Elbit Imaging Announces Appointment of a Receiver of Europe-Israel's Holdings in the Company's Shares

Elbit Imaging Announces Appointment of a Receiver of Europe-Israel's Holdings
                           in the Company's Shares

PR Newswire

TEL AVIV, Israel, July 24, 2013

TEL AVIV, Israel, July 24, 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 the
Company's controlling shareholders, Europe-Israel MMS Ltd. ("Europe-Israel")
and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District
Court (the "Court") has appointed Adv. Giroa Erdinast as a receiver (the
"Receiver") with regards to the ordinary shares of the Company held by Europe
Israel securing Europe Israel's obligations under its loan agreement with Bank
Hapoalim B.M. (the "Bank"). The judgment stated that the Receiver is not
authorized to sale the Company's shares at this stage. Following a request of
Europe-Israel, the Court also delayed any action to be taken with regards to
the sale of such shares for a period of 60 days. Europe Israel and Mr. Zisser
have also notified the Company that they utterly reject the Bank's claims and
intend to appeal the Court's ruling.

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, the Company operate and
manage commercial and entertainment centers prior to their sale; (ii) Hotels -
Hotel operation and management; (iii) 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; (iv) Residential Projects -
Initiation, construction and sale of residential projects and other mixed-use
real property projects, predominately residential, located primarily in India;
and (v) Fashion Apparel - Distribution and marketing of fashion apparel and
accessories in Israel.

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
our relationship with our 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
risk that the Arrangement will not be approved by all the applicable
stakeholders of the Company, the Court or others, that challenges by third
parties or other events outside the control of the Company could delay the
implementation of the Arrangement and result in its termination, that Bank
Hapoalim will not agree to join the Arrangement on the terms proposed by the
Company or at all, that the Company will be unable to refinance the loans
owing to Bank Hapoalim, and 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, 2012,
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 in 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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