ESLT Elbit Systems Ltd

HAIFA, Israel, March 5 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (NASDAQ:ESLT) announced today, that further to its January 30, 2007 announcement, it has reached an agreement with the Bulgarian Government regarding the cancellation of the contract for the modernization of Bulgarian Air Force Mi-24 and Mi-17 helicopters. The agreement recognizes that the cancellation of the contract is by mutual consent and is not a result of breach of obligations by either party. Under the agreement Elbit Systems will return to the Bulgarian Ministry of Defense part of the advance payments received. Elbit Systems will also deliver the Ministry of Defense equipment and items already produced in the performance of the program in consideration of the balance of the payments to be retained by Elbit Systems. Elbit Systems believes that this matter will not have a material adverse affect on its 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. Contacts Company contact IR Contacts Ilan Pacholder, Ehud Helft/Kenny Green Corporate Secretary and VP Finance & Capital Markets Elbit Systems Ltd. GK International Tel:+972-4-831-6632 Tel: +1-866-704-6710 Fax:+972-4-831-6659 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, Ehud Helft/Kenny Green, GK International, Tel: +1-866-704-6710, Fax: +972-3-607-4711, ,

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