HAIFA, Israel, April 22, 2010 /PRNewswire-FirstCall/ -- Elbit
Systems Ltd. (NASDAQ: ESLT) ("Elbit Systems") announced that on
April 21, 2010 it was served with an
Application to Approve a Derivative Action (the "Application")
filed in the District Court of Petach Tikva, Israel, by certain minority shareholders of
ImageSat International N.V. ("ImageSat"). This is further to
announcements regarding ImageSat-related litigation in the U.S.
made by Elbit Systems on July 4,
2007, July 24, 2008,
December 17, 2008 and December 30, 2008, as well as to the description
of ImageSat litigation contained in Elbit Systems' annual report to
the U.S. Securities and Exchange Commission on Form 20-F
(collectively the "Prior Announcements").
(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 )
The Application names a number of respondents, including among
others, ImageSat, Israel Aerospace Industries Ltd. ("IAI"), Elbit
Systems Electro-Optics Elop Ltd. ("Elop"), Elbit Systems and
several former directors of ImageSat. The former ImageSat directors
named as respondents in the Application include, among others,
Michael Federmann, Joseph Ackerman and Joseph Gaspar, who were nominated at various
times by Elop to ImageSat's board and who currently serve as Elbit
Systems' Board Chairman, President and Chief Executive Financial
Officer, respectively.
The Application requests the Court to approve the filing of a
derivative action for alleged breaches by some of the respondents
of the applicants' rights as minority shareholders in ImageSat. The
nature of the allegations are substantially similar to those
previously made by the applicants in various claims made in Federal
and State Courts in New York,
which are described in the Prior Announcements. Most of those
claims filed in the U.S. have been dismissed on jurisdictional
grounds. In addition, as described in the Prior Announcements,
Elbit Systems and IAI are parties to an agreement according to
which IAI will indemnify Elbit Systems, Elop and the directors
nominated by Elop to ImageSat's board, for any losses arising out
of the above-mentioned legal proceedings (including the
Application), net of insurance proceeds received from ImageSat
insurance policies and any indemnification proceeds received from
ImageSat. Elbit Systems believes that there is no merit or basis to
the allegations made in the Application against it, Elop or any of
the former ImageSat directors who were nominated by Elop.
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics
company engaged in a wide range of 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,
developing new technologies for defense, homeland security and
commercial aviation applications and providing a range of support
services.
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, VP & Head of Corporate
Communications
Elbit Systems Ltd
Tel: +972-4-8316663
Fax: +972-4-8316944
E-mail: j.gaspar@elbitsystems.com
dalia.rosen@elbitsystems.com
IR Contact:
Ehud Helft / Kenny Green
CCG Investor Relations
Tel: +1-646-201-9246
E-mail:elbitsystems@ccgisrael.com
SOURCE Elbit Systems Ltd