YAVNE, Israel, November 15, 2018 /PRNewswire/ --
G. Willi-Food International Ltd. (NASDAQ: WILC)
(the "Company" or "Willi Food"), a global food
company specializing in the development, manufacturing, marketing
and international distribution of kosher foods, announced today
that its Board of Directors has authorized a share repurchase
program permitting the Company to repurchase the Company's Ordinary
Shares over the next six months with an aggregate purchase price of
up to $1,000,000.
The Ordinary Shares may be repurchased from time to time in open
market transactions or privately negotiated transactions at the
Company's discretion. The timing and amount of shares repurchased
will be determined by the Company's management based on its
evaluation of market conditions, the trading price of Willi Food
shares and other factors, and subject to the restrictions relating
to volume, price and timing under applicable law, including Rule
10b-18 under the Securities Exchange
Act of 1934. The repurchase program may be increased, suspended or
discontinued at any time.
"We are very pleased to announce this repurchase program to
benefit shareholders at a time when we believe our share is
undervalued," said Willi Food Co-Chairman Zwi Williger. "The initiation of our share
repurchase program reflects our confidence in our business and the
long-term potential for Willi Food and our commitment to maximize
shareholder value," he added.
The share repurchase program was approved by the Company's Board
of Directors as part of its ongoing consideration of alternative
methods to take advantage of the Company's strong cash position.
The Board of Directors believes that a share repurchase program at
this time is in the best interests of the Company and its
shareholders, and will not impact the Company's ability to execute
its growth plans.
ABOUT G. WILLI-FOOD INTERNATIONAL LTD.:
G. Willi-Food International Ltd. (http://www.willi-food.com) is an
Israeli-based company specializing in high-quality, great-tasting
kosher food products. Willi-Food is engaged directly and through
its subsidiaries in the design, import, marketing and distribution
of over 600 food products worldwide. As one of Israel's leading food importers, Willi-Food
markets and sells its food products to over 1,500 customers in
Israel and around the world
including large retail and private supermarket chains, wholesalers
and institutional consumers. The company's operating divisions
include Willi-Food in Israel and
Gold Frost, a wholly owned subsidiary who designs, develops and
distributes branded kosher, dairy-food products.
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements within
the meaning of safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 relating to future events or our
future performance, such as statements regarding trends, demand for
our products and expected sales, operating results, and earnings.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied in those forward-looking
statements. These risks and other factors include but are not
limited to the risk that the Company will not proceed with
repurchasing Company shares or repurchase shares up to the maximum
approved by the board of directors, monetary risks including
changes in marketable securities or changes in currency exchange
rates- especially the NIS/U.S. Dollar exchange rate, payment
default by any of our major clients, the loss of one of more of our
key personnel, changes in laws and regulations, including those
relating to the food distribution industry, and inability to meet
and maintain regulatory qualifications and approvals for our
products, termination of arrangements with our suppliers, loss of
one or more of our principal clients, increase or decrease in
global purchase prices of food products, increasing levels of
competition in Israel and other
markets in which we do business, changes in economic conditions in
Israel, including in particular
economic conditions in the Company's core markets, our inability to
accurately predict consumption of our products and changes in
consumer preferences, our inability to protect our intellectual
property rights, our inability to successfully integrate our recent
acquisitions, insurance coverage not sufficient enough to cover
losses of product liability claims and risks associated with
product liability claims We cannot guarantee future results, levels
of activity, performance or achievements. The matters discussed in
this press release also involve risks and uncertainties summarized
under the heading "Risk Factors" in the Company's Annual Report on
Form 20-F for the year ended December 31,
2017, filed with the Securities and Exchange Commission on
April 30, 2018. These factors are
updated from time to time through the filing of reports and
registration statements with the Securities and Exchange
Commission. We do not assume any obligation to update the
forward-looking information contained in this press
release.
Company Contact:
G. Willi - Food International Ltd.
Amir Kaplan, Chief Financial
Officer
(+972)-8-932-1000
amir.k@willi-food.co.il
SOURCE G. Willi-Food International Ltd.