Eltek receives notification from the Ministry of Environmental Protection about its intention to impose a penalty for an alleged breach of the Clean Air Law

Rhea-AI Summary

On January 17, 2023, Eltek Ltd. (NASDAQ: ELTK) announced it received a notification from the Ministry of Environmental Protection about a proposed penalty of approximately $0.6 million for an alleged violation of the Clean Air Law during 2019-2020. The company aims to negotiate a reduction of this penalty in accordance with legal provisions. Eltek, a leader in the printed circuit board industry, specializes in high-quality complex PCBs and serves sectors like defense and aerospace globally.

Positive

• Eltek is a leader in the printed circuit board industry, specializing in high-quality products.
• The company has ITAR compliance and various industry certifications, enhancing its market credibility.

Negative

• Eltek faces a potential penalty of $0.6 million, which could affect its financial standing.

PETACH-TIKVA, Israel, Jan. 17, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, informed today that it received a notification from the Ministry of Environmental Protection about its intention to impose a penalty of approximately $0.6 million for an alleged breach of the Clean Air Law during the years 2019-2020. The Company intends to seek a reduction in the amount of the penalty, in accordance with provisions of the Clean Air Law.

About Eltek

Eltek – "Innovation Across the Board", is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), and is an Israeli leading company in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.

Eltek was founded in 1970. The Company's headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiary in North America and by agents and distributors in Europe, India, South Africa and South America.

For more information, visit Eltek's web site at www.nisteceltek.com

Forward Looking Statement

Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties including, but not limited to expected results in future quarters, the impact of the Coronavirus on the economy and our operations, 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 Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.

Investor Contact

Ron Freund
Chief Financial Officer
Investor-Contact@nisteceltek.com
+972-3-939-5023

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SOURCE Eltek Ltd.

FAQ

What penalty has Eltek received from the Ministry of Environmental Protection?

Eltek received a notification of a proposed penalty of approximately $0.6 million for an alleged violation of the Clean Air Law.

What is Eltek's response to the penalty notification?

Eltek intends to seek a reduction in the penalty amount in accordance with the provisions of the Clean Air Law.

What industry does Eltek operate in?

Eltek operates in the printed circuit board industry, providing technologically advanced solutions.

When was the press release about Eltek's penalty issued?

The press release was issued on January 17, 2023.

What is Eltek's stock symbol?

Eltek's stock symbol is ELTK, traded on NASDAQ.