Elbit Vision Systems Wins Tender to Provide a High-Speed Rail Inspection System to Israel Railways

QADIMA, Israel, November 20 /PRNewswire-FirstCall/ -- Elbit Vision Systems (OTCBB: EVSNF.OB) today announced that it has a won a tender against a number of competitors to provide Israel Railways with a high-speed rail inspection system. The order is valued at over $1.5 million. The final contract is expected to be signed in the coming week.

Israel Railways has been a customer of EVS' for many years and has previously been using the Company's first generation rail inspection system.

EVS' high speed rail inspection system is a fully integrated ultrasonic inspection car fitted with complete mechanical hardware, a transducer sled and a sophisticated couplant system. The system performs high-speed digital data acquisition, imaging, process and evaluation, and provides reports and analysis on the inspected rails' degradation and defect propagation.

David Gal, CEO and Chairman of the Board, "We are proud to have won this competitive tender for our high-speed ultrasonic rail inspection solution. We believe that Israel Railway's very positive experience with our prior solution, as well as the leading performance of our current solution, were all factors which contributed to our win."

Continued Mr. Gal, "We have invested significant resources in building a strong rail business and we very much now see the fruits of our efforts. We see the rail inspection business as a strong growth engine for EVS. This order, together with the order we won only a week ago, is another validation of this view."

About Elbit Vision Systems Ltd. (EVS): http://www.evs-sm.com

EVS offers a broad portfolio of automatic State-of-the-Art Visual and Ultrasonic Inspection Systems for both in-line and off-line applications, and quality monitoring systems used to improve product quality, safety, and increase production efficiency.

EVS' systems are used by over 600 customers, many of which are leading global companies. The headquarters, manufacturing and R&D of EVS are all located in Israel.

A worldwide Sales and Service network supports markets as well as systems already installed, in Asia, Europe, Africa, Australia and the Americas.

Safe Harbor:

This press release contains forward-looking statements. Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although EVS believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. EVS disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or otherwise. EVS undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.

    Investor Relations Contact
    Ehud Helft / Kenny Green
    GK Investor Relations
    Tel: (US) +1-646-201-9246
         (Int'l) +972-3-607-4717
    info@gkir.com

    Company Contact
    Yaron Menashe, CFO
    EVS
    Tel: (Int'l) +972-9-8661-601
    yaron@evs-sm.com

SOURCE Elbit Vision Systems Ltd