×

EVS Receives Orders in Excess of $1 Million to Date of Its New Product: iBar

CAESAREA, Israel, Nov. 12, 2014 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTCBB:EVSNF), a global provider of vision technology for automatic surface inspection and in-line quality monitoring systems, today announced that iBar – a new product launched earlier this year, has generated in excess of $1 million in orders to-date.

iBar is an advanced high-tech tool for in-process monitoring and generates a significant return on investment for textile manufacturers. iBar provides in-process inspection during the most critical step in textile production, the formation of the fabric web. The tool enables manufacturers to increase their product margins by significantly reducing raw material waste and maximizing end-product yield.

Sam Cohen, CEO of EVS commented, "As expected, the market has embraced this technology with open arms, and the results make it clear that iBar represents a significant growth engine for EVS. We are well on our way to achieving our initial targets of selling several tens of machines this year, and our expectations are for this to grow to several hundred machines next year. This demonstrates our belief in the tremendous market need for such a product. We believe our product provides a unique solution for yield improvement that is a necessity in today's textile market. Based on our conversations with both existing customers and potential customers, we believe iBar is a product with game-changing potential."

About Elbit Vision Systems Ltd. (EVS): www.evs.co.il

EVS offers a broad portfolio of automatic State-of-the-Art Visual Inspection Systems for both in-line and off-line applications, and process monitoring systems used to improve product quality, safety, and increase production efficiency. EVS' systems are used by over 800 customers, many of which are leading global companies.

This press release and other releases are available on www.evs.co.il

Safe Harbor Statement

This press release contains forward-looking statements. Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although EVS believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. EVS disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or otherwise. EVS undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.

CONTACT: Company Contact Information: Yaron Menashe, CFO Tel: +972 4 6107609 yaron@evs.co.il Investor Relations Contact: Ehud Helft, Kenny Green Tel: +1 646 201 9246 evs@gkir.com

Source:Elbit Vision Systems Ltd.