HAIFA, Israel, February 2, 2016 /PRNewswire/ --
Elbit Systems Ltd. (NASDAQ and TASE: ESLT) ("Elbit Systems") announced today that Affinity Flying Services Limited ("Affinity"), its UK joint venture with Kellog, Brown and Root Limited ("KBR"), was awarded a fixed price contract for the support of Ascent Flight Training (Services) Limited ("Ascent"), in the delivery of the UK Military Flight Training System ("UKMFTS") programme for the UK Ministry of Defence ("MOD"). Elbit Systems and KBR, each holding a 50% share in Affinity, will evenly support and benefit from the programme.
The UKMFTS programme is an innovative partnering agreement between UK Front Line Commands, the UK MOD, Ascent and other leading industry partners to deliver aircrew training for the 21st century.
Revenue for Affinity associated with this programme is estimated to be approximately £500 million ($713 million) over an eighteen-year period.
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, said:"We are very proud to take part in such an important project for the UK MOD. This award attests to our position as a leading provider of systems and training infrastructure, as well as maintenance and logistics support services". Machlis added: "The United Kingdom is one of Elbit Systems' primary markets. The award of the contract to deliver this key programme for the UK's armed forces is a significant recognition of our proven ability to adapt and deliver innovative global solutions to meet the specific needs of the UK market and customer".
About Elbit Systems
Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial 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, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios and cyber-based systems. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.
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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.
Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.
Joseph Gaspar, Executive VP & CFO
Dalia Rosen, VP, Head of Corporate Communications
Elbit Systems Ltd.
GK Investor Relations
SOURCE Elbit Systems Ltd