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Elbit Imaging Ltd. Announces Receipt of a Repayment Demand From Plaza Centers N.V. Re Joint Project
TEL AVIV, Israel, November 14, 2013 /PRNewswire/ --
Elbit Imaging Ltd. (NASDAQ: EMITF) (the "Company") announced today that, with
reference to the Strategic Joint Venture and Shareholders Agreement (the "Agreement")
entered into between the Company and its subsidiary Plaza Centers N.V. ("Plaza") with
respect to joint venture projects in India (as detailed in the Company's announcement of
August 26, 2008), it had received notice from Plaza demanding full and immediate repayment
of the consideration (including accrued interest) paid by Plaza for the rights in the
Kochi Island project amounting to approximately EUR4.3 million (US$ 5.8 million), due to
alleged failure to timely meet certain conditions set forth in the Agreement. The Company
principally disagrees with Plaza's position, however, it intends to examine the
implications of the exclusion of the project from the Agreement before responding to the
crux of the matter.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following principal fields of business: (i)
Commercial and Entertainment Centers - Initiation, construction and sale of shopping and
entertainment centers and other mixed-use real property projects, predominantly in the
retail sector, located in Central and Eastern Europe and in India, primarily through its
subsidiary Plaza Centers N.V. In certain circumstances and depending on market conditions,
the Company operate and manage commercial and entertainment centers prior to their sale;
(ii) Hotels - Hotel operation and management; (iii) Medical Industries - (a) research and
development, production and marketing of magnetic resonance imaging guided focused
ultrasound treatment equipment and (b) development of stem cell population expansion
technologies and stem cell therapy products for transplantation and regenerative medicine;
(iv) Residential Projects - Initiation, construction and sale of residential projects and
other mixed-use real property projects, predominately residential, located primarily in
India; and (v) Fashion Apparel - Distribution and marketing of fashion apparel and
accessories in Israel.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Any forward-looking statements in our releases include statements regarding the
intent, belief or current expectations of Elbit Imaging Ltd. and our management about our
business, financial condition, results of operations, and its relationship with its
employees and the condition of our properties. Words such as "believe," "would," "expect,"
"intend," "estimate" and similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such statements. Actual results
may differ materially from those projected, expressed or implied in the forward-looking
statements as a result of various factors including, without limitation, the risk that the
Company will be unable to refinance the loans owing to Bank Hapoalim, the risk that the
Company will enter liquidation proceedings, and the factors set forth in our filings with
the Securities and Exchange Commission including, without limitation, Item 3.D of our
annual report on Form 20-F for the fiscal year ended December 31, 2012, under the caption
"Risk Factors." Any forward-looking statements contained in our releases speak only as of
the date of such release, and we caution existing and prospective investors not to place
undue reliance on such statements. Such forward-looking statements do not purport to be
predictions of future events or circumstances, and therefore, there can be no assurance
that any forward-looking statement contained our releases will prove to be accurate. We
undertake no obligation to update or revise any forward-looking statements.
For Further Information:
Company Contact:
Shimon Yitzhaki
Chairman of the Board of Directors
Tel: +972-3-608-6048
shimony@elbitimaging.com
Investor Contact:
Mor Dagan
Investor Relations
Tel: +972-3-516-7620
mor@km-ir.co.il
Elbit Imaging Ltd.
Elbit Imaging Ltd. Announces Receipt of a Repayment Demand From Plaza Centers N.V. Re Joint Project
TEL AVIV, Israel, November 14, 2013 /PRNewswire/ --
Elbit Imaging Ltd. (NASDAQ: EMITF) (the "Company") announced today that, with
reference to the Strategic Joint Venture and Shareholders Agreement (the "Agreement")
entered into between the Company and its subsidiary Plaza Centers N.V. ("Plaza") with
respect to joint venture projects in India (as detailed in the Company's announcement of
August 26, 2008), it had received notice from Plaza demanding full and immediate repayment
of the consideration (including accrued interest) paid by Plaza for the rights in the
Kochi Island project amounting to approximately EUR4.3 million (US$ 5.8 million), due to
alleged failure to timely meet certain conditions set forth in the Agreement. The Company
principally disagrees with Plaza's position, however, it intends to examine the
implications of the exclusion of the project from the Agreement before responding to the
crux of the matter.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following principal fields of business: (i)
Commercial and Entertainment Centers - Initiation, construction and sale of shopping and
entertainment centers and other mixed-use real property projects, predominantly in the
retail sector, located in Central and Eastern Europe and in India, primarily through its
subsidiary Plaza Centers N.V. In certain circumstances and depending on market conditions,
the Company operate and manage commercial and entertainment centers prior to their sale;
(ii) Hotels - Hotel operation and management; (iii) Medical Industries - (a) research and
development, production and marketing of magnetic resonance imaging guided focused
ultrasound treatment equipment and (b) development of stem cell population expansion
technologies and stem cell therapy products for transplantation and regenerative medicine;
(iv) Residential Projects - Initiation, construction and sale of residential projects and
other mixed-use real property projects, predominately residential, located primarily in
India; and (v) Fashion Apparel - Distribution and marketing of fashion apparel and
accessories in Israel.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Any forward-looking statements in our releases include statements regarding the
intent, belief or current expectations of Elbit Imaging Ltd. and our management about our
business, financial condition, results of operations, and its relationship with its
employees and the condition of our properties. Words such as "believe," "would," "expect,"
"intend," "estimate" and similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such statements. Actual results
may differ materially from those projected, expressed or implied in the forward-looking
statements as a result of various factors including, without limitation, the risk that the
Company will be unable to refinance the loans owing to Bank Hapoalim, the risk that the
Company will enter liquidation proceedings, and the factors set forth in our filings with
the Securities and Exchange Commission including, without limitation, Item 3.D of our
annual report on Form 20-F for the fiscal year ended December 31, 2012, under the caption
"Risk Factors." Any forward-looking statements contained in our releases speak only as of
the date of such release, and we caution existing and prospective investors not to place
undue reliance on such statements. Such forward-looking statements do not purport to be
predictions of future events or circumstances, and therefore, there can be no assurance
that any forward-looking statement contained our releases will prove to be accurate. We
undertake no obligation to update or revise any forward-looking statements.
For Further Information:
Company Contact:
Shimon Yitzhaki
Chairman of the Board of Directors
Tel: +972-3-608-6048
shimony@elbitimaging.com
Investor Contact:
Mor Dagan
Investor Relations
Tel: +972-3-516-7620
mor@km-ir.co.il
Elbit Imaging Ltd.