HAIFA, Israel, February 22, 2011 /PRNewswire via COMTEX/ --
Ltd. (NASDAQ and TASE :ESLT) ("Elbit Systems") announced today that it has
reached an agreement to acquire the remaining 30% of the shares of Elisra
Electronic Systems Ltd. ("Elisra"), held by Elta Systems Ltd. ("Elta") (a
subsidiary of Israel Aerospace Industries Ltd.) for $67.5 million. Elbit
Systems currently owns 70% of Elisra's shares, and following the acquisition,
Elisra will become a wholly-owned subsidiary of Elbit Systems. The
acquisition was approved by the boards of directors of Elta and Elbit Systems.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 )
The parties will work to obtain third parties' approvals, to the extent
necessary, in order to complete the acquisition.
Elisra is a world leader in the field of Information Warfare (EW,
Intelligence and C3), and is comprised of Elisra, Tadiran Electronic Systems
Ltd.and Tadiran Spectralink Ltd.
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics company
engaged in a wide range of 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
aircraft systems ("UAS"), 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, developing new technologies for
defense, homeland security and commercial aviation applications and providing
a range of support services.
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.
Company Contact: IR Contact:
Joseph Gaspar, Executive VP & CFO Ehud Helft
Tel: +972-4-8316663 Kenny Green
email@example.com CCG Investor Relations
Dalia Rosen, VP, Head of Corporate firstname.lastname@example.org
Elbit Systems Ltd.
SOURCE Elbit Systems Ltd