Aryt will record a capital loss of $5 million.
Aryt Industries (OTCBB: ARYTF) announced today that on April 28th, 2002 the board of directors of ElscinTec Systems Ltd., a subsidiary of the company, decided to cease its activities due to its financial condition and failure to raise additional funds required to continue its operations.
Aryt holds through a holding company 50% of ElscinTec's outstanding shares. As a result of the above decision Aryt will record a capital loss of $5 million.
ElscinTec Systems Ltd., is a private company, engaged in the development manufacture and sale, worldwide, of mammography systems for the detection and diagnostic of breast cancer.
Published by Globes [online] - www.globes.co.il - on 01 May 2002