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News and Information Article
TEL AVIV, Israel, Dec. 11 /-FirstCall/ -- Elbit Medical
Imaging Ltd. (Nasdaq: EMITF) ("EMI" or the "Company") and Ambuja Realty
Group of India announced today that they have entered into a strategic
joint venture to develop and operate a chain of multi-specialty tertiary
hospitals in India to address the emerging need of specialized medical care
in India. It is anticipated that the chain will include hospitals in major
metropolitan areas of India. The first hospital in the chain will be a 1000
bed multi-specialty tertiary hospital and biotech research centre in
Kolkata, to be named "The Neotia Elbit Healthciti". The project will also
include ancillary services such as a Biotech Research Centre, serviced
apartments for patients families, a medical mall, an alternative medicine
centre, and a nursing training institute. The total built up area of the
project is anticipated to be approximately 250,000 square meters
(approximately 2.5 million square feet), and the capital investment in the
Kolkata project will be approximately INR 1,000 crores (approximately US
$230 million) over a period of several years.
The Initial Agreement to this effect was signed today by Mr.
Harshavardhan Neotia, Managing Director of Ambuja Realty Group and by EMIs
Executive Chairman of the Board of Directors, Mr. Mordechay Zisser, and by
Vice Chairman of the Board of Directors, Mr. Abraham (Rami) Goren, in
Kolkata in the presence of Honorable Chief Minister of West Bengal Sri
Buddhadeb Bhattcharjee and His Excellency Mr. David Danieli, Ambassador of
Israel.
EMI, through its various activities in the field of medical devices and
biotechnology, through its controlled subsidiaries InSightec Ltd.
("InSightec") and Gamida Cell Ltd. ("Gamida Cell") has ongoing
relationships with numerous medical centers in Israel and abroad. It is
anticipated that the new hospital chain will have close collaboration with
both InSightec and Gamida Cell in the field of clinical trials and research
and close ties with several medical centers in Israel and abroad for
telemedicine, specialty treatments and training of personnel.
The Ambuja Realty Group is engaged in the residential and commercial
sectors, which includes IT parks, retail malls and Special Economic Zones,
Theme parks, hotels and banquets, education and healthcare centers, and is
chaired by Mr. Suresh Kumar Neotia who is also a founder promoter of
Gujarat Ambuja Cements Limited (GACL) -- one of Indias largest cement
Companies. Mr. Harshavardhan Neotia is the Managing Director of the Ambuja
Realty Group.
Bhagirathi Neotia Woman & Child Care Centre (BNWCCC) is Neotias first
healthcare venture. BNWCCC caters to specialties like high risk
pregnancies, advanced laparoscopic surgeries, paediatric surgeries and
treatment of very low birth-weight babies. The Centre has recently set up
an infertility clinic named Genomee in collaboration with Herzliya Medical
Centre of Israel.
EMI has been active in India for a period of approximately twelve
months, and has concluded transactions for three additional projects in
India: (i) The Koregaon Park Project located in Pune for the development of
a shopping and entertainment center together with office facilities with a
total built up area of approximately 100,000 square meters (inclusive of
parking places) (approximately 1,100,000 square feet), which shall be
transferred to EMIs controlled subsidiary company Plaza Centers N.V.
("Plaza Centers"), subject to approval of Plaza Centers board of
directors) and under a project sourcing agreement signed between those two
companies; (ii) the Kharadi project, also located in Pune -- which is
comprised of a shopping and entertainment center together with an office
block and an apartment hotel with a total built up area of approximately
240,000 square (inclusive of parking places) (approximately 2.64 million
square feet), which shall be executed and jointly held by EMI and Plaza
Centers (subject to approval of Plaza Centers board of directors), and;
(iii) the Cochin I Project located in Cochin, for the construction of a
residential apartment building, an hotel and a marina with a total built up
areas of approximately 800,000 square meters (inclusive of parking places)
(approximately 8.8 million square feet), which will be executed by EMI. All
of these projects are to be executed in collaboration with local partners,
each of whom is a leading property developer in the relevant cities.
In addition to these projects, EMI, together with Plaza Centers, is in
the process of evaluating and examining several other projects in various
parts of India, with a strong focus on the leading metropolitan areas in
South India.
Mr. Mordechay Zisser, Executive Chairman of the Board, commented, "We
are especially gratified to be joining forces with the Ambuja Realty Group
and with the prestigious Neotia Family in this promising project. It is
envisaged that this project will offer huge potential for growth while at
the same time catering for an ever growing need for specialized medical
treatment centers in India. Furthermore, EMIs existing investments in
InSightec and Gamida Cell have a clear synergy with this new and very
exciting project."
"Our groups pioneering spirit is constantly leading us into new areas.
We have been well known as market leaders. In our commercial projects, EMI
will bring the added benefit of eleven years of expertise and experience
gained in Eastern Europe in the penetration of markets in relatively low
income emerging nations within a strong regulatory environment. In the
health care projects, Israels advanced medical systems and infrastructures
will enable EMI to accelerate these projects and to become a leading
foreign developer in this market and combine EMIs philosophy of doing good
business while at the same time helping people in need."
About Elbit Medical Imaging Ltd.
EMI is a subsidiary of Europe Israel (M.M.S.) Ltd. EMIs activities are
divided into four principal fields: (i) Initiation, construction,
operation, management and sale of shopping and entertainment centers in
Israel and in Central and Eastern Europe; (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 womens fashion and accessories through our wholly-owned Israeli
subsidiary, Mango, and venture-capital investments.
Any forward looking statements with respect to EMIs 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, product demand, pricing, market
acceptance, changing economic conditions, risks in product and technology
development and the effect of EMIs accounting policies, as well as certain
other risk factors which are detailed from time to time in EMIs filings
with the Securities and Exchange Commission including, without limitation,
Annual Report on Form 20-F for the fiscal year ended December 31, 2005,
filed with the Securities and Exchange Commission on June 30, 2006.
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