Elbit Imaging Announces Signing an Agreement to Sell Its Project in Kochi, India
January 15 2016 - 08:30AM
Elbit Imaging Ltd. (“EI” or the “Company”)
(TASE:EMITF) (NASDAQ:EMITF) announced today that the Company has
signed an agreement to waive any of its rights and interest in a
special purpose vehicle which holds a land plot in Kochi, India.
The total consideration for the Company is INR 10 Crores
(approximately €1.4 million), which will be paid to the Company
upon the closing of the transaction.
The transaction is subject to certain conditions
precedent, and closing will take place once these conditions are
met and no later than October 15, 2016. The local Investor has
provided certain security in order to guarantee the aforementioned
deadline.
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. 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 in
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
Elbit Imaging (CE) (USOTC:EMITF)
Historical Stock Chart
From Feb 2024 to Mar 2024
Elbit Imaging (CE) (USOTC:EMITF)
Historical Stock Chart
From Mar 2023 to Mar 2024