Eltek Holds Extraordinary Meeting of Shareholders

May 19, 2003, 01:00 ET from Eltek Ltd.

    PETACH-TIKVA, Israel, May 19 /PRNewswire-FirstCall/ --
 Eltek Ltd., (Nasdaq:   ELTK) the leading Israeli manufacturer of advanced
 circuitry solutions, today announced that it held an Extraordinary Meeting of
 Shareholders on Thursday, May 15, 2003 at the Company's offices in Petach
 Tikva, Israel. A notice of the meeting and proxy materials were distributed to
 shareholders on or about April 15, 2003.
     At the meeting, Eltek received shareholder approval for the issuance and
 private placement sale of a convertible promissory note in the principal
 amount of $500,000 to Merhav M.N. F. Ltd. or one of its subsidiaries. Merhav
 is a privately held Israeli company controlled by Mr. Joseph Maiman, Eltek's
 controlling shareholder.
     About Eltek
     Eltek is one of Israel's leading manufacturers of printed circuit boards,
 the core circuitry of most electronic devices. It specializes in the complex
 high-end of PCB manufacturing, i.e., HDI, multi-layered and flex-rigid boards.
 Eltek's technologically advanced circuitry solutions are used in today's
 increasingly sophisticated and compact electronic products. The Company has
 invested heavily in upgrading its production facilities over the past five
     Certain matters discussed in this news release are forward-looking
 statements that involve a number of risks and uncertainties including, but not
 limited to statements regarding expected results in future quarters, risks in
 product and technology development and rapid technological change, product
 demand, the impact of competitive products and pricing, market acceptance, the
 sales cycle, changing economic conditions and other risk factors detailed in
 the Company's United States Securities and Exchange Commission filings.

SOURCE Eltek Ltd.