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Elbit Imaging Announces an Acquisition of Loan Secured Against Asset in Romania by 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, that a fully owned subsidiary of Plaza Centers N.V. ("Plaza") (LSE:PLAZ), an indirect subsidiary (45%) of the Company, has acquired a bank loan of approximately Euro 10 Million, which is held against Plaza’s plot in Romania, for a total consideration of Euro 1.35 million.

The transaction represents a discount of approximately 86.5% on the outstanding bank loan and the Lender has transferred all the collateral granted with respect of the loan to Plaza, while also releasing Plaza from its recourse loan. As part of the terms of the transaction, the Lender has been granted a purchase option for a term of three years, to acquire the plot for Euro 1.1 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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