Elbit Systems Signs Share Purchase Agreement Regarding Purchase Offer to Shareholders of Shiron Satellite Communications Ltd.
January 08 2009 - 5:36AM
PR Newswire (US)
HAIFA, Israel, January 8 /PRNewswire-FirstCall/ -- Elbit Systems
Ltd. (NASDAQ:ESLT) announced that on January 8, 2009, its
wholly-owned Israeli subsidiary, Elbit Systems Land and C4I -
Tadiran Ltd. ("ESLC-T") signed a share purchase agreement with
shareholders that, to the best of ESLC-T's knowledge, as the date
of this announcement, hold more than 90% of the shares of Shiron
Satellite Communications (1996) Ltd. ("Shiron"), a privately-owned
Israeli company, in the framework of an offer for the purchase from
Shiron's shareholders of 100% of Shiron's issued share capital, in
accordance with the Israeli Companies Law - 1999, for the total
consideration of U.S.$16 million. (Logo:
http://www.newscom.com/cgi-bin/prnh/20080408/300441 ) Shiron is
engaged in the broadband communication market. Its solutions are
suited for the growing interactive multimedia broadband satellite
market. Shiron's InterSKY(TM) satellite communications system
provides broadband satellite services to remote locations Shiron's
technology, well proven in the commercial market, is anticipated to
be synergetic to the communication technology developed and
implemented in ESLC-T's military systems and products. The final
consideration to be paid by ESLC-T for the purchased shares and the
redemption and cancellation of all options and convertible
securities of Shiron, is subject to certain adjustments, including
the amount of Shiron's working capital on the date of the closing
of the transaction. Completion of the transaction is subject to the
fulfillment of certain conditions customary for such agreements,
including the acquisition of 100% of the issued share capital of
Shiron according to the Companies Law. 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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