Company Contact Information:
Yaron Menashe, CFO
Tel: +972 9 8661 601
Qadima, Israel, February 19, 2009 – Elbit Vision Systems Ltd. (Nasdaq: EVSNF.OB) announced today that its management
has resolved to continue with its previously announced cost-cutting measures, which reduced the Company’s operating costs
approximately $2.5M. The current plans are expected to reduce the Company’s operating costs by an additional $1.5M, and
include the termination of a number of the Company’s employees, reduction in wages and the institution of a 4-day work week
for part of the workforce.
David Gal, Chairman and CEO of EVS commented, “Our revenues in the first three quarters of 2008 grew in line with our
expectations, and we saw strong demand particularly for our ultrasonic solutions in the last quarter the company revenue
declined by 38% compared to the fourth quarter of 2007. Additionally, while we have not so far received any cancellation of
existing orders, the global financial crisis has weakened our order base and reduced our expectations for 2009. As a result we
have been forced to take some difficult steps in order to safe-guard the Company’s financial condition. We do not know if these
measures will be sufficient and we are keeping a close watch on developments both within the Company and the global
economy as a whole.
About Elbit Vision Systems Ltd. (EVS)
EVS offers a broad portfolio of automatic State-of-the-Art Visual and Ultrasonic Inspection Systems for both in-line and off-line
applications, and quality monitoring systems used to improve product quality, safety, and increase production efficiency. EVS’
systems are used by over 600 customers, many of which are leading global companies. The headquarters, manufacturing and
R&D of EVS are all located in Israel. A worldwide Sales and Service network supports markets as well as systems already
installed, in Asia, Europe, Africa, Australia and the Americas.
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