Elbit Systems and Bulgarian Ministry of Defense are in the Process of Cancellation of Helicopter Modernization Contract
January 30 2007 - 10:52AM
PR Newswire (US)
HAIFA, Israel, January 30 /PRNewswire-FirstCall/ -- Elbit Systems
Ltd. (the "Company") (NASDAQ:ESLT) announced that on January 29,
2007, the Company received notice from the Bulgarian Ministry of
Defense for the termination of the contract to the amount of EUR57
million, for the modernization of Mi-24 and Mi-17 helicopters for
the Bulgarian Air Force. The Company had previously announced the
award of this contract on December 4, 2005. In the cancellation
notice, the Bulgarian Ministry of Defense requested a return of a
portion of the amounts paid to date to the Company under the
contract. Over the past several weeks, Elbit Systems has been in
discussions with the Bulgarian Ministry of Defense regarding a
mutually acceptable cancellation of the contract. Moreover, the
contract cancellation discussions with the Bulgarian Ministry of
Defense have been based on appropriate compensation to the Company,
and Elbit Systems does not anticipate that this matter will have a
material adverse effect on the Company's results of operations.
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 Elbit Systems Group, which
includes the company and its subsidiaries, operates in the areas of
aerospace, land and naval systems, command, control,
communications, computers, intelligence, surveillance and
reconnaissance ("C4ISR"), advanced electro-optic and space
technologies, EW suites, airborne warning systems, ELINT systems,
data links and military communications systems and equipment. The
Group also focuses on the upgrading of existing military platforms
and developing new technologies for defense and homeland security
applications. 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. Contacts Company contact IR
Contacts Ilan Pacholder, Corporate Secretary Ehud Helft /Kenny
Green and VP Finance & Capital Markets Elbit Systems Ltd. GK
Investor Relations Tel: +972-4-831-6632 Tel: +1-866-704-6710 Fax:
+972-4-831-6659 Fax: +972-3-607-4711 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, Ehud
Helft /Kenny Green, GK Investor Relations, Tel: +1-866-704-6710,
Fax: +972-3-607-4711, ,
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