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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2003
ELTEK LTD.
(Name of Registrant)
Sgoola Industrial Zone, Petach Tikva, Israel
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F __
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): __
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): __
Indicate by check mark whether by furnishing the information contained in
this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes __ No X
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ______________
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ELTEK LTD.
6-K Items
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1. Eltek Ltd. Press Release re Eltek Implements Reorganization Plan dated
May 1, 2003.
ITEM 1
Press Release
Source: Eltek Ltd.
Eltek Implements Reorganization Plan
Thursday May 1, 8:04 am ET
PETACH-TIKVA, Israel, May 1 /PRNewswire-FirstCall/ -- Eltek Ltd., (Nasdaq: ELTK
- News) the leading Israeli manufacturer of advanced circuitry solutions, today
announced a further stage implementation of its comprehensive re-organization
plan aimed at bringing the Company's current structure and level of activity
more closely in line with market conditions.
This reorganization includes personnel reduction, progressive wage reduction,
and cost savings. The initiatives included in this plan fall within the broader
framework of a reorganization strategy, which the Company began to implement
several months ago.
Mr. Arieh Reichart, President and CEO of Eltek, said, "The actions that we
implemented today represent a difficult step, but one that is essential due to
the ongoing weakness in the global technology sector.
"We believe that this plan will significantly decrease Eltek's expenses, and
will allow us to achieve positive cash flow. This will allow us to focus our
efforts on promoting renewed Company growth."
Mr. Reichart added, "In spite of the difficulties and the uncertainties that
characterize the market in which the Company operates, Eltek is encouraged by
the initial results of its efforts to increase exports to Europe and the United
States.
"In June, 2002 we completed the acquisition of 76% of Kubatronik, a German
Company that specializes in manufacturing of multi-layer, flex-rigid and High
Density Interconnect (HDI) printed circuit boards. This acquisition allows Eltek
to leverage Kubatronik's marketing capabilities as we work to increase our
presence in Europe.
Mr. Reichart concluded by saying, "We believe that the implementation of the
latest step in our comprehensive re-organization plan which we are announcing
today, coupled with the expected completion of capital raise of $500,000 in
mid-May, and progress in negotiations with our banks to refinance part of our
outstanding debt, will improve our financial condition and give us the necessary
financial platform that will allow Eltek to grow its business as market
conditions improve."
About Eltek
Eltek is one of Israel's leading manufacturers of printed circuit boards, the
core circuitry of most electronic devices. It specializes in the complex
high-end of PCB manufacturing, i.e., HDI, multi-layered and flex-rigid boards.
Eltek's technologically advanced circuitry solutions are used in today's
increasingly sophisticated and compact electronic products. The Company has
invested heavily in upgrading its production facilities over the past five
years.
Certain matters discussed in this news release are forward-looking statements
that involve a number of risks and uncertainties including, but not limited to
statements regarding expected results in future quarters, 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
United States Securities and Exchange Commission filings.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ELTEK LTD.
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(Registrant)
By: /s/Arieh Reichart
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Arieh Reichart
President and Chief Executive Officer
Date: May 1, 2003