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Elbit to receive $2M from Mivtach Shamir
03 Aug '05
2 min read
Yoqneam based textile maker Elbit Vision Systems Ltd announced that it has entered into a term sheet with Mivtach Shamir Holdings Ltd., for the sale of 4,000,000 ordinary shares of EVS, at a price per share of $0.50. Mivtach Shamir is an Israeli company whose shares are publicly traded on the Tel Aviv Stock Exchange.
Pursuant to the term sheet, the Company will also grant Mivtach Shamir a two-year warrant to purchase 4,000,000 of the Company's ordinary shares at an exercise price of $0.5 per share. Consummation of the transaction is subject to completion of due diligence, execution of definitive documentation, approval of the Company's shareholders and other customary closing conditions. The parties anticipate completing the transaction by no later than November 2005.
Completion of the transaction is also subject to the purchase by Mivtach Shamir of 4,700,000 ordinary shares of the Company from four of the founders of the Company's recently acquired subsidiary ScanMaster Systems (IRT) Ltd., in accordance with the provisions of a term sheet entered into by them.
Following completion of both transactions (and assuming the exercise of the warrant) Mivtach will hold approximately 29 percent of the fully diluted share capital of the Company, becoming the Company's largest shareholder.
Israel based Mivtach Shamir Holdings Ltd is an investment company traded on the Tel-Aviv Stock Exchange, with an approximate market cap of $146 million. Its principal areas of investment are technology and communications, real-estate and venture capital, and include holdings in publicly traded companies such as Lipman Electronic Engineering Ltd. (12 percent); Gilat Satellite Network Ltd. (10 percent); Scitex Corporation Ltd. (5.49 percent); Tefron Ltd. (11 percent) and Melach Industries of Israel Ltd. (4.99 percent). Mr. Meir Shamir is the main shareholder of the company (40 percent) and serves as the CEO and Chairman of the Board of Directors of the company.
Elbit Vision Systems Limited designs, develops, manufactures, markets and supports automatic optical inspection and quality monitoring systems for the industrial web and microelectronic industries. The Company's product lines improve product quality and increase production efficiency in the textile, automotive, non-woven, plastics, wafer and LCD industries.
Pursuant to the term sheet, the Company will also grant Mivtach Shamir a two-year warrant to purchase 4,000,000 of the Company's ordinary shares at an exercise price of $0.5 per share. Consummation of the transaction is subject to completion of due diligence, execution of definitive documentation, approval of the Company's shareholders and other customary closing conditions. The parties anticipate completing the transaction by no later than November 2005.
Completion of the transaction is also subject to the purchase by Mivtach Shamir of 4,700,000 ordinary shares of the Company from four of the founders of the Company's recently acquired subsidiary ScanMaster Systems (IRT) Ltd., in accordance with the provisions of a term sheet entered into by them.
Following completion of both transactions (and assuming the exercise of the warrant) Mivtach will hold approximately 29 percent of the fully diluted share capital of the Company, becoming the Company's largest shareholder.
Israel based Mivtach Shamir Holdings Ltd is an investment company traded on the Tel-Aviv Stock Exchange, with an approximate market cap of $146 million. Its principal areas of investment are technology and communications, real-estate and venture capital, and include holdings in publicly traded companies such as Lipman Electronic Engineering Ltd. (12 percent); Gilat Satellite Network Ltd. (10 percent); Scitex Corporation Ltd. (5.49 percent); Tefron Ltd. (11 percent) and Melach Industries of Israel Ltd. (4.99 percent). Mr. Meir Shamir is the main shareholder of the company (40 percent) and serves as the CEO and Chairman of the Board of Directors of the company.
Elbit Vision Systems Limited designs, develops, manufactures, markets and supports automatic optical inspection and quality monitoring systems for the industrial web and microelectronic industries. The Company's product lines improve product quality and increase production efficiency in the textile, automotive, non-woven, plastics, wafer and LCD industries.
Elbit Vision Systems
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