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ELBIT IMAGING ANNOUNCES UPDATE REGARDING THE AGREEMENT TO SELL ITS PROJECT IN KOCHI, INDIA

Tel Aviv, Israel, Dec. 12, 2018 (GLOBE NEWSWIRE) -- Elbit Imaging Ltd. (a??EIa?? or the a??Companya??) (TASE, NASDAQ: EMITF) announced today, further to its press release dated August6, 2018, regarding an agreement with a local investor (the "Investor") to waive any of its rights and interest in the SPV (the "Asset") which holds a land plot in Kochi, India for a total consideration in the amount of approximatelyA 1.2 millionA EURO (the "Consideration") to be paid on November 30, 2018; that the Company and the Investor have agreed that the Consideration will be paid in two installments as follows: 50% of the Consideration will be paid to the Company until December 31, 2018 and the remaining 50% will be paid to the Company until April 30, 2019.The Company will update regarding any new developments.About Elbit Imaging Ltd.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.; (ii) land in India which is designated for sale (and which was initially designated for residential projects); and (iii) land in Eastern Europe which is designated for sale (and which was initially designated for development of commercial centers).For Further Information:
Company Contact
Ron Hadassi
CEO and Chairman of the Board of Directors
Tel: +972-3-608-6048
Fax: +972-3-608-6050
ron@elbitimaging.com
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