×

EVS Receives $1 Million In Orders for iBar Systems

CAESAREA, Israel, July 06, 2016 (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 $1 million in orders for iBar systems in the second quarter.

The vast majority were expanded orders to customers that had already made an initial iBar purchase in the past. Approximately two-thirds of the orders were for a tire-cord application and the remainder was for a technical fabric application.

Mr. Sam Cohen, CEO of EVS, commented, “This is certainly a milestone for EVS. We have begun to see iBar make a significant contribution to our bottom line. When we began the development of this product, we knew there was a need and a payback for automation in this area. The fact that the vast majority of these orders are from existing iBar users demonstrates our solution satisfies both.”

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 46107609 yaron@evs.co.il Investor Relations Contact: Ehud Helft Tel: +1 646 201 9246 evs@gkir.com

Source:Elbit Vision Systems Ltd.