YAVNE, Israel, Dec. 22,
2023 /PRNewswire/ -- G. Willi-Food International Ltd.
(NASDAQ: WILC) (TASE: WILF) (the "Company" or "Willi-Food"), a
global company that specializes in the development, marketing and
international distribution of kosher foods, announces today that
its Board of Directors has authorized a share repurchase program
permitting the Company to repurchase up to $5 million of the Company's Ordinary Shares over
the next six months.
The Ordinary Shares may be repurchased from time to time through
various methods, including open market transactions, block trades,
privately negotiated transactions or otherwise at the Company's
discretion. The timing, number and value of Ordinary Shares
repurchased will be determined by the Company's management based on
various factors, including its evaluation of market and economic
conditions, the market price of the Company's Ordinary Shares,
regulatory requirements and other considerations. The Company is
not obligated to purchase any Ordinary Shares under the repurchase
program, and the repurchase program may be increased,
suspended or discontinued at any time without prior
notice.
"We are very pleased to announce this repurchase program to
benefit shareholders at a time when we believe our share is
undervalued," said Willi-Food Chairman Zwi
Williger and Willi-Food Chief Executive Officer Joseph Williger. "The initiation of our
share repurchase program reflects our confidence in our business
and the long-term potential for Willi-Food and our commitment to
maximize shareholder value," he added.
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 650 food products worldwide. As
one of Israel's leading food
importers, Willi-Food markets and sells its food products to over
1,500 customers and 3,000 selling points 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 Euro
European Dairies, a wholly owned subsidiary that 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 our share
repurchase program. 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: market and economic conditions, market
price of the Company's Ordinary Shares, regulatory issues, the war
in Ukraine, the COVID-19 pandemic,
disruptions to international commercial shipping and disruptions in
commodity pricing 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, 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, 2022, filed with the
Securities and Exchange Commission on March
15, 2023. 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.
Yitschak Barabi, Chief Financial
Officer
(+972)
8-932-1000
itsik.b@willi-food.co.il
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SOURCE G. Willi-Food International Ltd.
