Elbit Systems Receives Finalization of U.S. FMF Approval of Approximately $300 Million for Israeli Digital Army Program
September 06 2007 - 3:36AM
PR Newswire (US)
HAIFA, Israel, September 6 /PRNewswire-FirstCall/ -- Elbit Systems
Ltd. (NASDAQ:ESLT) reported that on September 5, 2007 it received
finalization of funding approval of U.S. Foreign Military Financing
(FMF) in a total amount of approximately $300 million for the FMF
portion of the Israeli Digital Army Program (DAP). This is further
to its announcement dated December 13, 2004, regarding the award to
Elbit Systems of the prime contract frame agreement by the Israel
Ministry of Defense (IMOD) for the DAP. The U.S. FMF portion of the
DAP is an integral part of the overall Program as awarded in 2004.
The announcement in 2004 reported that the Program would include an
additional material amount funded by U.S. FMF, and this FMF portion
is reflected in the amount for which funding approval has now been
obtained. Approximately $130 million of this amount has already
been recorded in Elbit Systems' backlog. The FMF portion of the DAP
will be performed by EFW Inc., an Elbit Systems of America company,
as well as other U.S. subcontractors. Elbit Systems orders for the
currently funded portions of DAP will be performed over several
years. 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"), unmanned air vehicle (UAV) systems,
advanced electro-optics, electro-optic space systems, EW suites,
airborne warning systems, ELINT systems, data links and military
communications systems and radios. The Group also focuses on the
upgrading of existing military platforms and developing new
technologies for defense, homeland security and commercial aviation
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: 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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