Elbit Systems Will Supply the Korean Air Force EO/IR Long Range Oblique Imagery Systems Valued at Approximately $50M
December 18 2005 - 10:33AM
PR Newswire (US)
HAIFA, Israel, December 18 /PRNewswire-FirstCall/ -- Elbit Systems
Ltd. (NASDAQ:ESLT) reported today that its subsidiary, Elbit
Systems Electro-Optics Elop Ltd. ("ELOP") has been selected by the
Korean Air Force to supply Real Time EO/IR Long Range Oblique
Imagery Systems for the ROKAF's F-16 Aircraft. The signed contract,
valued at approximately US$50M, is expected to become effective
shortly, upon approval by the Korean Ministry of Defense. The
contract will be performed over a multi-year period. The selection
of ELOP's EO/IR systems follows a competition in which ELOP was
selected after demonstrating its system's performance during flight
and meeting the requirements to the full satisfaction of the Korean
Air Force. ELOP's General Manager, Haim Rousso, said: "We are proud
to be selected for such an important and prestigious program that
reinforces our strong relations with the Korean Ministry of
Defense. This selection establishes our position as a leader in the
area of oblique photography in particular, and in Imagery
Intelligence Systems in general, and it is testimony to our
customers' trust in the operational maturity and technological
quality of our systems." ELOP is a wholly owned subsidiary of Elbit
Systems. It is one of the world's leading companies in
electro-optics systems and ISR (Intelligence, Surveillance and
Reconnaissance) systems, with advanced research and development
capabilities covering the spectrum from the R&D stage, through
production, to integration of complex systems. ELOP's many projects
are being used by the world's leading armed forces, including the
Israel Defense Forces, and ELOP's customers include leading defense
companies, such as Lockheed Martin, Boeing, Northrop Grumman,
Thales and others. Last week it was announced that ELOP, together
with its main subcontractor, Thales UK Land and Joint Systems in
Taunton, has been chosen to supply ELOP's CoMPASS - advanced
observation system - for the UK Watchkeeper UAV program. About
Elbit Systems Elbit Systems Ltd. is an international defense
electronics company engaged in a wide range of defense-related
programs throughout the world, in the areas of aerospace, land and
naval systems, command, control, communications, computers,
intelligence, surveillance and reconnaissance ("C4ISR"), advanced
electro-optic and space technologies. The Company focuses on the
upgrading of existing military platforms and developing new
technologies for defense and homeland security applications.
Contacts Company contact Ilan Pacholder, Corporate Secretary and VP
Finance & Capital Markets Elbit Systems Ltd. Tel:
+972-4-831-6632 Fax: +972-4-831-6659 IR Contacts EhudHelft/Kenny
Green GK International Tel: +1-866-704-6710 Fax: +972-3-607-4711
STATEMENTS IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL DATA ARE
FORWARD-LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS,
UNCERTAINTIES OR OTHER FACTORS NOT UNDER THE COMPANY'S CONTROL,
WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE
COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE OR
OTHER EXPECTATIONS IMPLIED BY THESE FORWARD-LOOKING STATEMENTS.
THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO, THOSE DETAILED IN
THE COMPANY'S PERIODIC FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION. DATASOURCE: Elbit Systems Ltd. CONTACT: Contacts:
Company contact: Ilan Pacholder, Corporate Secretary and VP Finance
& Capital Markets, Elbit Systems Ltd., Tel: +972-4-831-6632,
Fax: +972-4-831-6659, . IR Contacts: EhudHelft/Kenny Green, GK
International, Tel: +1-866-704-6710, Fax: +972-3-607-4711, ,
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