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Eltek Ltd.,
ELTK, the leading Israeli manufacturer of advanced Flex-Rigid circuitry
solutions, announced today that it has entered into a $4.2 million investment
agreement with Nistec Ltd. ("Nistec"), a leading provider of Electronic
Manufacturing Services ("EMS") and design services, to sell Nistec 3,532,655
ordinary shares at $1.19 per share.
Nistec will also acquire all of the holdings of Eltek's major shareholder, Mr.
Yossi Maiman (24.1%), for $2.3 million, or $1.45 per share. Upon completion of
the transactions, Nistec will hold the majority of Eltek's issued share
capital (50.5%).
The investment agreement and certain ancillary agreements are subject to
approval at a shareholder meeting scheduled to take place within 60 days.
Nistec is a private company, owned by Mr. Yitzhak Nissan, and is involved in
the EMS and the design services business. Founded in 1985, Nistec provides a
one-stop-shop solution for electronics outsourcing. Nistec's comprehensive
line of services starts with NPI (new product introduction) through printed
circuit board ("PCB") design and then PCB assembly, providing a full turn-key
solution.
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