YAVNE, Israel, November 15, 2018 /PRNewswire/ --
G. Willi-Food International Ltd. (NASDAQ: WILC)
(the "Company" or "Willi Food"), a global food
company specializing in the development, manufacturing, marketing
and international distribution of kosher foods, announced today
that its Board of Directors (the "Board") resolved to enter into a
new business activity of providing non-bank credit (the "Credit
Activity").
The Board authorized the Company's management to take required
actions to obtain a license for extending credit under the
Supervision of Financial Services Law (Regulated Financial
Services), 5776-2016 under the Israeli law.
The Company estimates that the Credit Activity will be financed
from its equity capital.
It is the intention of the Company that the Credit Activity will
be conducted in addition to its current activity of developing,
manufacturing, marketing and international distribution of kosher
food products.
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 600 food products worldwide. As one of
Israel's leading food importers,
Willi-Food markets and sells its food products to over 1,500
customers 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 Gold Frost, a wholly owned
subsidiary who 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 trends, demand for
our products and expected sales, operating results, and earnings.
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, including relating to its new business activity
of providing non-bank credit. These risks and other
factors include but are not limited to the risk that the Company
will not proceed with repurchasing Company shares or repurchase
shares up to the maximum approved by the board of directors,
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,
2017, filed with the Securities and Exchange Commission on
April 30, 2018. 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.
Amir Kaplan, Chief Financial
Officer
(+972)-8-932-1000
amir.k@willi-food.co.il
SOURCE G. Willi-Food International Ltd.