TEL AVIV, Israel, June 3, 2015 /PRNewswire/ --
Elbit Imaging Ltd. ("EI"
or the "Company") (TASE, NASDAQ: EMITF) announced today,
following its announcement dated September
2, 2014, that Elbit Medical Technologies Ltd. ("Elbit
Medical") (TASE: EMTC-M), a subsidiary of the Company in which
the Company holds approximately 83% of the voting power, has
announced today that Gamida Cell Ltd. ("Gamida Cell"), in
which Elbit Medical holds approximately 26% of the voting power,
has notified Elbit Medical that with respect to the engagement of
Gamida Cell and its shareholders in option and investment
agreements with Novartis Pharma AG ("Novartis"), which
include an option granted to Novartis to purchase from the other
shareholders of Gamida Cell (including Elbit Medical), all of their
holdings therein (the "Option"), as follows:
1. In discussions held between the
Novartis representative and the CEO of Gamida Cell, the Novartis
representative notified Gamida Cell that, although Gamida Cell has
successfully met all of the determined milestones, Novartis does
not intend to exercise the Option. At the same time, it was further
stated that Novartis was interested in continuing to collaborate
with Gamida Cell in the development of its products, and will soon
explore suitable alternatives with Gamida Cell.
2. Gamida Cell is examining the
implications of the notice.
In accordance with Loan Agreements
between the Company and Elbit Medical (as amended on March 29, 2015), in the event that Novartis were
to exercise the Option, the proceeds to Elbit Medical from such
transaction were to be used in 2016 for the prepayment of
shareholder loans of the Company extended to Elbit Medical, in a
total amount of approximately 142 million, subject to certain
conditions set forth in such Loan Agreements.
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; and (iv) Residential Projects - Initiation,
construction and sale of residential projects and other mixed-use
real property projects, predominately residential, located
primarily in India.
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 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,
2014, 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:
Ron Hadassi
Chairman of the Board of Directors
Tel: +972-3-608-6048
ron@elbitimaging.com
SOURCE Elbit Imaging Ltd.