Elbit Vision Systems’ grant will help marketing efforts in China
Last updated: 15:32 23 Dec 2015 EST, First published: 10:32 23 Dec 2015 EST
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.
