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 years. 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.