PETACH-TIKVA, ISRAEL – Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it repaid the balance of its $1.7 million of bank debt. As of June 27, 2023 the Company's cash balance is $7 million. In addition, the Company has decided to accelerate its current investments in production equipment.

"Our cash flows from operating activities together with the cash we received from our insurance carrier have allowed us to repay the balance of our bank debt, which will reduce our interest expenses going forward. We are pleased that our strong cash position has enabled us to repay our bank debt, expedite our current investments in production equipment in order to meet the current high demand for our products and to continue with our $15 million accelerated investment plan, " said Eli Yaffe, CEO of Eltek.