PETACH-TIKVA, Israel, March 5 /PRNewswire-FirstCall/ --
Eltek Ltd. (Nasdaq: ELTK), the leading Israeli manufacturer of advanced
circuitry solutions, today announced that a fire occurred at its production
facility in Petach-Tikva on Friday, February 28, 2003.
The fire, which began as a result of a malfunctioning heat bath thermostat
on its immersion gold plating line, took place during the early morning hours,
and no injuries were reported. While the line was rendered inoperable as a
result of the fire, the Company is fully insured for damages and has already
begun repairing the line to get it operational on an interim basis.
Additionally, the Company is proceeding with plans for a new line to replace
the one damaged in the fire. It is expected that the temporary line will be
running within several weeks, and the new line will be operational in several
months. Until its temporary line is operational, the Company has engaged
several subcontractors in Israel and Europe to perform the immersion gold
plating process. In addition, the Company noted that it is insured for any
potential loss of income that should arise as a result of this incident.
Arieh Reichart, President and CEO of Eltek said, "This was a very
unfortunate accident, we are extremely thankful that no one was hurt as a
result of it. We are operating under our contingency plan, using
subcontractors for this process, and are fully committed to rebuilding the
line that was damaged so that we can resume complete operation as quickly as
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.
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SOURCE Eltek Ltd.