Elbit Imaging Update Regarding The Sale Of The Radisson Hotel Complex In Bucharest, Romania

TEL AVIV, ISRAEL / ACCESSWIRE / November 24, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE, NASDAQ: EMITF) announced today, further to its announcement dated November 8, 2017, that the Company and the proposed purchaser agreed that the exclusivity period regarding the conduct of negotiations for the sale of its entire indirect shareholdings (98.2%) in the subsidiary company owning the Radisson Hotel Complex in Bucharest, Romania (the "Transaction"), will be extended until November 29, 2017, which the Company anticipates will be the signing and execution date of a definitive Share Purchase Agreement.

The closing and consummation of the Transaction, which is expected to take place during the course of the month of December 2017, is subject to the execution of definitive agreements and the fulfillment of certain conditions precedent to be specified in the definitive agreement. At this stage, there can be no certainty that the conditions precedent will be met in a timely manner, or that the Transaction will be successfully completed.

Any forward-looking statements in our releases (including our estimation as to the exact Net Consideration and the time line for the closing of the Transaction (if at all)) include statements regarding the intent, belief or current expectations of Elbit Imaging Ltd. and our management about our business, financial condition, results of operations, and its relationship with its employees and the condition of our properties. Words such as "believe," "expect," "intend," "estimate" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors including, without limitation, a change in market conditions, disputes with the purchasers, a decision to deploy the cash for other business opportunities and the factors set forth in our filings with the Securities and Exchange Commission including, without limitation, Item 3.D of our annual report on Form 20-F for the fiscal year ended December 31, 2016, under the caption "Risk Factors." Any forward-looking statements contained in our releases speak only as of the date of such release, and we caution existing and prospective investors not to place undue reliance on such statements. Such forward-looking statements do not purport to be predictions of future events or circumstances, and therefore, there can be no assurance that any forward-looking statement contained in our releases will prove to be accurate. We undertake no obligation to update or revise any forward-looking statements.

About Elbit Imaging Ltd.

Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial centers - initiation, construction, and sale of commercial centers and other mixed-use property projects, predominantly in the retail sector, located in Central and Eastern Europe. In certain circumstances and depending on market conditions, the Group operates and manages commercial centers prior to their sale. (ii) Hotel - operation and management of the Radisson hotel complex in Bucharest, Romania. (iii) Medical industries and devices - (a) research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment, and (b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine. (iv) Plots in India - plots designated for sale initially designated to residential projects.

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