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>>5/EVSNF :Target price: $1.2 Time:May 2006<<

Elbit Vision Systems Ltd. and Its Subsidiary to Acquire Panoptes Ltd.

Wednesday January 11, 7:55 am ET

YOQNEAM, Israel--(BUSINESS WIRE)--Jan. 11, 2006--Elbit Vision Systems, Ltd. (OTCBB:EVSNF - News), a leading provider of automatic optical inspection and quality monitoring systems, announced today that together with its wholly owned subsidiary, ScanMaster Systems (IRT) Ltd., it has executed an agreement to acquire the business, assets and shares of Panoptes Ltd. (http://www.panoptes.co.il). The transaction follows the execution of a series of agreements with Mivtach Shamir (TASE - MISH TA), announced last week. Panoptes is an innovator of machine vision systems for surface inspection, technical fabrics, textiles, glass and other woven materials. In connection with the purchase, EVS will issue 800,000 shares and pay cash royalties equaling 3.5% of sales of EVS optical inspection systems between January 2006 and the end of December 2008 to Ma'aragim - Panoptes' controlling shareholder. The transaction is subject to the completion of certain customary closing conditions.

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