Elbit Systems Signs Agreement to Purchase a Minority Interest in Azimuth
October 28 2008 - 7:32AM
PR Newswire (US)
HAIFA, Israel, October 28 /PRNewswire-FirstCall/ -- Elbit Systems
Ltd. (NASDAQ:ESLT) ("Elbit Systems") announced that on October 27,
2008 it signed an agreement (the "Purchase Agreement") to purchase
a minority interest in Azimuth Technologies Ltd. ("Azimuth").
Azimuth is an Israeli company whose shares are traded on the Tel
Aviv Stock Exchange ("TASE") and is engaged in the development and
sale of products for target acquisition, navigation and orientation
for the defense market. Under the Purchase Agreement, Elbit Systems
will purchase from certain minority shareholders of Azimuth
13,739,400 shares, representing approximately 19.48% of Azimuth's
voting shares on a non-fully diluted basis, for a price of U.S.
$0.25 (twenty-five cents) per share. (Logo:
http://www.newscom.com/cgi-bin/prnh/20080408/300441 ) The closing
of the purchase is subject to various conditions which must be
fulfilled within 30 days of the signing of the Purchase Agreement.
In addition, either Elbit Systems or the sellers have the right to
terminate the Purchase Agreement prior to closing if the average
price of Azimuth shares on the TASE rises above or falls below
agreed upon high or low prices during a period of 14 consecutive
trading days. Subject to the closing under the Purchase Agreement,
Azimuth's controlling shareholder, S. Reisman Ltd., has committed
to Elbit Systems to vote for one Elbit Systems nominee to Azimuth's
Board of Directors, as long as Elbit Systems maintains certain
specified shareholding levels in Azimuth. Such commitment by
Azimuth's controlling shareholder was made without consideration or
a reciprocal commitment being provided by Elbit Systems to the
controlling shareholder. 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: 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:
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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