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Elbit Imaging Announces Update Regarding the Ruling of the International Court of Arbitration in Relation to Its Subsidiary, Plaza Centers

TEL AVIV, Israel, Dec. 06, 2016 (GLOBE NEWSWIRE) -- Elbit Imaging Ltd. (“EI” or the “Company”) (TASE:EMITF) (NASDAQ:EMITF) announced today, further to the announcement dated July 7, 2016, regarding the ruling of the International Court of Arbitration in which Plaza Centers N.V. ("Plaza") (LSE:PLAZ), an indirect subsidiary of the Company, was found liable for an indemnification claim in favor of Klepierre S.A. (“Klepierre”), the following:

  1. Due to the guarantee of EI to the original transaction and according to Dutch law, EI is obliged to pay the amount determined by the International Court of Arbitration.
  2. The Company and Klepierre reached a settlement in which, inter alia, EI shall pay Euro 1.2 million to Klepierre and Klepierre shall release all of its claims against EI, its fully owned subsidiary, Elbit Ultrasound (Luxembourg) B.V./S.À.R.L. (who was also a guarantor to Plaza) and Plaza.

In addition, Plaza paid to Klepierre the costs arising from the legal process in the amount of approximately Euro 0.6 million.

About Elbit Imaging Ltd.

Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial centers - initiation, construction, and sale of commercial centers and other mixed-use property projects, predominantly in the retail sector, located in Central and Eastern Europe. In certain circumstances and depending on market conditions, the Group operates and manages commercial centers prior to their sale. (ii)  Hotel - operation and management of the Radisson hotel complex in Bucharest, Romania. (iii) Medical industries and devices - (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) Plots in India - plots designated for sale initially designated to residential projects.

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, a change in market conditions, a decision to deploy the cash for other business opportunities 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, 2015, 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	
                    Ron Hadassi	
                    Chairman of the Board of Directors	
                    Tel: +972-3-608-6048
                    Fax: +972-3-608-6050	
                    ron@elbitimaging.com

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