Claim by Minority Shareholders of ImageSat International
July 04 2007 - 11:20AM
PR Newswire (US)
HAIFA, Israel, July 4 /PRNewswire-FirstCall/ -- Elbit Systems Ltd.
("Elbit Systems") (NASDAQ:ESLT) announced it was advised that a
claim was filed by certain minority shareholders of ImageSat
International N.V. ("ImageSat"). The claim was filed in the United
States District Court for the Southern District of New York against
ImageSat, Israel Aerospace Industries Ltd. ("IAI"), Elbit Systems
and certain current and former officers and directors of ImageSat.
ImageSat's largest shareholder is IAI, holding approximately 46% of
ImageSat's issued share capital. A subsidiary of Elbit Systems
holds approximately 14% (7% on a fully diluted basis) of ImageSat's
issued share capital and is entitled to nominate one director to
ImageSat's board. The former and current directors of ImageSat
named as defendants include, among others, Michael Federmann,
Joseph Ackerman and Joseph Gaspar, Elbit Systems Chairman, Chief
Executive Officer and Chief Financial Officer, respectively.
ImageSat is engaged in the operation of satellites and in providing
satellite imagery. The claim contains various allegations that the
defendants allegedly breached their fiduciary and/or contractual
obligations to the detriment of the plaintiffs, who are certain of
ImageSat's minority shareholders. The claim alleges various causes
of action and damages aggregating hundreds of millions of dollars,
not all of which are alleged against Elbit Systems and/or each of
the former or current ImageSat directors. Based upon a preliminary
review of the claim, Elbit Systems believes that there is no merit
to the allegations made against it or the current or former
ImageSat directors who were nominated by Elbit Systems' subsidiary.
Elbit Systems views the claims against it as baseless and will
vigorously defend against them. Moreover, Elbit Systems believes
that the nature of the alleged claims provides a basis for
counterclaims by Elbit Systems against the plaintiffs. 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: Joseph Gaspar, Corporate VP
& CFO Dalia Rosen, Director of Corporate Communications Elbit
Systems Ltd Tel: +972-4-8316663 Fax: +972-4-8316944 E-mail: IR
Contact: Ehud Helft / Kenny Green G.K. Investor Relations Tel:
+1-646-201-9246 Fax: +972-3-607-4711 E-mail: DATASOURCE: Elbit
Systems Ltd CONTACT: Contacts: Company Contact: Joseph Gaspar,
Corporate VP & CFO, Dalia Rosen, Director of Corporate
Communications, Elbit Systems Ltd, Tel: +972-4-8316663, Fax:
+972-4-8316944, E-mail: , ; IR Contact: Ehud Helft / Kenny Green,
G.K. Investor Relations, Tel: +1-646-201-9246, Fax:
+972-3-607-4711, E-mail:
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