ELBIT IMAGING ANNOUNCES AN UPDATE REGARDING THE TRANSACTION FOR THE SALE OF THE PLOT IN CHENNAI, INDIA

World News: . []

Tel Aviv, Israel, Feb. 11, 2019 (GLOBE NEWSWIRE) -- announced today, further to its press releases dated October 18, 2018, November 7, 2018, December 4, 2018, January 7, 2019 and January 14, 2019, regarding a term sheet between Elbit Plaza India Real Estate Holdings Limited (a subsidiary held by the Company (50%) and Plaza Centers N.V. (50%)) ("") and a potential buyer (the "") for the sale of a 74.7 acre plot in Chennai, India for a total consideration of approximately Euro 13.2 million, that the Purchaser has defaulted to complete the transaction.

EPI has terminated the Joint Development Agreement and the Term Sheet with the Purchaser.

Accordingly, EPI is considering all legal measures available to it to protect its interest.

The Company will update regarding any new developments.

Elbit Imaging Ltd. operates in the following principal fields of business: (i) medical industries through our indirect holdings in Insightec Ltd. and Gamida Cell Ltd.; and (ii) land in India which is designated for sale (and which was initially designated for residential projects).

More news and information about Elbit Imaging Ltd.

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Globe Newswire: 14:57 GMT Monday 11th February 2019

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