HAIFA, Israel, June 15 /PRNewswire-FirstCall/ -- Elbit Systems Ltd.
(NASDAQ: ESLT), announced today that it signed an agreement with Mikal Ltd.
('Mikal') under which it will invest approximately $18 million in Mikal in
consideration for the issuance of approximately 19% of Mikal's shares. As
part of the of the agreement, Elbit Systems also will be granted the option
to purchase all of the remaining shares of Mikal from its shareholders.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 )
In the first stage of the transaction, Elbit Systems will transfer to
Mikal $18 million, which will serve as a loan. After receiving authorization
from the Israeli Antitrust Authority and subject to such authorization, the
loan will be converted to an equity investment, and Mikal will issue
approximately 19% of its shares to Elbit Systems and Elbit Systems will be
granted the option to purchase the remaining shares of Mikal from the other
shareholders, in the course of 2011, for a purchase price to be determined in
accordance with an independent external valuation.
Mikal was founded in 1993 by Abraham (Miko) Gilat. The Mikal group
operates through three main branches including Soltam Systems Ltd. in the
field of artillery, the field of armored fighting vehicles led by Symar Ltd.
and the field of optronics, led by ITL Optronics Ltd. The group owns
companies both in Israel and throughout the world.
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics company
engaged in a wide range of defense-related programs throughout the world. The
Company, which includes Elbit Systems and its subsidiaries, operates in the
areas of aerospace, land and naval systems, command, control, communications,
computers, intelligence surveillance and reconnaissance ('C4ISR'), unmanned
air vehicle (UAV) systems, advanced electro-optics, electro-optic space
systems, EW suites, airborne warning systems, ELINT systems, data links and
military communications systems and radios. The Company also focuses on the
upgrading of existing military platforms and developing new technologies for
defense, homeland security and commercial aviation applications.
For additional information, visit: http://www.elbitsystems.com.
This press release contains forward-looking statements (within the
meaning of Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended) regarding Elbit
Systems Ltd.
