CAESAREA, Israel, Dec. 11, 2012 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTCBB:EVSNF), announces the closing on December 10, 2012, of a non-brokered private placement with Mr. Avi Gross. The Company issued and sold 5,263,158 ordinary shares to Mr. Gross at a price of $0.095 per ordinary share for gross proceeds of $500,000 and Mr. Gross provided a $300,000 convertible loan to the Company which may be converted in whole or in part at a price per share of $0.095, within 6 months of the closing date. Should the loan not be converted, the principal and interest (at LIBOR per annum) will be repayable over the following 12 months. As part of the investment, Mr. Gross has also received two warrants to purchase ordinary shares of the Company. The first warrant is exercisable for up to $200,000 of ordinary shares, subject to adjustment, during the 6 month period following the issuance of the warrant at a price per share of $0.095/share. The second warrant is exercisable for up to $1,000,000 of ordinary shares, subject to adjustment, during the period between from the 6 month anniversary of the closing until February 5, 2015. The exercise price of the second warrant is $0.20 per share unless the Company achieves gross revenues of less than $19,000,000 for the year ending December 31, 2014, in which case the exercise price shall be reduced to $0.17 per share. Exercise of the second warrant will be contingent on Mr. Gross converting and/or exercising at least 50% of the aggregate number of shares issuable under both the loan and the first warrant, and the amount issuable will be proportionally reduced based on the aggregate portion of the convertible loan converted and the first warrant exercised. Following the investment Mr. Gross will hold approximately 7.025% of the outstanding share capital of the Company (not including the shares issuable under the convertible loan and warrants), immediately following the closing.