logo-loader
viewElbit Vision Systems

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.

shutterstock_210978052.jpg
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.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Crossword Cybersecurity 'cautiously optimistic' on 2020 as first half...

Crossword Cybersecurity PLC's (LON:CCS) Mary Dowd tells Proactive London's Andrew Scott they're cautiously optimistic on hitting full year targets after first half revenues to June 2020 rose 18%. The company expects to report revenues of £674,000 while it closed off the period with £1.6mln in...

9 hours, 15 minutes ago

2 min read