On May 28, 2000, the Company signed a Letter of Intent (the “Letter of Intent”) with Messrs. David Robner, formerly president of E.C.I Telecom Ltd, an expert in the field of Hi-Tech and technology companies in Israel, and Yehuda Eliraz, senior economist engaged in the field of financial consulting to Hi-Tech and Technology companies, individuals unaffiliated with the Company (the “Advisors”). Pursuant to said Letter of Intent, the Advisors will provide the Company with advisory services in respect to potential investment opportunities in the areas of communication, hi-tech and technology. Pursuant to the letter of intent, the Company undertook to grant Mr. Robner and Mr. Eliraz options to purchase 120,000 and 80,000 ordinary shares of the Company respectively, at an exercise price of USD 4.5 per share, exercisable in three annual installments during a three year period from the granting date. The Letter of Intent is subject to the signing of a detailed and complete agreement between the parties and its approval by the Company’s board of directors.
Following are certain financial details for the first quarter of the year 2000, which the Company announced recently:
Adjusted New Israeli Shekels
Three months Ended Year Ended
March 31, December 31,
2000 1999 1999
Sales 42,758 32,028 128,555
Gross profit 11,442 8,505 27,255
Operating income 6,856 4,597 11,386
Income before taxes on income 7,701 5,647 11,888
Net income 5,158 3,714 7,680
G. Willi-Food International Ltd. is engaged, in the import, marketing and distribution of over 350 food products. The Company sells products with widespread demand in the Israeli marketplace, as well as products which cater to more select groups.