TEL AVIV, Israel, September 16, 2015 /PRNewswire/ --
Elbit Imaging Ltd. ("EI" or
the "Company") (TASE, NASDAQ:
EMITF) announced today that its subsidiary, Elbit Plaza India
Real Estate Holdings Limited ("EPI"),has obtained a backstop
commitment for the purchase of Chennai,
India Scheme.
EPI (a jointly controlled subsidiary held by the Company and its
subsidiary (45%), Plaza Centers N.V.), which has been in
discussions regarding the sale of EPI's 80% stake in Kadavanthara
Builders Private Limited, an Indian company ("SPV") which owns an
approximately 74.7 acre plot in Chennai,
India, has obtained a commitment that, subject to the
fulfilment of certain conditions precedent, the sale transaction
will be completed by 15th of January
2016 (the "Long Stop Date").
The expected aggregate net disposal price to EPI is
approximately €21.6 million (INR 161.7
Crores), net of all transaction related costs. If completion
does not take place by the Long Stop Date, then EPI's stake in the
SPV will be increased to 100%.
There is no expected substantial influence on the Company
financial results as a result of the execution of the
transaction.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following principal fields of
business: (i) Commercial centers - initiation, construction, and
sale of commercial centers and other mixed-use property projects,
predominantly in the retail sector, located in Central and
Eastern Europe and in India. In certain circumstances and depending
on market conditions, the Group operates and manages commercial
centers prior to their sale. (ii) Hotels - hotels operation and
management. (iii) Medical industries and devices - (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 units or plots designated for 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:
Company Contact
Ron Hadassi
Chairman of the Board of Directors
Tel: +972-3-608-6048
Fax: +972-3-608-6050
ron@elbitimaging.com
SOURCE Elbit Imaging Ltd.