Elbit Systems Signs Agreement to Purchase Balance of Azimuth Technologies' Shares
January 25 2010 - 3:37AM
PR Newswire (US)
HAIFA, Israel, January 25 /PRNewswire-FirstCall/ -- Elbit Systems
Ltd. (NASDAQ:ESLT) announced today, further to its announcement on
November 12, 2008, that on January 24, 2010 a merger agreement was
signed with Azimuth Technologies Ltd. ("Azimuth") under which it
will acquire the balance of Azimuth's shares. In November 2008,
Elbit Systems purchased 19% of Azimuth's shares. Under the newly
signed agreement Elbit Systems' wholly owned subsidiary, Elbit
Security Systems Ltd., will purchase the balance of Azimuth's
shares from Azimuth's shareholders for a price of approximately
$46.5 million (173 million shekels). In the event that prior to the
merger Azimuth distributes a dividend in the amount of
approximately $5.4 million (20 million shekels), the above
mentioned consideration will be reduced by approximately $4.3
million (16 million shekels). (Logo:
http://www.newscom.com/cgi-bin/prnh/20080408/300441 ) Under the
terms of the merger agreement an amount of approximately $3.2
million (12 million shekels) of the above mentioned consideration
will be held by a trustee for the purpose of indemnifying Elbit in
accordance with the terms of the agreement and will be distributed,
in whole or in part, to the shareholders at a later date as
provided in the agreement. The closing of the transaction is
subject to approval by a general meeting of Azimuth's shareholders
as well as approval by the Israeli Antitrust Authority. Azimuth is
an Israeli company engaged mainly in the areas of satellite
navigation systems (GPS), electro-optics and data communications,
for defense, para-government and civil applications. The company's
systems are designed for target acquisition, fire coordination,
navigation and orientation solutions, command and control as well
as optical measurement systems for high accuracy. Azimuth has a
subsidiary in the U.K. engaged in similar activities. Joseph
Ackerman, President and CEO of Elbit Systems, commented: "Azimuth
is a leader in its areas of activity, with excellent employees and
highly advanced technological capabilities complementing those of
Elbit Systems Electro-Optics Elop." Ackerman added: "The
acquisition of the balance of Azimuth's shares underscores our
long-term strategy of growth through mergers and acquisitions of
complementary companies with high synergistic value. The
acquisition will provide us with added value in the satellite
navigation field, and we expect that the combination of the new
capabilities alongside our existing ones will further strengthen
our position as a global leader in the electro-optics field in
Israel and abroad." 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 aircraft systems ("UAS"),
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, please visit us at:
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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