with a group of high technology operating companies operating company A business that engages in transactions with outsiders. in the fields of advanced defense electronics, communication, semiconductors, networking, software and information technology. For further information, visit http://www.elron.com Any statements in this press release that may be considered forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements due to the risk factors discussed in periodic reports filed by the Company with the Securities and Exchange Commission which the Company urges investors to consider. |
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