HAIFA, Israel, July 20 /PRNewswire-FirstCall/ -- Elbit Systems Ltd.
(NASDAQ:ESLT) announced today that it signed an agreement for the acquisition
of the assets of BVR Systems (1998) Ltd. (OTCBB:BVRSF) for a price of $34
million, subject to accounting adjustments.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 )
The closing of the transaction is subject to the fulfillment of certain
conditions including receipt of all approvals required by law.
BVR Systems (1998) Ltd. is a leader in the area of development and
production of training, simulation and debriefing systems for air, sea and
ground forces.
Joseph Ackerman, President and CEO of Elbit Systems Ltd. commented: 'We
welcome BVR's employees to the Elbit Systems family.The acquisition of BVR
System's business activities is in line with our long-term strategy of growth
through mergers and acquisitions of complementary companies with high
synergistic value.' Ackerman further added: 'BVR Systems is a
well-established company with advanced technology products that have proven
operational success. The company's capabilities complement Elbit Systems'
other training capabilities.'
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. and/or its subsidiaries (collectively the Company), to the
extent such statements do not relate to historical or current fact. Forward
Looking Statements are based on management's expectations, estimates,
projections and assumptions. Forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995, as amended. These statements are not guarantees of future performance
and involve certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results, performance and trends may differ
materially from these forward-looking statements due to a variety of factors,
including, without limitation: scope and length of customer contracts;
governmental regulations and approvals; changes in governmental budgeting
priorities; general market, political and economic conditions in the
countries in which the Company operates or sells, including Israel and the
United States among others; differences in anticipated and actual program
performance, including the ability to perform under long-term fixed-price
contracts; and the outcome of legal and/or regulatory proceedings. The
factors listed above are not all-inclusive, and further information is
contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is
on file with the U.S. Securities and Exchange Commission. All forward-looking
statements speak only as of the date of this release. The Company does not
undertake to update its forward-looking statements.
Contacts:
Company Contact:
Joseph Gaspar, Executive VP & CFO
Dalia Rosen, Head of Corporate Communications
Elbit Systems Ltd
Tel: +972-4-8316663
Fax: +972-4-8316944
E-mail: j.gaspar@elbitsystems.com
dalia.rosen@elbitsystems.com
IR Contact:
Ehud Helft / Kenny Green
G.K. Investor Relations
Tel: +1-646-201-9246
E-mail: info@gkir.com
SOURCE Elbit Systems Ltd
