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EVS to Receive Grant From the Israeli Government for Marketing Its Products in China

CAESAREA, Israel, Dec. 23, 2015 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTC:EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, announced today that it has received a special Government grant from the Ministry of Economic Affairs in Israel to support its marketing efforts in China.

A special budget of $0.68 million was approved by the ministry, half of which will be received as a grant from the Government over 3 years. EVS will pay 3% of the growth in its sales in China (compared with 2015 sales level) as a repayment of the loan every year, until the loan has been fully repaid.

Mr. Sam Cohen, CEO of EVS, commented, “We are very pleased with the vote of confidence from the Israeli Ministry of Economic Affairs. China, the largest textile manufacturing market in the world, is a strategic market for us. This grant will help us to expedite our marketing efforts in China. In 2014, we started a more concentrated effort to market our products in China. As a result, our sales this year have reached $3 million. This extra budget will help us to capture a larger share in a shorter time from this huge market.”

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.


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.