Elbit Systems to Acquire the Assets of BVR Systems (1998) Ltd.
July 20 2009 - 5:26AM
PR Newswire (US)
HAIFA, Israel, July 20 /PRNewswire-FirstCall/ -- Elbit Systems Ltd.
(NASDAQ:ESLT) announced today that it signed an agreement for the
acquisition of the assets of BVR Systems (1998) Ltd. (OTCBB:BVRSF)
for a price of $34 million, subject to accounting adjustments.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 ) The
closing of the transaction is subject to the fulfillment of certain
conditions including receipt of all approvals required by law. BVR
Systems (1998) Ltd. is a leader in the area of development and
production of training, simulation and debriefing systems for air,
sea and ground forces. Joseph Ackerman, President and CEO of Elbit
Systems Ltd. commented: "We welcome BVR's employees to the Elbit
Systems family.The acquisition of BVR System's business activities
is in line with our long-term strategy of growth through mergers
and acquisitions of complementary companies with high synergistic
value." Ackerman further added: "BVR Systems is a well-established
company with advanced technology products that have proven
operational success. The company's capabilities complement Elbit
Systems' other training capabilities." 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. For additional information,
visit: http://www.elbitsystems.com/. 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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