Elbit Imaging Announces Update Regarding the Ruling of the International Court of Arbitration in Relation to Its Subsidiary, ...
07 December 2016 - 3:06AM
Elbit Imaging Ltd. (“EI” or the
“Company”) (TASE:EMITF) (NASDAQ:EMITF) announced
today, further to the announcement dated July 7, 2016, regarding
the ruling of the International Court of Arbitration in which Plaza
Centers N.V.
("Plaza") (LSE:PLAZ), an indirect
subsidiary of the Company, was found liable for an indemnification
claim in favor of Klepierre S.A. (“
Klepierre”),
the following:
- Due to the guarantee of EI to the original transaction and
according to Dutch law, EI is obliged to pay the amount determined
by the International Court of Arbitration.
- The Company and Klepierre reached a settlement in which, inter
alia, EI shall pay Euro 1.2 million to Klepierre and Klepierre
shall release all of its claims against EI, its fully owned
subsidiary, Elbit Ultrasound (Luxembourg) B.V./S.À.R.L. (who was
also a guarantor to Plaza) and Plaza.
In addition, Plaza paid to Klepierre the costs
arising from the legal process in the amount of approximately Euro
0.6 million.
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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