Elbit Imaging Announces Dispute Between Its Controlling Shareholders And Bank Hapoalim - Update

Elbit Imaging Announces Dispute Between Its Controlling Shareholders And Bank
                              Hapoalim - Update

PR Newswire

TEL AVIV, Israel, April 7, 2013

TEL AVIV, Israel, April 7, 2013 /PRNewswire/ --Elbit Imaging Ltd. ("EI" or
the "Company") (TASE, NASDAQ: EMITF) announced today, further to the Company's
announcement dated February 28, 2013, that Europe Israel (MMS) Ltd. ("Europe
Israel") has notified the Company of the cancellation of the temporary
foreclosure proceedings. At the consent of the parties to the above
proceedings, Bank Hapoalim B.M. (the "Bank"), Mr. Mordechay Zisser and Europe
Israel, the Tel Aviv District Court (the "Court") has appointed Adv. Giroa
Erdinast as an Observer Trustee on behalf of the Court with regards to the
shares of the Company held by Europe Israel and securing Europe Israel's
obligations under the loan agreement with the Bank, for the monitoring of the
negotiations regarding a restructuring of the outstanding indebtedness of the
Company.

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
expressionsare 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