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Elbit Imaging Announces Receipt of an Acceleration Notice from Bank Leumi



  Elbit Imaging Announces Receipt of an Acceleration Notice from Bank Leumi

PR Newswire

TEL AVIV, Israel, March 20, 2013

TEL AVIV, Israel, March 20, 2013 /PRNewswire/ --

Elbit Imaging Ltd. ("EI" or the "Company") (TASE, NASDAQ: EMITF) announced
today that it has received a letter from Bank Leumi le-Israel B.M. (the
"Bank") demanding repayment within ten days of the outstanding balance of
approximately $14.1 million (approximately NIS 52 million) due primarily under
the loans made by the Bank to the Company (the "Loans"). The Bank stated that
it was taking this action in light of the Company's current financial
condition and the Company having informed the Bank that it would not be making
the upcoming payment to the Bank on March 29, 2013 of principal and interest
due under the Loans. The Bank also informed the Company that it had placed a
freeze on certain accounts maintained by the Company with the Bank in which
the Company holds cash and trading securities in the amount of approximately
NIS 13 million ("Leumi Accounts") until the outstanding amounts due are
repaid. The Bank has also notified the Company that should such repayment will
not be made within ten days the Bank is preserving his rights to take all
actions necessary in order to protect his rights under the loan agreements
including offsetting any amounts in the Leumi accounts against the Loans.  

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.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995

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," "would," "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:
Shimon Yitzhaki
Chairman of the Board of Directors
Tel: +972-3-608-6048
shimony@elbitimaging.com  

Investor Contact:
Mor Dagan
Investor Relations
Tel: +972-3-516-7620
mor@km-ir.co.il  

SOURCE Elbit Imaging Ltd.
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