Elron Electronic Industries Ltd. (NASDAQ:ELRN)(TASE:ELRN) (“Elron” or the “Company”) highlighted today that Clean Tech Group Company – AqWise – Wise Water Technologies Ltd. ("AqWise"), the provider of a leading biological based solution for wastewater treatment, in which Elron holds 34%, has raised $3.6 million, in a financing round in which all current investors participated, including Elron, AHMSA Steel Israel Ltd and Israel Clean Tech Ventures.
AqWise will use the proceeds to grow its presence and installation base around the globe, as well as to continue development of its innovative AGAR® (Attached Growth Airlift Reactor) fixed biofilm moving bed process. AqWise has already gained significant commercial success in 2008 by winning several large projects in industrial and municipal sectors. Organizations around the world are using AqWise’s solution to meet stringent effluent quality requirements both cost effectively and on a truly scalable basis. AqWise will further expand its wastewater treatment offering by announcing enhancements to its AGAR® process at IFAT (International Trade Fair for water – sewage – refuse – recycling), in May 2008 on stand 300, in Hall 3.
Furthermore, Elron highlighted that Galil Medical Ltd. ("Galil Medical") (held 21% directly and indirectly by Elron), a provider of innovative products utilizing a proprietary cryotherapy platform for minimally invasive, targeted ablation of benign and cancerous tumors, announced the appointment of Martin J. Emerson as President and Chief Executive Officer. Mr. Emerson is and experienced and successful medical device industry executive, and was most recently President and CEO of American Medical Systems (NASDAQ:AMMD). Mr. Emerson will be replacing Dr. Chen Barir, who will continue to serve on the Galil Medical Board of Directors.
Mr. Emerson has a strong track record of over 20 years of accomplishments in the medical device industry, most recently as President and Chief Executive Officer of AMS. During his tenure at AMS, he held executive roles including Vice President and General Manager of International, Executive Vice President of Global Sales and Marketing and Chief Operating Officer. Prior to joining AMS, he held senior roles in the overseas operations for several American-based companies including Baxter International (NYSE:BAX) and Boston Scientific (NYSE:BSX).
About Elron Electronic Industries
Elron Electronic Industries Ltd. (NASDAQ:ELRN)(TASE:ELRN), a member of the IDB Holding group, is a leading Israel-based technology holding company directly involved in the long-term performance of its group companies. Elron identifies potential technologies, creates strategic partnerships, secures financing, and recruits highly qualified management teams. Elron's group companies currently comprise a diverse range of publicly-traded and privately held companies primarily in the fields of medical devices, information & communications technology, clean technology and semiconductors. For further information, please visit www.elron.com
Forward Looking Statements
Any statements in this press release that may be considered forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements due to the risk factors discussed in periodic reports filed by the Company with the Securities and Exchange Commission, which the Company urges investors to consider.
Contacts:
Rinat Remler, Vice
President & CFO
Tel. 972-3-6075555
elron@elron.net
