CAESAREA, Israel, June 16, 2015 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTCBB: EVSNF ), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, announced today that it has received a significant order of 12 additional iBar systems from Zhejiang Hailide, a major manufacturer of high quality technological and advanced materials. This order is the result of a successful 5 iBar systems trial installation on the company's tire cord looms.
Mr. Gao, President of Hailide, commented, "In order to maintain our position as a leading technical and composite supplier, we made the decision to invest in state-of-the-art technology to ensure the quality of our products. Over the past few months, we have been working closely with EVS, testing their iBar system on our tire cord production floor. The collaboration has been excellent, and we have been particularly impressed with the results which demonstrated an exceptionally strong ROI. These iBar systems paid for themselves in only a few months by increasing our overall product yield and reducing waste. We expect these new machines to play a significant part in bringing our customers an unparalleled top-quality end product. We look forward to expanding our collaboration with EVS in the near future."
Mr. Sam Cohen, CEO of EVS, commented, "We are very pleased with the success of the iBar systems and believe this order marks the beginning of the escalation of our land-and-expand strategy. This important new partnership with Zhejiang Hailide and the potential business it represents certainly validates our marketing plan. As we expected, the iBar brings an immediate return on investment which will lead customers to quickly replicate this success to large numbers of machines following initial trials."
About Elbit Vision Systems Ltd. (EVS): www.evs.co.il
EVS offers a broad portfolio of automatic State-of-the-Art Visual Inspection Systems for both in-line and off-line applications, and process monitoring systems used to improve product quality, safety, and increase production efficiency. EVS' systems are used by over 800 customers, many of which are leading global companies.
About Zhejiang Hailide: www.halead.com
Zhejiang Hailide New Material Co., Ltd., established in 2001, successfully went into public at the Shenzhen Stock Exchange in January 2008 (Stock Code: 002206). Through more than 10 years of arduous efforts, our company has been developed into a National Key High-tech Enterprise, the integrity model enterprise, Green Enterprise, Provincial Research Institute of Technology and Industrial Leading Backbone Enterprise of Zhejiang province, with the integration of scientific research, production as well as marketing.
This press release and other releases are available on www.evs.co.il
Safe Harbor Statement
This press release contains forward-looking statements. Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although EVS believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. EVS disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or otherwise. EVS undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.
Company Contact Information: Yaron Menashe, CFO Tel: +972 4 6107609 Investor Relations Contact: Ehud Helft, Kenny Green Tel: +1 646 201 9246
