Elbit Imaging Announces an Update Regarding a Commitment to Purchase the Scheme in Chennai, India
January 15 2016 - 8:22AM
Elbit Imaging Ltd. (“EI” or the “Company”)
(TASE:EMITF) (NASDAQ:EMITF) announced today further to its
announcement dated on September 16, 2015 in which EI announced that
its subsidiary, Elbit Plaza India Real Estate Holdings Limited
(“EPI”), has obtained a backstop commitment for the sale of
Chennai, India Scheme that the Sale Transaction, which was due to
be completed by January 15, 2016 (the “Long Stop Date”), has not
been completed.
In line with the Sale Transaction agreement,
since the local Indian partner (the “Partner”) failed to complete
the transaction by the Long Stop Date, EPI shall exercise its right
to get the Partner’s 20% holdings in the Indian company,
Kadavanthara Builders Private Limited.
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
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