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Elbit Vision Systems’ grant will help marketing efforts in China

Tech group Elbit Vision Systems has received a special government grant in Israel to support its marketing efforts in China.

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EVS chief executive Sam Cohen said: “We are very pleased with the vote of confidence from the Israeli Ministry of Economic Affairs."

Tech group Elbit Vision Systems (OTC:EVSNF) has received a special government grant in Israel to support its marketing efforts in China.

A special budget of US$0.68 million was approved, half of which will be received as a gov't grant over three years, the pioneer in vision inspection for textile fabrics and technical webs said.

EVS will pay 3% of the growth in its sales in China (compared with 2015 sales level) as a repayment of the loan every year, until the loan has been fully repaid.

EVS chief executive Sam Cohen said: “We are very pleased with the vote of confidence from the Israeli Ministry of Economic Affairs.

"China, the largest textile manufacturing market in the world, is a strategic market for us.

"This grant will help us to expedite our marketing efforts in China.

"In 2014, we started a more concentrated effort to market our products in China. As a result, our sales this year have reached $3 million. This extra budget will help us to capture a larger share in a shorter time from this huge market.”

Shares eased 4.92% to US$0.28.

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