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G. Willi-Food Receives Temporary Injunction in Connection With Shamir Salads

 

YAVNE, Israel, June 1 /PRNewswire-FirstCall/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), one of Israel's largest food importers and a single-source supplier of one of the world's most extensive range of quality kosher food products, today announced that on May 27, 2009, the district court in Tel Aviv issued a temporary injunction against the minority shareholders of Shamir Salads (the "Sellers"), with whom the Company had entered into a January 2, 2008 agreement to purchase approximately 51% of the shares of Shamir Salads (the "Shamir Agreement").

As previously announced, on May 14, 2009, the Company received from the Sellers a notice cancelling the Shamir Agreement, and on May 18, 2009, the Company was notified of unilateral actions taken by the Sellers with respect to a change in Shamir Salads' board composition and signatory rights and replacement of the articles of association of Shamir Salads in an effort by the Sellers to deprive the Company of its board representation and signatory rights in Shamir Salads.

Pursuant to the injunction issued by the court, the Sellers are prohibited from taking any action not in accordance with the signatory rights in Shamir Salads in effect prior to May 18th, performing any disposition of the shares of Shamir Salads held by the Company, taking any action not in accordance with the articles of association of Shamir Salads as in effect prior to May 18th, and/or interfering with the functions of Shamir Salads' board of directors as composed prior to May 18th. In addition, pursuant to the injunction, the Sellers are prohibited from interfering with the functions of the co-CEO of Shamir Salads nominated by the Company and/or from preventing the deputy CFO of Shamir Salads' from participating in the discussions to approve the financial statements of Shamir Salads. The district court also required the Sellers to reimburse the Company for its court and attorney expenses in the amount of NIS 30,000 plus VAT.

About G. Willi-Food International, Ltd.

G. Willi-Food International Ltd. is one of Israel's largest food importers and a single-source supplier of one of the world's most extensive ranges of quality kosher food products. It currently imports, markets and distributes more than 2,500 food products manufactured by some 120 top-tier suppliers throughout the world to more than 1,500 customers. Willi-Food excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them. The Company also operates several subsidiaries: its subsidiary, Gold Frost Ltd., develops and distributes kosher chilled and frozen dairy food products internationally together with its Danish dairy distributor subsidiary; the joint venture with the Baron Family engages in the global import, export and distribution of kosher products worldwide; and Shamir Salads is a leading international manufacturer and distributor of pre-packaged chilled Mediterranean dips and spreads. For more information, please visit the Company's website at http://www.willi-food.co.il.

    Company Contact:
    G. Willi Food International Ltd.
    Ety Sabach, CFO
    +972-8-932-1000
    ety@willi-food.co.il


SOURCE G. Willi-Food International Ltd

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