Elbit Imaging Ltd. Announces The Closing Of GE's Investment In InSightec

   Elbit Imaging Ltd. Announces The Closing Of GE's Investment In InSightec

PR Newswire

TEL AVIV, Israel, Dec. 9, 2012

TEL AVIV, Israel, Dec.9, 2012 /PRNewswire/ --Elbit Imaging Ltd. ("EI" or the
"Company") (TASE, NASDAQ: EMITF) announced today that on December 6, 2012, the
closing of the transaction (the "Transaction") among Elbit Medical
Technologies Ltd. ("Elbit Medical") (TASE: EMTC-M) (in which the Company holds
approximately 90% of the outstanding shares of stock), InSightec Ltd.
("InSightec") (in which Elbit Medical holds approximately 64% of the
outstanding shares of stock, and 52.15% on a fully diluted basis), GE
Healthcare (a division of GE Company) ("GE") and certain other shareholders of
InSightec (the "Other Investors", and collectively with Elbit Medical,
InSightec and GE, the "Parties"), which had been announced on October 11,
2012, had occurred. At the closing, the Parties have agreed to reduce the
Other Investors' investment amount to US$ 3.3 million instead of US$ 3.9
million, and to set the expiration date for Elbit Medical's option to purchase
Preferred C Shares of InSightec (directly or by a third party approved by GE)
on December 25, 2012.

At the closing, InSightec had also appointed Mr. James (Jim) Davis as the new
Chief Executive Officer of InSightec with effect as of December 6^th, 2012.
Dr. Jackob (Kobi) Vortman, who has founded and managed InSightec since its
establishment, will continue to serve as President and commencing as of the
closing will serve also as a Chief Technology Officer of InSightec and will be
responsible for R&D, Regulatory Affairs and Operations.

About Elbit Imaging Ltd.

Elbit Imaging Ltd. operates in the following principal fields of business: (i)
Commercial and Entertainment Centers - Initiation, construction and sale of
shopping and entertainment centers and other mixed-use real property projects,
predominantly in the retail sector, located in Central and Eastern Europe and
in India, primarily through its subsidiary Plaza Centers N.V. In certain
circumstances and depending on market conditions, we operate and manage
commercial and entertainment centers prior to their sale; (ii) U.S. Real
Property - Investment in commercial real property in the United States; (iii)
Hotels - Hotel operation and management; (iv) Medical Industries - (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; (v) Residential Projects -
Initiation, construction and sale of residential projects and other mixed-use
real property projects, predominately residential, located primarily in India;
(vi) Fashion Apparel - Distribution and marketing of fashion apparel and
accessories in Israel; and (vii) Other Activity - venture capital investments.

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, 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, 2011, 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 our releases will prove to be accurate. We undertake no obligation
to update or revise any forward-looking statements.

For Further Information:

Company Contact:                   Investor Contact:
Shimon Yitzhaki                    Mor Dagan
Chairman of the Board of Directors Investor Relations
Tel: +972-3-608-6048               Tel: +972-3-516-7620
shimony@elbitimaging.com         mor@km-ir.co.il 

SOURCE Elbit Imaging Ltd.
 
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