YAVNE, Israel, April 6, 2016 /PRNewswire/ --
G. Willi-Food International Ltd.
(NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company
that specializes in the development, marketing and international
distribution of kosher foods, today announced, further to the
announcement of the Nasdaq Stock Market of February 18, 2016, that the trading of the
Company's ordinary shares continues to be halted by Nasdaq until
the Company has fully satisfied Nasdaq's request for additional
information. Following the request the Company's auditors, the
ISA was contacted to confirm whether the investigation may in any
way affect the financial results of the Company for 2015 fiscal
year. ISA made reference to an appendix attached to the detention
petition against Mr. Gurtovoy from which it appears that the
investigation concerns a particular investment made by the Company
in a certain traded European bond in an alleged amount of
approximately USD 3 million (of which
USD 2.2 million was actually
invested) and whether such investment was used as a part of the
collateral granted to secure debt of the controlling shareholder of
the Company or any other third party and as a result, certain
disclosures and approvals were required under Israeli law.
The Company also announced that it expects to release its 20-F
annual report including its financial statements on time on or
about April 28, 2016.
ABOUT G. WILLI-FOOD INTERNATIONAL LTD.
G. Willi-Food International Ltd. (http://www.willi-food.com) is
an Israeli-based company specializing in high-quality,
great-tasting kosher food products. Willi-Food is engaged directly
and through its subsidiaries in the design, import, marketing and
distribution of over 600 food products worldwide. As one of
Israel's leading food importers,
Willi-Food markets and sells its food products to over 1,500
customers in Israel and around the
world including large retail and private supermarket chains,
wholesalers and institutional consumers. The company's operating
divisions include Willi-Food in Israel and Gold Frost, a wholly owned
subsidiary who designs, develops and distributes branded kosher,
dairy-food products.
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements within
the meaning of safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 relating to future events or our
future performance, such as statements regarding trends, demand for
our products and expected sales, operating results, and earnings.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied in those forward-looking
statements. These risks and other factors include but are not
limited to: monetary risks including changes in marketable
securities or changes in currency exchange rates- especially the
NIS/U.S. Dollar exchange rate, payment default by any of our major
clients, the loss of one of more of our key personnel, changes in
laws and regulations, including those relating to the food
distribution industry, and inability to meet and maintain
regulatory qualifications and approvals for our products,
termination of arrangements with our suppliers, in particular Arla
Foods, loss of one or more of our principal clients, increase or
decrease in global purchase prices of food products, increasing
levels of competition in Israel
and other markets in which we do business, changes in economic
conditions in Israel, including in
particular economic conditions in the Company's core markets, our
inability to accurately predict consumption of our products and
changes in consumer preferences, our inability to protect our
intellectual property rights, our inability to successfully
integrate our recent acquisitions, insurance coverage not
sufficient enough to cover losses of product liability claims and
risks associated with product liability claims. We cannot guarantee
future results, levels of activity, performance or achievements.
The matters discussed in this press release also involve risks and
uncertainties summarized under the heading "Risk Factors" in the
Company's Annual Report on Form 20-F for the year ended
December 31, 2014, filed with the
Securities and Exchange Commission on April
30, 2015. These factors are updated from time to time
through the filing of reports and registration statements with the
Securities and Exchange Commission. We do not assume any obligation
to update the forward-looking information contained in this press
release.
Company Contact:
G. Willi - Food International Ltd.
Pavel Buber, Chief Financial Officer
(+972)-8-932-1000
pavel@willi-food.co.il
SOURCE G. Willi-Food International Ltd.