U.S. Court Dismisses Claim by Minority Shareholders of ImageSat International
July 24 2008 - 6:17AM
PR Newswire (US)
HAIFA, Israel, July 24 /PRNewswire-FirstCall/ -- Elbit Systems Ltd.
(NASDAQ:ESLT) (the "Company") announced, further to the Company's
announcement on July 4, 2007, that on July 22, 2008 the United
States District Court for the Southern District of New York issued
an order dismissing, on grounds of forum non conveniens, the claim
filed last year by certain minority shareholders of ImageSat
International N.V. ("ImageSat"). The claim had been filed against
certain of ImageSat's shareholders including the Company and
against certain current and former officers and directors of
ImageSat, including among others Michael Federmann, Joseph Ackerman
and Joseph Gaspar, the Company's Chairman, Chief Executive Officer
and Chief Financial Officer, respectively. As a result of the
court's order, should the plaintiffs decide to continue to pursue
the claim they will need to either appeal the decision to the US
appellate court or attempt to file a claim before an Israeli court.
The Company, through one of its subsidiaries, holds a minority
position in ImageSat. (Logo:
http://www.newscom.com/cgi-bin/prnh/20080408/300441 ) 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 Company, which includes Elbit Systems 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
Company 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 its subsidiaries (collectively the Company), 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 Company 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. The Company does not undertake to update its
forward-looking statements. Contacts: Company Contact: IR Contact:
Joseph Gaspar, Executive VP & CFO Ehud Helft / Kenny Green
Dalia Rosen, Head of Corporate Communications Elbit Systems Ltd
G.K. Investor Relations Tel: +972-4-8316663 Tel: +1-646-201-9246
Fax: +972-4-8316944 E-mail: E-mail:
http://www.newscom.com/cgi-bin/prnh/20080408/300441DATASOURCE:
Elbit Systems Ltd CONTACT: Contacts: Company Contact: Joseph
Gaspar, Executive VP & CFO, Dalia Rosen, Head 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, E-mail:
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