SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the Month of November 2002
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ELSCINT LIMITED
(Translation of Registrant's Name into English)
13 Mozes Street, Tel Aviv 67442, Israel
(Address of Principal Corporate Offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
|X| Form 20-F |_| Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
|_| Yes |X| No
Attached hereto as Exhibit 1 and incorporated by reference herein is the
Registrant's press release dated November 18, 2002.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ELSCINT LIMITED
(Registrant)
By: /s Rachel Lavine
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Name: Rachel Lavine
Title: President
Dated: November 19, 2002.
EXHIBIT INDEX
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Exhibit No. Description
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1. Press release dated November 19, 2002.
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EXHIBIT 1
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Elscint Limited Signs Agreement for the Sale of Its Manufacturing and Assembly
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Facility In Ma'alot, Israel
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Monday November 18, 9:08 am ET
TEL AVIV, Israel, Nov. 18 /PRNewswire-FirstCall/ -- Elscint Limited (NYSE: ELT -
News; "Elscint") today announced that on November 13, 2002 it signed an Asset
Sale and Purchase Agreement (the "Agreement") for the sale of its manufacturing,
assembly, engineering and integration operations, which are conducted at its
Ma'alot Facility in Northern Israel (the "Business"), to an unrelated third
party.
Pursuant to the terms of the Agreement, Elscint will sell substantially all of
the assets comprising the Business and, in addition, will transfer substantially
all of the liabilities incurred by Elscint in respect of the Business.
The consummation of the foregoing transactions is subject to a right of first
refusal of another unrelated third party, as well as the approval of Israeli
Restrictive Trade Practices authorities. Assuming such right of first refusal is
waived and such approval is obtained, the closing of the foregoing transactions
is anticipated during December 2002.
The book value of the assets of the Business, net after deduction of
liabilities, plus the goodwill payment provided for in the Agreement, is
estimated to be approximately $34 million. Elscint will record a capital gain in
respect of this transaction.
Elscint's President Ms. Rachel Lavine commented, "During the past three years,
Elscint has exerted considerable efforts to improve the performance of its
manufacturing, assembly, engineering and integration business at Ma'alot, which
have borne fruit with the signing of this agreement."
About Elscint Limited
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Elscint Limited is engaged in two principal businesses: Hotel development and
leisure, and investments in bio-technology companies. Elscint has interests in
hotels in Western Europe, in hotel development projects, principally in Western
and Central Europe, and in the commercial and entertainment center at the Marina
in Herzlia, Israel. In the bio-technology field, Elscint invests in high
potential start-up companies, and provides business guidance and professional
advice to such companies for the development of business plans, research and
development and marketing programs. More information regarding the company is
available at http://www.elscint.net.
This release contains certain forward-looking statements which involve known and
unknown risks, uncertainties or other factors not under Elscint's control which
may cause actual results, performance or achievements of Elscint to be
materially different from the results, performance or other expectations implied
by these forward-looking statements. These factors include, but are
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not limited to, those detailed in Elscint's periodic filings with the Securities
and Exchange Commission.
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