Revenues for the fiscal year ended December 31, 2004 were
$10,960 ,000, an increase of 73% compared to $6,328,000 for fiscal
2003. Net loss for 2004 was $5,905,000 , or $0.3 million euro (H1-2004: -4.

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"With a significant level of firm orders in hand for all our
product lines, including a large portion from the Far East, we are
confident in our ability to increase revenues and achieve
profitability.8 million euro)
* First-time adoption from US GAAP to International Financial Reporting
Standards (IFRS) without any noteworthy effect

MARTINSRIED , Germany and MUNICH, Germany and SAN DIEGO, The German-American biotech company MediGene AG
(Frankfurt , Prime Standard: MDG) presents results for the first six months of
2005 that conform to the company 's expectations, and confirms its forecast for
the financial year.
MediGeneTM is a trademark of MediGene AG.

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Highlights of 2004

Record Backlog

In addition to booking $11 million in sales during 2004, the
Company has built a backlog of firm orders totaling as of today $17.

Non Recurring Expenses and Expenses Related to the Company's
Acquisition Program

During 2004, the Company recorded expenses of $1,650,000 related
to the Company's acquisitions program and non recurring expenses of
$1,300,000 related to its efficiency program and other expenses.32) (0 .8 million euro)
* Net loss -6.6 million euro (H1-2004: -4. MediGene disclaims any
intent or obligation to update any of these forward-looking statements.

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Approximately $8.
This press release and other releases are available on
www.

MediGene AG Announces 6-Months Result and Confirms Forecast for the Year

Compared to last year's reporting periods, the net loss increased
to -6,326 T euro (H1-2004: -4,195 T euro), and to -5,378 T euro (Q2-2004: -
2,692 T euro), respectively , since last year the company received higher
milestone payments for the drug Eligard(R). MediGene 's core competence lies in research and development of
novel approaches for the treatment of various tumor diseases.

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01 per share, for
the fourth quarter of 2003.1
million, the majority of which is expected to ship during 2005.

Acquisitions Program

In Q2, the Company acquired 51% of Yuravision Co.
EVS undertakes no obligation to update forward-looking statements to
reflect subsequently occurring events or circumstances.

Outlook: MediGene confirms the forecast for the year 2005, according to
which the company expects to raise revenues to approximately 20 million euro,
and to reduce the loss below 10 million euro.

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Such
statements are subject to certain risks and uncertainties, such as
market acceptance of new products and our ability to execute
production on orders, which could cause actual results to differ
materially from those in the statements included in this press
release.S.

qoru w

co. dollars in
thousands
------------------
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks 1,394 1,006
Current maturities of loan from shareholder 160 160
Credit from Cornell Capital Partners L.

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Aerospace Writers/Business Editors

YOQNEAM, Israel ----

Quarterly Revenues More than Double; Annual Revenues Up 73%;
Record $17. Zami Aberman , the Company's CEO for the past two years,
stepped down from his position, and the Board of Directors appointed
Mr. EVS
maintains headquarters and manufacturing in Israel, R+D operations in
Israel and Korea, and offers global sales and support coverage. These forward-looking
statements are no guarantees for future performance, and the forward-looking
events discussed in this press release may not occur.

q ri

(OTCBB:EVSNF), a leading provider of
automatic optical inspection and quality monitoring systems, today
announced its consolidated financial results for the fourth quarter
and fiscal year ended December 31, 2004. ScanMaster contributed
$2. dollars in
thousands
-------------------
A s s e t s
CURRENT ASSETS:
Cash and cash equivalents 1,222 1,789
Restricted deposit 768 537
Accounts receivable:
Trade 2 ,287 1,021
Other 980 620
Inventories 4,682 3,139
--------- ---------
T o t a l current assets 9,939 7,106
--------- ---------
INVESTMENTS AND LONG-TERM RECEIVABLES:
Funds in respect of employee rights upon
retirement 1,389 622
Other long-term receivables 187 99
--------- ---------
1,576 721
--------- ---------
PROPERTY AND EQUIPMENT, net of accumulated
depreciation and amortization 1,057 414
------- -- ---------
OTHER ASSETS AND DEFERRED CHARGES -
net of accumulated amortization:
Goodwill 2,448 -
Other intangible assets 4,090 -
Deferred charges 343 -
---------
6,881 -
----- ---- ---------
T o t a l assets 19,453 8,241
========= =========

December 31
--------- ---------
2004 2003
--------- --------
U.

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Menashe Shohat as the new CEO.il

ELBIT VISION SYSTEMS LTD .
CONSOLIDATED STATEMENTS OF OPERATIONS

12 months ended 3 months ended
December 31 December 31
--------------- ---------------
2004 2003 2004 2003
------- ------- ------- -------
U.2 million euro)
* Operational cash flow -6.

Dimk uaq turnda.

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1M Backlog Positions Company for Growth and Profitability

Elbit Vision Systems, Ltd. Shohat brings EVS 14 years of
experience in the inspection market, including 3 years as CEO of
ScanMaster during which he executed a successful turnaround, bringing
it to profitability.
The Company's Industrial Division provides automatic optical
inspection (AOI) and non-destructive ultrasound inspection systems for
heavy manufacturing (automotive, aeronautics, steel and others).

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, a
South Korea-based company which develops visual inspection
software and systems for the LCD industry, to position itself
for significant opportunities in China , India and other
regions in the Far East. dollars in thousands
(except per share data)
------------- ------------------

REVENUES: 10,960 6,328 3,664 1,553
------- ------- ------- -------

COST OF REVENUES: 8,542 3,748 4,613 859
------- --- ---- ------- -------

GROSS PROFIT 2,418 2,580 (949) 694

RESEARCH AND DEVELOPMENT COSTS - net 2,456 1,431 884 259
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES:
Marketing and selling 3,527 1,598 1,007 479
General and administrative 2,153 637 1,072 39
------- ------- ------- -------
OPERATING LOSS (5,718) (1,086) (3,912) (83)
FINANCIAL INCOME (EXPENSES) - net (297) 60 (275) (56)
OTHER INCOME 116 47 (7) 21
-- ----- ------- ------- -------
LOSS BEFORE TAXES ON INCOME (5,899) (979) (4,194) (118 )
TAXES ON INCOME 6 3 2 -
------- ------- ------- -------
LOSS FOR THE YEAR (5,905) (982) (4,196) (118)
======= ======= ======= =======

LOSS PER SHARE - BASIC AND DILUTED (0. These revenues were generated almost solely by
the commercialization of the drug Eligard(R), and are made up of proceeds from
product sales, license fees and milestone payments received from MediGene's
marketing partner Astellas Pharma Europe Ltd . Gross profit
margin is determined by milestone payments and the ratio of revenues from
product sales to license payments, and is therefore subject to substantial
fluctuations comparing individual reporting periods.
MediGene is the first German biotech company with a drug on the market.

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32 per share, compared
to a net loss of $982,000, or $0.

Appointment of CEO

In Q4, Mr.01)
======= ======= ======= =======

WEIGHTED AVERAGE NUMBER OF SHARES USED
IN COMPUTATION OF LOSS PER SHARE -
BASIC AND DILUTED (IN THOUSANDS) 18,724 10,175 25,682 10,175
======= ======= ======= =======

3 Mio.
The increase of general, administrative, and selling expenses to 3,048 T
euro (H1 -2004: 2,879 T euro), and to 1,634 T euro (Q2-2004: 1,481 T euro),
respectively, is mainly due to the first-time adoption of IFRS, according to
which stock options issued to employees are now recognized as expenses of 171
T euro in the first six months of 2005. In addition, MediGene possesses innovative
platform technologies with its HSV technology and the newly acquired EndoTAG
technology. Thus MediGene
focuses on indications of high medical need and economic opportunities.

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Elbit Vision Systems Reports Financial Results for the 4th Quarter and Full Year 2004

The loss for
2004 reflects non recurring expenses and expenses related to the
Company's acquisitions and efficiency program of approximately
$3,000,000 (see below)."

About Elbit Vision Systems (EVS):

EVS offers a broad portfolio of automatic in-line inspection and
quality monitoring systems used to improve product quality and
increase production efficiency.
CONSOLIDATED BALANCE SHEETS

December 31
-------------------
2004 2003
--------- ---------
U.
Total revenues in the first six months of the year amounted to 4,942 T
euro (H1-2004: 8,830 T euro), and to 1,118 T euro in the second quarter of
2005 (Q2 -2004: 4,920 T euro). The launch of Eligard(R) in
other European countries and the conclusion of a marketing partnership for our
Polyphenon(R) E Ointment will form the basis for this improvement.

MediGene AG is a publicly quoted (Frankfurt: TecDAX30), German-American
biotechnology company located in Martinsried, Germany and San Diego, USA.

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10 per share for 2003. 3,328 -
Accounts payable and accruals:
Trade 2,450 651
Deferred income 789 78
Other 6,637 2,704
--------- --------
T o t a l current liabilities 14,758 4,599
--------- --------
LONG-TERM LIABILITIES:
Loans and other liabilities (net of current
maturities) 408 287
Liability for employee rights upon retirement 2,141 979
--------- --------
T o t a l long-term liabilities 2,549 1,266
--- ------ --------
COMMITMENTS AND CONTINGENT LIABILITIES
--------- --------
T o t a l liabilities 17,307 5 ,865
--------- --------

SHAREHOLDERS ' EQUITY: 2,146(a) 2,376
--------- --------
T o t a l liabilities and shareholders'
equity 19,453 8,241
========= ========

(a) After reduction of $2,520 shares held in escrow

ELBIT VISION SYSTEMS LTD.10) (0.de/englisch/quartalsberichte.

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euro)
* Cash position 41. Total R+D expenses increased to 7,558
T euro (H1-2004: 6,820 T euro), and to 4,260 T euro (Q2 -2004: 3,025 T euro),
respectively.

y alpbaru elr, bala trbilw, a-su-rizq zerlw turnda, me syelrg.

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Although EVS believes that the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can
give no assurance that its expectations will be achieved.S. Although
the results obtained in the trial in the indication actinic keratosis did not
meet our expectations , we assume that the NDA for our Polyphenon(R) E Ointment
will be submitted to the US regulatory authority as scheduled, and that we
will conclude a marketing partnership for this product.

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Mr. This increase was mainly due to the EndoTAG program acquired in
August 2004. Major milestones to be reached
are the NDA submission for the Polyphenon(R) E Ointment against genital warts
to the US regulatory authority , the conclusion of a marketing partnership for
the Polyphenon(R) E Ointment, the initiation of a clinical phase II trial of
the drug candidate EndoTAG-1, as well as the launch of Eligard(R) in other
European countries.
Alexander Dexne, MediGene's Chief Financial Officer, comments: "In the
second half of 2005 we expect a significant increase in revenues and a
considerable improvement of our financial result.

This press release contains forward-looking statements that involve risks
and uncertainties.

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EVS
disclaims any intention or obligation to update or revise any
forward -looking statements, which speak only as of the date hereof,
whether as a result of new information , future events or otherwise.16) (0.6 million euro (H1-2004: 32.php .

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Net loss for the fourth quarter of 2004 was $4,196,000, or $0.

In Q3, the Company completed its acquisition of ScanMaster
Systems (IRT) which develops, manufactures and markets
ultrasonic inspection equipment for the automotive,
transportation and metal industries.

Comments of Management

"Our loss for the quarter reflects the completion of our
restructuring program, which has enabled us to enter 2005 with a much
leaner expense model," said Mr. Yaky Yanay, Chief Financial Officer of
EVS.evs.P. * Total revenues of 4."

Consolidated Income Statement (Abbreviated)

in T euro Q2-2005 Q2-2004 Change H1-2005 H1-2004 Change
Total revenues 1,118 4,920 -77 % 4,942 8,830 -44 %
Cost of sales 904 3,225 -72 % 1,276 3,253 -61 %
Gross profit 214 1,695 -87 % 3,66 5,577 -34 %
General,
administrative,
and selling expenses 1,634 1 ,481 10 % 3,048 2,879 6 %
Research and
development expenses 4,260 3,025 41 % 7,558 6,820 11 %
EBIT -5,680 -2,811 -102 % -6,940 -4,122 -68 %
Net loss from
continued
operations -5,383 -2,673 -101 % -6,330 -3,895 -63 %
Result from
discontinued
operations 5 -19 126 % 4 -300 101 %
Net loss -5,378 -2,692 -100 % -6,326 -4,195 -51 %

The complete 6-Months Report 2005 is available at
http://www.medigene.

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Safe Harbor:

This press release contains forward-looking statements . The
company has the most mature drug development pipeline in the German biotech
industry with oncological drug candidates undergoing clinical phase I - III
trials (phase III completed).

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9 million euro (H1-2004: 8. The forward-looking statements contained herein represent
the judgment of MediGene as of the date of this release.

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Financial Results

Revenues for the fourth quarter of 2004 were $3,664,000, an
increase of 136% compared with $1,553,000 in the fourth quarter of
2003. The Company's Microelectronic Division
provides state-of-the-art optical and laser-based inspection and
correction systems for the manufacture of LCDs, FPDs and Bare Wafers. The increased revenues in the
second quarter and in the first six months of 2004 resulted from advance and
milestone payments due upon conclusion of the marketing partnership for
Eligard(R).

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4 million of the Company's revenues for Q4, the first
complete quarter following its acquisition, and orders for its
systems account for more than $10 million of the Company's
backlog.S.

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16
per share, compared to a net loss of $118,000, or $0.5 million of this backlog is from Far Eastern
customers . Ltd.
Consequently, the gross profit decreased to 3,666 T euro in the first six
months of the year, and to 214 T euro in the second quarter.

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