Artificial vision systems developer Elbit Vision Systems Ltd. (EVS) (OTCBB: EVSNF.OB) today announced a $2 million investment by Mivtach Shamir Holdings Ltd. (TASE: MISH. TA). Upon completion of the transaction, Mivtach Shamir will be EVS's company's largest shareholder.
EVS designs, develops, manufactures, markets and supports automatic optical inspection and quality monitoring systems for the industrial webbing and microelectronic industries. The company's product lines improve product quality and increase production efficiency in the textile, automotive, non-woven, plastics, wafer and LCD industries.
Mivtach Shamir will buy 4 million ordinary shares of EVS, at a price per share of $0.50. EVS will also grant Mivtach Shamir a two-year warrant to purchase 4 million ordinary shares at an exercise price of $0.5 per share.
Consummation of the transaction is subject to completion of due diligence, execution of documentation, shareholder approval and other customary closing conditions. Completion of the transaction is also subject to the purchase by Mivtach Shamir of 4.7 million EVS ordinary shares from four of the founders of recently acquired subsidiary ScanMaster Systems (IRT) Ltd.
Following completion of both transactions (and assuming the exercise of the warrant) Mivtach will hold approximately 29% of the fully diluted share capital of EVS.
Mivtach Shamir Holdings Ltd. is an investment company traded on the Tel-Aviv Stock Exchange, with an approximate market cap of $146 million. Its principal areas of investment are technology and communications, real-estate and venture capital, and include holdings in publicly traded companies such as Lipman Electronic Engineering Ltd. (12%); Gilat Satellite Network Ltd. (10%); Scitex Corporation Ltd. (5.49%); Tefron Ltd. (11%) and Salt Industries of Israel Ltd. (4.99%).
Meir Shamir is the main shareholder of the company (40%) and serves as the CEO and chairman of the board of the company.
Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, August 03, 2005