Elron Electronic Industries Ltd. Announces Changes Regarding Annual General Meeting on September 24, 2009 Due to Announcement by NetVision

TEL AVIV, Israel--(BUSINESS WIRE)--Elron Electronic Industries Ltd. (NASDAQ:ELRN) (TASE:ELRN) today announced that further to Elron's previous announcement on August 26, 2009, regarding its Annual General Meeting ("AGM") of shareholders in which shareholders will be asked, among others, to approve the sale of the Company's holding in NetVision Ltd. ("NetVision") to Discount Investment Corporation Ltd. ("DIC") and Clal Industries and Investments Ltd. ("Clal"), NetVision today announced that it is in very preliminary stages of examining possibilities of a business combination with Cellcom Israel Ltd. ("Cellcom"), which may involve a corporate change relating to NetVision. Cellcom is an affiliate of DIC, Elron's principal shareholder, which currently holds approximately 49% of Elron. DIC and Clal are both majority-owned subsidiaries of IDB Development Ltd., and currently hold approximately 31% and 24% of NetVision.