Business Services Industry
Affiliate Of Europe Israel M.M.S. Ltd. Purchased Over 10% Of Elbit Medical Imaging Ltd. Ordinary Shares
Business Wire, March 3, 1999
--(BW HealthWire)--March 3, 1999--
Elbit Medical Imaging Ltd. (NASDAQ: EMITF) (the "Company") announced that it received a notice on March 2, 1999 that Control Centers Ltd., the company that controls Europe Israel (M.M.S.) Ltd., purchased from current shareholders of the Company 2,221,151 of the Company's Ordinary Shares, representing approximately 10.2% of the issued and outstanding shares of the Company. The sale was privately negotiated at an average price per share of approximately 46.9 NIS (US$ 11.6).
On February 25, 1999, Europe Israel (M.M.S.) Ltd. entered into an agreement to purchase all of the Company's Ordinary Shares owned by Elron Electronic Industries Ltd., which constituted 8,575,448 Ordinary Shares or 39.39% of the Company's outstanding stock. When this sale closes, which is expected at the end of March, Europe Israel (M.M.S.) Ltd. and Control Centers Ltd. together will control 49.6% of the issued and outstanding shares of the Company.
Oded Tamir, Vice President Finance and CFO
Forward looking statements with respect to the Company's business, financial condition and results of operations in this release, 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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