JERUSALEM, Israel, September 7, 2000 - Teva Pharmaceutical Industries, Ltd., (Nasdaq: TEVA) announced today that the Israeli Supreme Court acquitted Eli Hurvitz from all charges relating to tax avoidance by Promedico.
Throughout the entire trial and appeal the Board of Directors has had faith and full confidence in Mr. Hurvitz's innocence and integrity and therefore requested Eli Hurvitz to continue his leadership as he has done for more than 20 years as Teva's President and CEO, for the benefit of the company and its shareholders.
"Under Eli Hurvitz's leadership, Teva has established itself as a leading Israeli global company, with high standards of integrity, excellence and reliability among its employees', commented Prof. Meir Heth, chairman of Teva's board.
The Board of Directors of Teva wishes Eli Hurvitz all the best upon his acquittal and is convinced that he will continue to make immense contributions to Teva's success as a leading global pharmaceutical company.
Eli Hurvitz stated: ''I am very pleased and wish to thank my family and friends as well as my other family - all of the Teva employees for their constant faith, support and encouragement.''
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 50 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. Over 80% of its sales are outside Israel, mainly in North America and Europe. The Company develops, manufactures and markets generic and branded pharmaceuticals and active pharmaceutical ingredients.