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     <!-- Control Number: 17                                                               -->
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     <!-- Client Name:    MEDIS TECHNOLOGIES LTD.                                          -->
     <!-- Project Name:   FORM S-8                                                         -->
     <!-- Firm Name:      SONNENSCHEIN NATH & ROSENTHAL                                    -->
     <TITLE>FORM S-8</TITLE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As Filed with the
Securities and Exchange Commission on May 23, 2003 </FONT></P>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registration No. 333-  </FONT></P>

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<HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SECURITIES AND EXCHANGE
COMMISSION</B><BR>
Washington, D.C. 20549 </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM S-8 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>REGISTRATION STATEMENT</B><BR><B>UNDER</B><BR><B>THE SECURITIES ACT OF
1933</B> </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Medis Technologies Ltd.</B><BR>(Exact Name of
Registrant as Specified in its Charter) </FONT> </P>

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<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=38% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Delaware</B> </FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=57% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>13-3669062</B> </FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State of Incorporation)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(I.R.S. Employer Identification No.)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>805 Third Avenue</B><BR><B>New York, New York 10022</B><BR>(Address of Principal
Executive Offices) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Medis Technologies Ltd.
1999 Stock Option Plan</B><BR>(Full Title of the Plan) </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Robert K. Lifton <BR>Chairman and Chief
Executive Officer <BR>Medis Technologies Ltd. <BR> 805 Third Avenue <BR>New York, New York 10022 <BR>(212) 935-8484</B><BR>(Name, Address and
Telephone Number of Agent for Service) </FONT></P>

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     <P ALIGN=CENTER>_________________ </P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=10><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CALCULATION OF REGISTRATION FEE</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title of Securities</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount to</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Maximum Offering</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Maximum Aggregate</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amont of</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to be Registered</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>be Registered</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Price Per Share</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Offering Price</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registration Fee</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock, par value</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=17% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;$0.01 per share (1)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,778,800 shares</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$7.72 (2)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$21,452,336</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,736</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=10><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock, par value</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;$0.01 per share (1)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>113,900 shares</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$7.36 (3)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838,304</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=10><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,804</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=10><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
</TABLE>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Pursuant to Rule 416(a) under the Securities Act of 1933, this registration
          statement also covers any additional securities that may be offered or issued in
          connection with any stock split, stock dividend or similar transaction. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Represents the weighted average of the exercise prices of (i) 450,000 shares of
          the Registrant&#146;s common stock underlying outstanding options exercisable at
          $2.93 per share, (ii) 147,000 shares of the Registrant&#146;s common stock
          underlying outstanding options exercisable at $5.00 per share, (iii) 13,700
          shares of the Registrant&#146;s common stock underlying outstanding options
          exercisable at $0.4106 per share, (iv) 200,000 shares of the Registrant&#146;s
          common stock underlying outstanding options exercisable at $16.42 per share, (v)
          500,000 shares of the Registrant&#146;s common stock underlying outstanding
          options exercisable at $13.50 per share, (vi) 150,000 shares of the
          Registrant&#146;s common stock underlying outstanding options exercisable at
          $10.50 per share, (vii) 141,100 shares of the Registrant&#146;s common stock
          underlying outstanding options exercisable at $5.255 per share, (viii) 34,000
          shares of the Registrant&#146;s common stock underlying outstanding options
          exercisable at $6.75 per share, (ix) 100,000 shares of the Registrant&#146;s
          common stock underlying outstanding options exercisable at $5.16 per share, (x)
          647,000 shares of common stock underlying outstanding options exercisable at
          $8.75 per share, (xi) 391,000 shares of common stock underlying outstanding
          options exercisable at $4.00 per share and (xii) 5,000 shares of common stock
          underlying outstanding options exercisable at $5.12, calculated pursuant to Rule
          457(h)(1) under the Securities Act of 1933. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Represents shares of the Registrants&#146; common stock underlying options which
          may be issued in the future, calculated pursuant to Rule 457(h)(i) under the
          Securities Act of 1933. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>PART II</B> </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;
INCORPORATION OF DOCUMENTS BY REFERENCE.</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents filed by Medis Technologies Ltd. (the &#147;Registrant&#148;) with the
Securities and Exchange Commission (the &#147;Commission&#148;) are hereby incorporated by
reference and made a part of this Registration Statement: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Registrant's Annual Report on Form 10-K for the year ended December 31, 2002;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Registrant's Quarterly Report on Form 10-Q for the three months ended March 31, 2003;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The Registrant&#146;s Current Report on Form 8-K dated May 14, 2003 and filed with the
Commission on May 14, 2003, to the extent such Form 8-K is deemed &#147;filed&#148; with
and not &#147;furnished&#148; to the Commission; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The Registrant&#146;s definitive Proxy Statement filed with the Commission on April 30,
2003 in connection with Registrant&#146;s 2003 Annual Meeting of Stockholders; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The description of the Registrant&#146;s common stock, par value $0.01 per share,
contained in the Registrant&#146;s Form 8-A, filed with the Commission on April 19, 2000. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) after the date of this
Registration Statement and prior to the filing of a post-effective amendment to this
Registration Statement which indicates that all securities registered hereby have been
sold or which deregisters such securities then remaining unsold shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the
date of filing of such documents, except for information furnished to the SEC that is not
deemed to be &#147;filed&#148; for purposes of the Exchange Act (such documents, and the
documents listed above, being hereinafter referred to as &#147;Incorporated
Documents&#148;). Any statement contained in an Incorporated Document shall be deemed to
be modified or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed Incorporated Document
modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 4. DESCRIPTION OF SECURITIES.</B> </FONT> </P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.</B> </FONT> </P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
145 of the Delaware General Corporation Law provides that a corporation may indemnify
directors and officers as well as other employees and individuals against expenses
(including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually
and reasonably incurred by such person in connection with any threatened, pending or
completed actions, suits or proceedings in which such person is made a party by reason of
such person being or having been a director, officer, employee of or agent to the
Registrant. The statute provides that it is not exclusive of other rights to which those
seeking indemnification may be entitled under any by-law, agreement, vote of stockholders
or disinterested directors or otherwise. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant&#146;s Bylaws provide that the Registrant may indemnify any person who was or
is a party or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the registrant), by reason of the fact that he
is or was a director, officer, employee or agent of the registrant or is or was serving at
the request of the registrant as a director, officer, employee or agent of another
corporation or enterprise, against expenses (including attorneys&#146; fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by such person in
connection with such action, suit or proceeding. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
102(b)(7) of the Delaware General Corporation Law permits a corporation to provide in its
certificate of incorporation that a director of the corporation shall not be personally
liable to the corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director, except for liability (i) for any breach of the director&#146;s duty of
loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good
faith or which involve intentional misconduct or a knowing violation of law, (iii) for
payments of unlawful dividends or unlawful stock repurchases or redemptions, or (iv) for
any transaction from which the director derived an improper personal benefit. The
Registrant&#146;s certificate of incorporation provides for such limitation of liability. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.</B> </FONT> </P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 8. EXHIBITS.</B> </FONT> </P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=760>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit<BR>
Number</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of Exhibit</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Top>
     <TD WIDTH=4% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD WIDTH=8% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1*</FONT></TD>
     <TD WIDTH=59% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Medis Technologies Ltd. 1999 Stock Option Plan (filed as Exhibit 10.1 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)</FONT></TD>
     <TD WIDTH=29% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2*</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restated Certificate of Incorporation, as amended (filed as Exhibit 3.1 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3*</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restated By-laws (filed as Exhibit 3.2 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion of Sonnenschein Nath &amp; Rosenthal relating to the validity of the securities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Arthur Andersen LLP (1)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Ernst &amp; Young LLP</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Sonnenschein Nath &amp; Rosenthal (contained in Exhibit 5.1)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power of Attorney (Included as part of signature page)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

_____________

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* &nbsp;&nbsp;&nbsp;&nbsp;The
exhibits have previously been filed with the Securities and Exchange Commission as part
of the filing indicated and are incorporated herein by reference.  </FONT></P>

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     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The consolidated financial statements of the Registrant as of December 31, 2001
          and for the years ended December 31, 2001 and 2000 incorporated in this
          Registration Statement by reference have been audited by Arthur Andersen LLP,
          independent public accountants (&#147;AA&#148;). However, after reasonable
          efforts, the Registrant has been unable to obtain the written consent of AA with
          respect to the incorporation by reference of such financial statements in this
          Registration Statement. Therefore, the Registrant has dispensed with the
          requirement to file the written consent of AA in reliance upon Rule 437a of the
          Securities Act of 1933, as amended. As a result, you may not be able to recover
          damages from AA under Section 11 of the Securities Act of 1933, as amended, for
          any untrue statements of material fact or any omissions to state a material
          fact, if any, contained in the aforementioned financial statements of the
          Registrant which are incorporated in this Registration Statement by reference. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 9. UNDERTAKINGS. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;
          The Registrant hereby undertakes: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=91%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           To file, during any period in which offers or sales are being made of the
          securities registered hereby, a post-effective amendment to this Registration
          Statement: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;

           to include any prospectus required by Section 10(a)(3) of the Securities Act of
          1933 (the &#147;Securities Act&#148;); </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;

           to reflect in the prospectus any facts or events arising after the effective
          date of this Registration Statement (or the most recent post-effective amendment
          thereof) which, individually or in the aggregate, represent a fundamental change
          in the information set forth in this Registration Statement; and </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;

           to include any material information with respect to the plan of distribution
          not previously disclosed in this Registration Statement or any material change
          to such information in this Registration Statement; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
provided,
however, that the undertakings set forth in paragraphs (i) and (ii) above do not apply if
the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by the
Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
(the &#147;Exchange Act&#148;) that are incorporated by reference in this Registration
Statement. </FONT></TD>
</TR>
</TABLE>
<BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=91%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;

           That, for the purpose of determining any liability under the Securities Act,
          each such post-effective amendment shall be deemed to be a new registration
          statement relating to the securities offered therein, and the offering of such
          securities at that time shall be deemed to be the initial bona fide offering
          thereof. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=91%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;

           To remove from registration by means of a post-effective amendment any of the
          securities being registered hereby which remain unsold at the termination of the
          offering. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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               <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The Registrant hereby undertakes that, for purposes of determining any liability
                    under the Securities Act, each filing of Registrant&#146;s annual report
                    pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where
                    applicable, each filing of an employee benefit plan&#146;s annual report
                    pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
                    in this Registration Statement shall be deemed to be a new registration
                    statement relating to the securities offered herein, and the offering of such
                    securities at that time shall be deemed to be the initial bona fide offering
                    thereof. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the provisions
of the restated certificate of incorporation and By-laws of the Registrant and the
provisions of the Delaware law described under Item 6 above, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act, and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a
court of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SIGNATURES</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York and State of New York on
this 23rd day of May 2003. </FONT></P>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Medis Technologies Ltd.</B><BR><BR>
<BR>BY: /s/  Robert K. Lifton<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
 Robert K. Lifton<BR>Chairman and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>POWER OF ATTORNEY</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Robert K. Lifton and Howard Weingrow, and each or either of them, as his true and
lawful attorney-in-fact and agent, with full power of substitution and resubstitution for
him and in his name, place and stead, in any and all capacities to approve, sign and file
with the U.S. Securities and Exchange Commission and any other appropriate authorities the
original of any and all amendments (including post-effective amendments) to this
Registration Statement and any other documents in connection therewith, granting unto each
said attorney-in-fact and agent full power and authority to do and perform each and every
act and thing requisite and necessary to be done in connection therewith, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent, or either of them, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated. </FONT></P>





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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=1>
<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature<BR><BR></FONT></TD>
<TD ALIGN=CENTER WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title<BR><BR></FONT></TD>
<TD ALIGN=CENTER WIDTH=30%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=30%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ Robert K. Lifton</FONT>
<HR ALIGN=LEFT WIDTH=70% SIZE=1 NOSHADE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert K. Lifton
<BR>
<BR>

/s/ Howard Weingrow</FONT>
<HR ALIGN=LEFT WIDTH=70% SIZE=1 NOSHADE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Howard Weingrow
<BR>
<BR>
/s/ Israel Fisher</FONT>
<HR ALIGN=LEFT WIDTH=70% SIZE=1 NOSHADE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Israel Fisher
<BR>
<BR>
</FONT>

<HR ALIGN=LEFT WIDTH=70% SIZE=1 NOSHADE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jacob S. Weiss
<BR>
<BR>
/s/ Amos Eiran</FONT>

<HR ALIGN=LEFT WIDTH=70% SIZE=1 NOSHADE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amos Eiran
<BR>
<BR>
</FONT>

<HR ALIGN=LEFT WIDTH=70% SIZE=1 NOSHADE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Zeev Nahmoni
<BR>
<BR>
</FONT>


<HR ALIGN=LEFT WIDTH=70% SIZE=1 NOSHADE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jacob E. Goldman
<BR>
<BR>
/s/ Seymour Heinberg</FONT>


<HR ALIGN=LEFT WIDTH=70% SIZE=1 NOSHADE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Seymour Heinberg
<BR>
<BR>
/s/ Philip Weisser</FONT>

<HR ALIGN=LEFT WIDTH=70% SIZE=1 NOSHADE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Philip Weisser</FONT>
</TD>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Chairman and Chief Executive Officer (Principal<BR>
Executive Officer)<BR>
<BR>
<BR>
<BR>
President, Treasurer and Director<BR>
<BR>
<BR>
Vice President-Finance (Principal Financial and<BR>
Accounting Officer)<BR>
<BR>
<BR>

Senior Vice President-Business Development and <BR>
Director<BR>
<BR>
<BR>
Director
<BR>
<BR>
<BR>
<br>
Director
<BR>
<BR>
<BR>
Director
<BR>
<BR>
<BR>
<BR>
Director<BR>
<BR>
<BR>
<BR>
Director
</FONT></TD>
<TD WIDTH=30%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
May 23, 2003<BR>
<BR>
<BR>
<BR>
May 23, 2003<BR>
<BR>
<BR>
<BR>
May 23, 2003<BR>
<BR>
<BR>
&nbsp;
<BR>
<BR>
<BR>
<BR>
<BR>
May 23, 2003
<BR>
<BR>
<BR>
<BR>
&nbsp;
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
May 23, 2003
<BR>
<BR>
<BR>
<br>
May 23, 2003
</FONT></TD>
</TR>
</TABLE>
<BR>






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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>INDEX TO EXHIBITS</B> </FONT> </P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B></B> </FONT> </P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=760>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit<BR>
Number</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of Exhibit</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Top>
     <TD WIDTH=4% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD WIDTH=8% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1*</FONT></TD>
     <TD WIDTH=59% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Medis Technologies Ltd. 1999 Stock Option Plan (filed as Exhibit 10.1 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)</FONT></TD>
     <TD WIDTH=29% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2*</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restated Certificate of Incorporation, as amended (filed as Exhibit 3.1 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3*</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restated By-laws (filed as Exhibit 3.2 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion of Sonnenschein Nath &amp; Rosenthal relating to the validity of the securities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Arthur Andersen LLP (1)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Ernst &amp; Young LLP</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Sonnenschein Nath &amp; Rosenthal (contained in Exhibit 5.1)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power of Attorney (Included as part of signature page)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* &nbsp;&nbsp;&nbsp;&nbsp;The
exhibits have previously been filed with the Securities and Exchange Commission as part
of the filing indicated and are incorporated herein by reference. </FONT></P>


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          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The consolidated financial statements of the Registrant as of December 31, 2001
          and for the years ended December 31, 2001 and 2000 incorporated in this
          Registration Statement by reference have been audited by Arthur Andersen LLP,
          independent public accountants (&#147;AA&#148;). However, after reasonable
          efforts, the Registrant has been unable to obtain the written consent of AA with
          respect to the incorporation by reference of such financial statements in this
          Registration Statement. Therefore, the Registrant has dispensed with the
          requirement to file the written consent of AA in reliance upon Rule 437a of the
          Securities Act of 1933, as amended. As a result, you may not be able to recover
          damages from AA under Section 11 of the Securities Act of 1933, as amended, for
          any untrue statements of material fact or any omissions to state a material
          fact, if any, contained in the aforementioned financial statements of the
          Registrant which are incorporated in this Registration Statement by reference. </FONT></TD>
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FORM S-8
As Filed with the
Securities and Exchange Commission on May 23, 2003
Registration No. 333-
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF
1933
Medis Technologies Ltd.
(Exact Name of
Registrant as Specified in its Charter)
Delaware
13-3669062
(State of Incorporation)
(I.R.S. Employer Identification No.)
805 Third Avenue
New York, New York 10022
(Address of Principal
Executive Offices)
Medis Technologies Ltd.
1999 Stock Option Plan
(Full Title of the Plan)
Robert K. Lifton
Chairman and Chief
Executive Officer
Medis Technologies Ltd.
805 Third Avenue
New York, New York 10022
(212) 935-8484
(Name, Address and
Telephone Number of Agent for Service)
_________________
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Title of Securities
Amount to
Maximum Offering
Maximum Aggregate
Amont of
to be Registered
be Registered
Price Per Share
Offering Price
Registration Fee
Common Stock, par value
$0.01 per share (1)
2,778,800 shares
$7.72 (2)
$21,452,336
$1,736
Common Stock, par value
$0.01 per share (1)
113,900 shares
$7.36 (3)
$     838,304
$     68
Total
$1,804
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, this registration
          statement also covers any additional securities that may be offered or issued in
          connection with any stock split, stock dividend or similar transaction.
(2)
Represents the weighted average of the exercise prices of (i) 450,000 shares of
          the Registrant's common stock underlying outstanding options exercisable at
          $2.93 per share, (ii) 147,000 shares of the Registrant's common stock
          underlying outstanding options exercisable at $5.00 per share, (iii) 13,700
          shares of the Registrant's common stock underlying outstanding options
          exercisable at $0.4106 per share, (iv) 200,000 shares of the Registrant's
          common stock underlying outstanding options exercisable at $16.42 per share, (v)
          500,000 shares of the Registrant's common stock underlying outstanding
          options exercisable at $13.50 per share, (vi) 150,000 shares of the
          Registrant's common stock underlying outstanding options exercisable at
          $10.50 per share, (vii) 141,100 shares of the Registrant's common stock
          underlying outstanding options exercisable at $5.255 per share, (viii) 34,000
          shares of the Registrant's common stock underlying outstanding options
          exercisable at $6.75 per share, (ix) 100,000 shares of the Registrant's
          common stock underlying outstanding options exercisable at $5.16 per share, (x)
          647,000 shares of common stock underlying outstanding options exercisable at
          $8.75 per share, (xi) 391,000 shares of common stock underlying outstanding
          options exercisable at $4.00 per share and (xii) 5,000 shares of common stock
          underlying outstanding options exercisable at $5.12, calculated pursuant to Rule
          457(h)(1) under the Securities Act of 1933.
(3)
Represents shares of the Registrants' common stock underlying options which
          may be issued in the future, calculated pursuant to Rule 457(h)(i) under the
          Securities Act of 1933.
PART II
INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT
ITEM 3.    
INCORPORATION OF DOCUMENTS BY REFERENCE.
The
following documents filed by Medis Technologies Ltd. (the "Registrant") with the
Securities and Exchange Commission (the "Commission") are hereby incorporated by
reference and made a part of this Registration Statement:
o
The Registrant's Annual Report on Form 10-K for the year ended December 31, 2002;
o
The Registrant's Quarterly Report on Form 10-Q for the three months ended March 31, 2003;
o
The Registrant's Current Report on Form 8-K dated May 14, 2003 and filed with the
Commission on May 14, 2003, to the extent such Form 8-K is deemed "filed" with
and not "furnished" to the Commission;
o
The Registrant's definitive Proxy Statement filed with the Commission on April 30,
2003 in connection with Registrant's 2003 Annual Meeting of Stockholders; and
o
The description of the Registrant's common stock, par value $0.01 per share,
contained in the Registrant's Form 8-A, filed with the Commission on April 19, 2000.
All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934 (the "Exchange Act") after the date of this
Registration Statement and prior to the filing of a post-effective amendment to this
Registration Statement which indicates that all securities registered hereby have been
sold or which deregisters such securities then remaining unsold shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the
date of filing of such documents, except for information furnished to the SEC that is not
deemed to be "filed" for purposes of the Exchange Act (such documents, and the
documents listed above, being hereinafter referred to as "Incorporated
Documents"). Any statement contained in an Incorporated Document shall be deemed to
be modified or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed Incorporated Document
modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.
ITEM 4. DESCRIPTION OF SECURITIES.
Not
applicable.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
Not applicable.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Section
145 of the Delaware General Corporation Law provides that a corporation may indemnify
directors and officers as well as other employees and individuals against expenses
(including attorneys' fees), judgments, fines and amounts paid in settlement actually
and reasonably incurred by such person in connection with any threatened, pending or
completed actions, suits or proceedings in which such person is made a party by reason of
such person being or having been a director, officer, employee of or agent to the
Registrant. The statute provides that it is not exclusive of other rights to which those
seeking indemnification may be entitled under any by-law, agreement, vote of stockholders
or disinterested directors or otherwise.
The
Registrant's Bylaws provide that the Registrant may indemnify any person who was or
is a party or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the registrant), by reason of the fact that he
is or was a director, officer, employee or agent of the registrant or is or was serving at
the request of the registrant as a director, officer, employee or agent of another
corporation or enterprise, against expenses (including attorneys' fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by such person in
connection with such action, suit or proceeding.
Section
102(b)(7) of the Delaware General Corporation Law permits a corporation to provide in its
certificate of incorporation that a director of the corporation shall not be personally
liable to the corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director, except for liability (i) for any breach of the director's duty of
loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good
faith or which involve intentional misconduct or a knowing violation of law, (iii) for
payments of unlawful dividends or unlawful stock repurchases or redemptions, or (iv) for
any transaction from which the director derived an improper personal benefit. The
Registrant's certificate of incorporation provides for such limitation of liability.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not
applicable.
ITEM 8. EXHIBITS.
Exhibit
Number
Description of Exhibit
4
.1*
Medis Technologies Ltd. 1999 Stock Option Plan (filed as Exhibit 10.1 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)
4
.2*
Restated Certificate of Incorporation, as amended (filed as Exhibit 3.1 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)
4
.3*
Restated By-laws (filed as Exhibit 3.2 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)
5
.1
Opinion of Sonnenschein Nath & Rosenthal relating to the validity of the securities
23
.1
Consent of Arthur Andersen LLP (1)
23
.2
Consent of Ernst & Young LLP
23
.3
Consent of Sonnenschein Nath & Rosenthal (contained in Exhibit 5.1)
24
.1
Power of Attorney (Included as part of signature page)
_____________
*     The
exhibits have previously been filed with the Securities and Exchange Commission as part
of the filing indicated and are incorporated herein by reference.
(1)
The consolidated financial statements of the Registrant as of December 31, 2001
          and for the years ended December 31, 2001 and 2000 incorporated in this
          Registration Statement by reference have been audited by Arthur Andersen LLP,
          independent public accountants ("AA"). However, after reasonable
          efforts, the Registrant has been unable to obtain the written consent of AA with
          respect to the incorporation by reference of such financial statements in this
          Registration Statement. Therefore, the Registrant has dispensed with the
          requirement to file the written consent of AA in reliance upon Rule 437a of the
          Securities Act of 1933, as amended. As a result, you may not be able to recover
          damages from AA under Section 11 of the Securities Act of 1933, as amended, for
          any untrue statements of material fact or any omissions to state a material
          fact, if any, contained in the aforementioned financial statements of the
          Registrant which are incorporated in this Registration Statement by reference.
ITEM 9. UNDERTAKINGS.
(a)    
          The Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made of the
          securities registered hereby, a post-effective amendment to this Registration
          Statement:
(i)
to include any prospectus required by Section 10(a)(3) of the Securities Act of
          1933 (the "Securities Act");
(ii)
to reflect in the prospectus any facts or events arising after the effective
          date of this Registration Statement (or the most recent post-effective amendment
          thereof) which, individually or in the aggregate, represent a fundamental change
          in the information set forth in this Registration Statement; and
(iii)
to include any material information with respect to the plan of distribution
          not previously disclosed in this Registration Statement or any material change
          to such information in this Registration Statement;
provided,
however, that the undertakings set forth in paragraphs (i) and (ii) above do not apply if
the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by the
Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
(the "Exchange Act") that are incorporated by reference in this Registration
Statement.
(2)
That, for the purpose of determining any liability under the Securities Act,
          each such post-effective amendment shall be deemed to be a new registration
          statement relating to the securities offered therein, and the offering of such
          securities at that time shall be deemed to be the initial bona fide offering
          thereof.
(3)
To remove from registration by means of a post-effective amendment any of the
          securities being registered hereby which remain unsold at the termination of the
          offering.
(b)
The Registrant hereby undertakes that, for purposes of determining any liability
                    under the Securities Act, each filing of Registrant's annual report
                    pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where
                    applicable, each filing of an employee benefit plan's annual report
                    pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
                    in this Registration Statement shall be deemed to be a new registration
                    statement relating to the securities offered herein, and the offering of such
                    securities at that time shall be deemed to be the initial bona fide offering
                    thereof.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the provisions
of the restated certificate of incorporation and By-laws of the Registrant and the
provisions of the Delaware law described under Item 6 above, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act, and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a
court of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York and State of New York on
this 23rd day of May 2003.
Medis Technologies Ltd.
BY: /s/  Robert K. Lifton
——————————————
Robert K. Lifton
Chairman and Chief Executive Officer
POWER OF ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Robert K. Lifton and Howard Weingrow, and each or either of them, as his true and
lawful attorney-in-fact and agent, with full power of substitution and resubstitution for
him and in his name, place and stead, in any and all capacities to approve, sign and file
with the U.S. Securities and Exchange Commission and any other appropriate authorities the
original of any and all amendments (including post-effective amendments) to this
Registration Statement and any other documents in connection therewith, granting unto each
said attorney-in-fact and agent full power and authority to do and perform each and every
act and thing requisite and necessary to be done in connection therewith, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent, or either of them, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Robert K. Lifton
Robert K. Lifton
/s/ Howard Weingrow
Howard Weingrow
/s/ Israel Fisher
Israel Fisher
Jacob S. Weiss
/s/ Amos Eiran
Amos Eiran
Zeev Nahmoni
Jacob E. Goldman
/s/ Seymour Heinberg
Seymour Heinberg
/s/ Philip Weisser
Philip Weisser
Chairman and Chief Executive Officer (Principal
Executive Officer)
President, Treasurer and Director
Vice President-Finance (Principal Financial and
Accounting Officer)
Senior Vice President-Business Development and
Director
Director
Director
Director
Director
Director
May 23, 2003
May 23, 2003
May 23, 2003
May 23, 2003
May 23, 2003
May 23, 2003
INDEX TO EXHIBITS
Exhibit
Number
Description of Exhibit
4
.1*
Medis Technologies Ltd. 1999 Stock Option Plan (filed as Exhibit 10.1 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)
4
.2*
Restated Certificate of Incorporation, as amended (filed as Exhibit 3.1 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)
4
.3*
Restated By-laws (filed as Exhibit 3.2 to the Registration Statement on Form S-1 of the Registrant, Registration No. 333-83945)
5
.1
Opinion of Sonnenschein Nath & Rosenthal relating to the validity of the securities
23
.1
Consent of Arthur Andersen LLP (1)
23
.2
Consent of Ernst & Young LLP
23
.3
Consent of Sonnenschein Nath & Rosenthal (contained in Exhibit 5.1)
24
.1
Power of Attorney (Included as part of signature page)
*     The
exhibits have previously been filed with the Securities and Exchange Commission as part
of the filing indicated and are incorporated herein by reference.
(1)
The consolidated financial statements of the Registrant as of December 31, 2001
          and for the years ended December 31, 2001 and 2000 incorporated in this
          Registration Statement by reference have been audited by Arthur Andersen LLP,
          independent public accountants ("AA"). However, after reasonable
          efforts, the Registrant has been unable to obtain the written consent of AA with
          respect to the incorporation by reference of such financial statements in this
          Registration Statement. Therefore, the Registrant has dispensed with the
          requirement to file the written consent of AA in reliance upon Rule 437a of the
          Securities Act of 1933, as amended. As a result, you may not be able to recover
          damages from AA under Section 11 of the Securities Act of 1933, as amended, for
          any untrue statements of material fact or any omissions to state a material
          fact, if any, contained in the aforementioned financial statements of the
          Registrant which are incorporated in this Registration Statement by reference.