Elbit Systems Ltd. Receives Notice From Nasdaq Confirming Cure Period to Replace Yael Efron on the Board of Directors
January 29 2010 - 5:00PM
PR Newswire (US)
HAIFA, Israel, January 29 /PRNewswire-FirstCall/ -- Elbit Systems
Ltd. (the "Company") (NASDAQ:ESLT) announced today that Nasdaq
confirmed that the Company will have the cure period provided under
Nasdaq Listing Rule 5605(b)(1)(A) to replace Yael Efron as an
independent director. In prior press releases, the Company
announced that Mrs. Efron resigned from the Board of Directors and
that the Company will hold an Extraordinary General Meeting of
Shareholders to elect Dr. Yehoshua Gleitman, who will qualify as an
independent director under Nasdaq rules. The Extraordinary General
Meeting will be held March 4, 2010 which is within the Nasdaq cure
period. The confirmation from Nasdaq was expected and was in
response to the Company's notice to Nasdaq that the Company would
be temporarily out of compliance with Nasdaq Rule 5605(b)(1)
requiring that independent directors constitute a majority of the
Company's Board. As required by Nasdaq rules, until the Company
notifies Nasdaq of the election of Dr. Gleitman as a director, an
indicator noting this temporary non-compliance will be displayed
with quotation information related to the Company's securities.
(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 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 CCG
Investor Relations +1-646-201-9246
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,
CCG Investor Relations, +1-646-201-9246,
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