Elbit Imaging Announces Update Regarding the Agreement to Sell Its Project in Bangalore, India by Its Subsidiary, Elbit Plaza...
November 16 2016 - 11:27AM
Elbit Imaging Ltd. (“EI” or the “Company”)
(TASE:EMITF) (NASDAQ:EMITF) announced today, in further to its
announcement dated on September 30, 2016, an update regarding an
agreement to sell 100% of its interest in a special purpose vehicle
which holds a site in Bangalore, India, by Elbit Plaza India Real
Estate Holdings Limited (in which EI holds a 50% stake with its
joint venture partner, Plaza Centers N.V.) (“
EPI”)
to a local investor (the “
Purchaser”).
The Purchaser paid an advance payment of INR 5
Crores (approximately €0.65 million) on 30 September 2016, but has
informed EPI that it will not be able to execute the advance
payments due, in the fourth quarter of 2016, under the Sale
Agreement. The Sale Agreement determines that if the Purchaser
fails to execute any of the advance payments, EPI will be able to
enforce its rights under the Sale Agreement, including the
execution of the Securities. Therefore, EPI is now considering its
options with respect to the Sale Agreement, including, inter alia,
the execution of the securities provided by the Purchaser to EPI
under the Sale Agreement.
The Company will update regarding any new
developments.
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) Hotel - operation and
management of the Radisson hotel Complex in Bucharest, Romania.
(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, 2015, 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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