Navigation Links
Elbit Medical Imaging Ltd. Announces that Plaza Centers Has Entered into a Joint Venture Partnership to Develop Residential and Office Projects in Romania
Date:10/23/2007

TEL-AVIV, Oct. 23 /PRNewswire-FirstCall/ -- Elbit Medical Imaging Ltd. (TASE, Nasdaq: EMITF) ("EMI" or the "Company") announced today that its subsidiary, Plaza Centers N.V. (LSE: PLAZ) ("Plaza"), a leading Central and Eastern European ("CEE") and in India emerging markets property developer, announced today that it has entered into a joint venture partnership with BAS Development ("BAS"), to develop residential and office projects in Romania. BAS is a private company which is active in the Romanian property market and which operates primarily in partnership with Aura Investments Limited, an Israeli investment and management company listed on the Tel Aviv Stock Exchange (AUR.TA).

A newly established company (the "JV Company"), of which 50.1 percent will be owned by Plaza and the remaining 49.9 percent by the current shareholders of BAS, will acquire BAS' ownership in five existing residential and office development projects. The acquisition price of approximately Euro 6.9 million reflects the initial value of BAS' net interest in the projects. BAS will retain responsibility for managing these projects.

The five projects are located in three of Romania's largest cities: Bucharest, Brasov (the gateway to Transylvania) and Ploiesti (56 km north of Bucharest). Plaza anticipates that these cities are poised for significant growth, particularly in light of the positive economic impact of the EU on this region. In the future, the JV Company will work to identify and secure additional residential and office development opportunities in these and other large cities in Romania.

Commenting on the deal, Shimon Yitzhaki, President of EMI said, "We know the Romanian market very well and believe in its fast growing residential and office markets. We are confident that this additional sector in this region will generate additional returns. Bucharest, Brasov and Ploiesti are vibrant cities in excellent locations which we believe will generate significant value growth. This, will add value for the shareholders."

About Elbit Medical Imaging Ltd.

EMI is a subsidiary of Europe Israel (M.M.S.) Ltd. EMI's activities are divided into the following principal fields: (i) Initiation, construction, operation, management and sale of shopping and entertainment centers in Israel, Central and Eastern Europe and India; (ii) Hotels ownership, primarily in major European cities, as well as operation, management and sale of same through its subsidiary, Elscint Ltd.; (iii) Investments in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment, through its subsidiary, InSightec Ltd.; and (iv) Other activities consisting of the distribution and marketing of women's fashion and accessories through our wholly-owned Israeli subsidiary, Mango Israel Clothing and Footwear Ltd., and venture-capital investments.

Any forward looking statements with respect to EMI's business, financial condition and results of operations included in this release are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements, including, but not limited to, ability to find suitable locations, receipt of approvals and permits for zoning and construction, delays in construction, dependency on partners in the hotels business, competition, risks relating to operations in Eastern Europe and Asia (including India) and risks relating to our image guided treatment, economic conditions, as well as certain other risk factors which are detailed from time to time in EMI's filings with the Securities and Exchange Commission including, without limitation, Annual Report on Form 20-F for the fiscal year ended December 31, 2006, filed with the Securities and Exchange Commission on July 3, 2007.

For Further Information:

Company Contact Investor Contact

Shimon Yitzhaki, President Rachel Levine

Elbit Medical Imaging Ltd. The Global Consulting Group

(972-3) 608-6000 1-646-284-9439

syitzhaki@elbitimaging.com rlevine@hfgcg.com

Dudi Machluf, CFO

Elbit Medical Imaging Ltd.

(972-3) 608-6024

dudim@elbitimaging.com


'/>"/>
SOURCE Elbit Medical Imaging Ltd.
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Medical College receives $377K to study brain disease
2. Barriers will not stop convergence of medical technologies
3. Medical College team creates website for tracking flu
4. Biomedical engineering conference invites manufacturers
5. Visions: Wade offers straight talk on e-medical records
6. Merge unveils updated medical imaging software
7. Medical College receives $1.4M cancer grant
8. Medical technology firm lands $100K federal grant
9. Doyle outlines spending for Medical College, UWM
10. And the winners in medical design are
11. Manufacturing partnership will move into biotech and biomedical spaces
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/9/2016)... Los Angeles, CA (PRWEB) , ... February 09, ... ... technical and strategic changes over the years and Open Access publishing is one ... community. , With its 700+ open access journals and 3000+ ...
(Date:2/9/2016)... , February 9, 2016 ... replace paper and protect IP   E-WorkBook 10 ... be rolled out in Germany early ... protect valuable IP. Users will be able to search for ... experiment as part of the application, to boost collaboration and ...
(Date:2/8/2016)... BIOREM Inc. (TSXV: BRM) ("Biorem" or "the Company") today announced ... companies in the TSX Venture 50 TM . ... TSX Venture Exchange, in each of five major industry sectors ... life sciences, diversified industries and technology – based on a ... market cap growth, trading volume and analyst coverage. All data ...
(Date:2/8/2016)... DURHAM, N.C. , Feb. 8, 2016 Novan, Inc. ... named Chairman of the Board of Directors of Novan. In addition, ... Directors. North Carolina . ... The Company also announced that it received a total of $32.8 ... December 2015 from its private investor network originating throughout the Research ...
Breaking Biology Technology:
(Date:1/27/2016)... , Jan. 27, 2016  Rite Track, Inc. ... in West Chester, Ohio announced ... winning service staff, based in Austin, Texas ... and ability to provide modifications, installations and technical support ... , CEO of PLUS, commented, "PLUS has provided world ...
(Date:1/22/2016)... , January 22, 2016 ... the addition of the  "Global Behavioral ... offering. --> http://www.researchandmarkets.com/research/4lmf2s/global_behavioral ) ... "Global Behavioral Biometric Market 2016-2020"  report ... Research and Markets ( http://www.researchandmarkets.com/research/4lmf2s/global_behavioral ) has ...
(Date:1/20/2016)... 20, 2016 A market that just keeps ... from the explosion in genomics knowledge. Learn all about ... A range of dynamic trends are pushing market growth ... medicine - pharmacogenomics - pathogen evolution - next generation ... - greater understanding of the role of genetic material ...
Breaking Biology News(10 mins):