TEL AVIV, Israel, January 5, 2015 /PRNewswire/ --
Elbit Imaging Ltd. ("EI" or "Company")
(NASDAQ GSM: EMITF) announced today following its previous
announcements dated October 12, 2014
and October 27, 2014, that its wholly
owned subsidiary Elbit Fashion Ltd. ("Elbit Fashion") and
Fox-Wisel Ltd. ("Fox") have completed the sale of the
operation and business of "Mango" retail stores in Israel from Elbit Fashion to Fox (the
"Closing"), for consideration of approximately NIS 37.7 million, out of which NIS 4.9 million were deposited in escrow, subject
to certain adjustments in accordance with the provisions of the
transaction documents. Following the Closing and consummation of
the transaction, Elbit Fashion has ceased to operate the "Mango"
retail stores activity, and accordingly the said activity shall be
classified as discontinued operation at the Company's financial
statements.
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, we 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; (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 Consideration, 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, 2013, 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:
Ron Hadassi
Chairman of the Board of Directors and Acting CEO
Tel: +972-3-608-6048
ron@elbitimaging.com
SOURCE Elbit Imaging Ltd.