Haifa, Israel, July 20, 2009 - 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.OB) for a price of $34 million, subject to accounting adjustments.
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: www.elbitsystems.com.
Joseph Gaspar, Executive VP & CFO
Dalia Rosen, Head of Corporate Communications
Elbit Systems Ltd
Ehud Helft / Kenny Green
G.K. Investor Relations
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.