Visson Enterprises

, which has developed textile-like ultra thin foldable displays, today announced a $5.5 million investment from Philips Components, a division of

Philips

(NYSE:PHG).

The investment involves a $3 million minority equity stake, and an additional $2.5 million as a part of a joint development program.

Visson has developed a flat 0.1-millimeter foldable display, unlimited in size, that can be used for data, images, video and text. Possible applications include portable devices, electronic books, and electronic billboards. The funding and the JDP will be used for the continued development of Visson's flexible display technology and to bring it to commercial production.

Philips Components is sells large liquid-crystyal displays (23% market share with its LG.Philips LCD joint venture), color television picture tubes (18% market share), and mobile flat displays (35% market share).

"There is no doubt that the agreement with Philips is a major milestone for our company, bringing on-board a world leading display developer and producer," said Lev Zaidenberg, Visson Enterprises chairman.

Over the past year Philips has invested over $50 million in Israeli companies, including Shahal Medical Services, which recently floated on the Swiss exchange, and

Metrolight

.

"Visson's flexible display technology compliments Philips Components' growing portfolio in displays," commented Hafiz Haq, Senior VP Business Development, Philips Components. He said that the flexible displays enabled new product possibilities.

Royal Philips Electronics of the Netherlands is one of the world's biggest electronics companies and Europe's largest, with sales of EUR 31.5 billion in 1999. It is a global leader in color television sets, lighting, electric shavers, color picture tubes for televisions and monitors, and one-chip TV products. It has approximately 239,000 employees in more than 60 countries.

Visson, established in 1999, maintains R&D centers in Ramat Gan, Russia and the United States. The company is run by CEO Irina Kiryuschev, chairman Lev Zaidenberg, VP Finance Alon Raz and VP R&D Semyon Konstein.