CAESAREA, Israel — February 12, 2018 — Elbit Vision Systems Ltd. (EVS), a producer of machine vision inspection systems for textile fabrics and technical webs, announced today that it has agreed to be acquired by Switzerland-based Uster Technologies AG.

Uster will acquire 100-percent ownership of EVS, paying $3.40 per share, or approximately a 16.8 percent premium on the closing price of the company’s shares on February 9, 2018. This corresponds to an Enterprise Value of approximately $32 million. The acquisition of EVS by Uster has been approved by the Boards of Directors of both companies, and is subject, among other things, to the approval by the general meeting of the shareholders of EVS, which is expected to be obtained in March 2018.

Subject to the fulfilment of standard closing conditions, the transactions is expected to be completed during the second quarter of 2018. Thereafter, EVS will be a wholly owned subsidiary of Uster Technologies AG.

Sam Cohen, CEO, EVS, said: “We believe that the merger with Uster Technologies is the optimal route for growing the business of the company. Despite our success in turning the company from a loss-making enterprise with onerous levels of debt in 2010 — the year of our management takeover — to a profitable company with no meaningful debt, the last three years have seen revenues remain largely flat. As a result, the management of EVS has come to the conclusion that given the current conditions of the industries in which we operate and the capital markets, our ability to continue to increase shareholder value is extremely challenging and uncertain as a stand-alone entity.”

Cohen continued: “Given the difficulties in showing our shareholders year over year increases in revenues, our board of directors and senior management team have spent the last 18 months conducting an in-depth analysis on alternatives for increasing shareholders value, including discussions with a number of potential acquirers and investors. We believe that the merger with Uster, which represents approximately a 17 percent premium on our current share price, provides our shareholders with real value.”

Thomas Nasiou, CEO, Uster, said: “The acquisition fits perfectly into our vision to be the world’s leading supplier of quality solutions for the textile industry from fiber to fabric. EVS technology will offer USTER’s clients the potential for further automation and improvement for increased and sustainable performance.”

Posted February 12, 2018

Source: Elbit Vision Systems Ltd. (EVS)

USTER, Switzerland — February 12, 2018 — Uster Technologies AG expands its competencies in quality control and strengthens its product portfolio. USTER has signed a binding, friendly agreement to acquire Elbit Vision Systems Ltd. (EVS), a high-technology supplier for automated vision inspection in the textile industry. EVS’s products are used to automatically locate, label and trace defects of fabric and web products, and ultimately to grade the quality and determine the value of the produced goods. Closing of the transaction is expected by May 2018.

Thomas Nasiou, CEO of USTER, said: “The acquisition fits perfectly into our vision to be the world’s leading supplier of quality solutions for the textile industry from fiber to fabric. It shows once again our commitment to continuously invest in cutting-edge technology and foster our culture of innovation. EVS and USTER’s combined technology will offer all our customers more potential for further automation and improvement for increased and sustainable performance.”

Posted February 12, 2018

Source: Uster Technologies AG

TEMPE, Arizona — February 12, 2018 — Supima has partnered with Oritain Global Ltd., an international forensic science firm, to provide a testing platform to identify and verify the origin of SUPIMA® cotton.

In partnership with Supima, Oritain will utilize its scientific technology to measure the naturally occurring elements that exist within the cotton fiber based upon the geographical production area the cotton is grown in. The project will cover the entire American Pima cotton growing region and create a unique fingerprint for Supima cotton.

Grant Cochrane, Oritain CEO, said: “The unique fingerprint analysis identifies different levels of chemical attributes that are found in the product itself and enables the cotton to be verified against its claimed origin. This platform offers a solution to address the traceability challenges that have been faced by the global cotton industry in recent years.”

“Manufacturers, brand owners and retailers are increasingly focused on ensuring there is transparency within their supply chains,” Cochrane said. “A huge part of this is knowing – and trusting – where their product comes from. This is of particular importance as brands make claims associated with provenance and want to be reassured their product — in this case, Supima cotton — isn’t being contaminated by inferior products coming from undesirable sources.

“We are pleased to be able to demonstrate our relevance throughout the supply chain – not just for primary producers,” he said. “We know that the fashion industry is highly-motivated in the sustainability space and we are ideally positioned to help them ensure the integrity of their products as sustainability compliance is closely intertwined with origin.”

Supima CEO Marc Lewkowitz said: “The partnership with Oritain fulfils Supima’s decade long objective to find a simple and natural way to use the fiber to verify provenance. We were impressed that Oritain doesn’t need to apply any identifier or tracer during the manufacturing or processing phases, which makes it a very simple solution to deploy from an operational perspective. The Oritain methodology simply measures what is naturally inside the fiber.”

“American Pima cotton growers take great pride in their status of producing a rare and premium fiber often referred to as the ‘World’s Finest Cottons’, and Supima is proud to provide a means to ensure that the Supima brand and fiber reputation are protected,” says Lewkowitz.

Posted February 12, 2018

Source: SUPIMA®

ALEXANDRIA, Va. — February 9, 2018 — TRSA, the global association for the linen, uniform and facility services industry, has donated approximately $80,000 to Anayat House, Children of Restaurant Employees (CORE) and ConPRmetidos: organizations assisting those impacted by hurricanes in Florida, Texas and Puerto Rico.

The donations are the result of TRSA’s 105th Annual Conference, which had been scheduled for last September in Miami, but was cancelled due to Hurricane Irma. While offering to refund all registration and sponsorship fees, TRSA asked members to donate all or a portion of those fees to support local charities.

“We’re very proud of the TRSA community, which was able to create some positive outcomes in an overwhelmingly tragic circumstance,” said Joseph Ricci, CEO of TRSA.

“The contribution from TRSA will directly assist low income families and the elderly who seek overnight accommodations during a medical crisis,” said Tressa Clarke, executive director of Anayat House, which provides affordable overnight accommodations for family members of patients at local Beaumont, Texas, hospitals and anyone traveling to Beaumont for medical care and outpatient treatment. “This contribution will help bridge the gap between the suggested donation of $20 and the actual cost of $90 per room.”

CORE, an organization that is part of the Florida Restaurant & Lodging Association, grants support to children of food and beverage service employees navigating life-altering circumstances. “CORE was incredibly grateful to receive the generous donation from TRSA,” said Lauren LaViola, executive director of CORE. “The donation to CORE will help to fulfill grants for qualifying children of food and beverage service employees navigating life-altering circumstances.”

“I feel truly inspired by TRSA’s continued commitment to the support of our industry’s community of families. It is an honor and a privilege to be part of such great association,” said Pablo Lucchesi, managing partner of Crown Linen, in whose name TRSA made the CORE contribution.

An additional contribution was made to ConPRmetidos, an organization that specializes in matching Puerto Rico’s diaspora — people who settle away from their ancestral homeland — with companies there to help them grow.

“We don’t have words to say thanks for all your generosity,” said Michael Shulevitz, President of Cadillac Uniform & Linen Supply in Puerto Rico. “Thank you for helping Puerto Rico to rise up again.”

The $80,000 donation follows an immediate TRSA charitable effort that took place just after the conference, when several hundred homeless residents were given welcome boxes that had been packaged for conference attendees at the time of the cancellation.

Posted February 9, 2018

Source: TRSA