EVS Announces Investors’ Exercise of Warrants: Brings Additional $1.2 Million in Cash to Balance Sheet
CAESAREA, Israel, Jan. 06, 2016 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, announced today that existing investors, Avi Gross and SMD Advanced Technologies Ltd., have exercised warrants previously issued in connection with their investments into an aggregate of 7,715,687 ordinary shares, constituting 8.28% of the issued shares of the Company, following the exercise. Avi Gross now holds a total of 17,027,864 ordinary shares of EVS constituting 18.27% of the Company’s issued shares and SMD Advanced Technologies Ltd., holds 6,000,000 ordinary shares constituting 6.44%. The total number of outstanding shares at EVS following the exercise, 93,207,242, and the cash from this exercise brings the current cash on the balance sheet to $3,200,000.
Sam Cohen, CEO of EVS commented, “The decision to convert these warrants to shares is a real vote of confidence in the future of EVS. These investors truly understand our vision and believe in the path we are taking to become the leader in automatic vision inspection for the textile industry. For EVS, this additional capital significantly strengthens our balance sheet and gives us additional working capital to fuel our growth.”
