Elbit Imaging Ltd (EMITF)

[midastouch017]

Elbit Imaging Announces Update Regarding the Termination of the Agreement With the Israel Land Authority Regarding Land Plot Near Tiberius Israel

TEL AVIV, Israel, Dec. 01, 2016 (GLOBE NEWSWIRE) -- Elbit Imaging Ltd. (“EI” or the “Company”) (EMITF) (EMITF) announced today, in further to the announcement dated July 5, 2016, regarding the termination of an agreement with the Israel Land Authority ("ILA"), according to which, EI leased a plot near Tiberius, Israel ("The Agreement") that, following the termination of the Agreement, ILA has reimbursed to the Company a gross amount of approximately NIS 17 million with respect to development fees paid by the Company.