Elbit Imaging Ltd. Announces Findings by Its Subsidiary, Plaza Centers, With Respect to Certain Agreements Executed in the Pa...
March 29 2016 - 6:36AM
Elbit Imaging Ltd. ("
Company") (TASE:EMITF)
(NASDAQ:EMITF) announced today, that
Plaza Centers N.V.
("Plaza") (LSE:PLAZ) an indirect subsidiary of the
Company, has announced that its Board has become aware of certain
issues with respect to certain agreements that were executed in the
past by Plaza in connection with the Casa Radio Project in Romania.
In order to address this matter, Plaza's Board has appointed the
chairman of Plaza's Audit Committee to investigate the matters
internally. Plaza's Board has also appointed independent law firms
to perform an independent review of the issues raised.
Plaza has approached and is co-operating fully
with the relevant Romanian Authorities regarding the matters that
have come to its attention in this respect and it has submitted its
findings to the Romanian Authorities. As the investigation of this
matter is ongoing Plaza in unable to comment on any details related
to this matter.
Following Plaza's report to the Company, the
Company's audit committee has decided to appoint a special
committee to examine the matters raised in Plaza's announcement,
including any internal control and reporting
issues.
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) Plots in India - plots designated for sale initially
designated to residential
projects.
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,” “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, a change in market conditions, a
decision to deploy the cash for other business opportunities 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,
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
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