Tadiran Communications to be Merged With Elbit Systems
November 07 2007 - 3:11PM
PR Newswire (US)
HAIFA, Israel, November 7 /PRNewswire-FirstCall/ -- Elbit Systems
Ltd. (NASDAQ:ESLT) announced that its board of directors, as well
as the board of directors of its wholly-owned subsidiary Tadiran
Communications Ltd., have approved a plan to merge Tadiran
Communications into Elbit Systems Ltd. Pursuant to the merger plan,
Tadiran Communications will be merged into Elbit Systems and will
cease to exist as an independent legal entity. Moreover, a new,
wholly-owned Elbit Systems subsidiary, Elbit Systems Land and C4I -
Tadiran Ltd., will assume Tadiran Communications' Israeli
operations as well as those of Elbit Systems' Land and C4I
Division, all in accordance with the merger plan. The merger plan
will be submitted to the Israeli Companies Registrar for approval.
Subject to receipt of the Companies Registrar's and other
applicable approvals, the merger is expected to take place at the
beginning of 2008. Joseph Ackerman, President and CEO of Elbit
Systems, said: "The synergic activities of Tadiran Communications
with those of the rest of the Elbit Systems Group are already
bearing fruit. We expect that the establishment of the new merged
company will provide further business opportunities due to the
ability to offer more comprehensive and competitive solutions to
existing and new customers." 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. This press release contains
forward looking statements (within the meaning of section 27a of
the securities act of 1933, as amended And section 21e of the
securities exchange act of 1934, as amended) regarding Elbit
Systems Ltd. And/or companies in the Elbit Systems group, to the
extent such statements do not relate to historical or current fact.
Forward looking statements are based on management's expectations,
estimates, projections and assumptions. Forward looking statements
are made pursuant to the safe harbor provisions of the private
securities litigation reform act of 1995, as amended. These
statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.
therefore, actual future results, performance and trends may differ
materially from these forward looking statements due to a variety
of factors, including, without limitation: scope and length of
customer contracts; governmental regulations and approvals; changes
in governmental budgeting priorities; general market, political and
economic conditions in the countries in which the elbit systems
group operates or sells, including Israel and the united states
among others; differences in anticipated and actual program
performance, including the ability to perform under long-term
fixed-price contracts; and the outcome of legal and/or regulatory
proceedings. The factors listed above are not all-inclusive, and
further information is contained in elbit systems ltd.'s latest
annual report on form 20-f, which is on file with the u.s.
Securities and exchange commission. All forward looking statements
speak only as of the date of this release. elbit systems does not
undertake to update its forward-looking statements. Company Contact
Joseph Gaspar Corporate VP & CFO Dalia Rosen Director of
Corporate Communications Elbit Systems Ltd Tel: +972-4-831-6663
Fax: +972-4-831-6944 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: +972-4-831-6663,
Fax: +972-4-831-6944, 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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