Message #17 From:
Stock News Bot Date: October 19, 2006 05:04:00 AM
EVSNF News Subsidiary of Elbit Vision Systems Ltd. Receives Notice of Exercise of Guarantees Provided to the Indian Ministry of Railways in Connection with the Sale of Ultrasonic Testing Cars
YOQNEAM, Israel--(BUSINESS WIRE)--Elbit Vision Systems Ltd.(OTCBB:EVSNF) announced that its
fully owned subsidiary ScanMaster Systems (IRT) Ltd. received a notice
of exercise of performance guarantees in an amount of $2.48 million
provided to the Indian Ministry of Railways in connection with an
agreement to sell to the Ministry two ultrasonic testing cars.
ScanMaster is currently considering its options as to how to mitigate
the effect of such exercise and what other avenues of action are
available to it. In light of a national holiday in India, Elbit Vision
Systems Ltd. will publish a detailed press release next week once all of
the issues regarding the exercise and the available courses of action
have been clarified.
About Elbit Vision Systems Ltd. (EVS): www.evs.co.il
EVS offers a broad portfolio of automatic in-line inspection and quality
monitoring systems used to improve product quality and increase
production efficiency. The Company’s
Industrial Division provides automatic optical inspection (AOI) and
non-destructive ultrasound inspection systems for heavy manufacturing
(automotive, aeronautics, steel and others). EVS maintains headquarters
and manufacturing in Israel, R&D operations in Israel, and offers global
sales and support coverage.
Safe Harbor:
This press release contains forward-looking statements. Such statements
are subject to certain risks and uncertainties, such as market
acceptance of new products and our ability to execute production on
orders, which could cause actual results to differ materially from those
in the statements included in this press release. Although EVS believes
that the expectations reflected in such forward-looking statements are
based on reasonable assumptions, it can give no assurance that its
expectations will be achieved. EVS disclaims any intention or obligation
to update or revise any forward-looking statements, which speak only as
of the date hereof, whether as a result of new information, future
events or otherwise. EVS undertakes no obligation to update
forward-looking statements to reflect subsequently occurring events or
circumstances.
This press release and other releases are available on www.evs.co.il
