Elbit Vision Systems Ltd. - EVS - Announces Mr. Ofer Yuval to Leave EVS

Business Wire, May 22, 2002

Business Editors, Technology Writers

YOQNEAM, Israel--(BUSINESS WIRE)--May 22, 2002

"Mr. Nir Alon the Chairman of the Board of Directors, and Mr. Ofer Yuval President and CEO of EVS, announced today that Mr. Ofer Yuval is leaving EVS (Nasdaq:EVSN).

Mr. Yuval's departure will take effect on June 1, 2002.

Mr. Alon, Chairman of the Board, stated: "We would like to thank Ofer Yuval for his significant contributions to the Company. Most notably the dramatic change in EVS losses, a change which was achieved by increasing revenues and greater efficiency. Mr. Yuval led the effort to build a stronger market presence in new markets for EVS, mainly in the in the Far East. These and other significant achievements will serve us well into the future."

"It has been my privilege to serve EVS," Mr.Yuval said. "Now it is time for me to pursue other opportunities. We have made progress in many key strategic areas. EVS is well positioned as a leader in its field, and benefits from world-wide customer satisfaction. EVS also made progress in developing its Far-Eastern markets, which now make a real contribution to our revenues. EVS continues to develop its technology and products to further enhance and strengthen its market position.

"I'm proud of the EVS staff that helped achieve the significant results during my time with the Company. I wish to thank the Board of Directors for their trust and support. and Mr. Alon the Chairman, who made an invaluable contribution to the Company."

EVS Board of Directors has resolved to nominate Mr. Nir Alon, the Chairman of the Board of Directors to replace Mr. Yuval. Mr. Alon who is the major share holder of EVS will serve as a Chairman of the Board and Chief Executive Officer.

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.