HAIFA, Israel, Oct. 17 /PRNewswire-FirstCall/ -- Elbit Systems
Ltd. (Nasdaq and TASE: ESLT) ("Elbit Systems") announced today,
further to its announcements of June 15,
2009, September 14, 2009 and
September 2, 2010, that it completed
the acquisition of all the shares of Soltam Systems Ltd.
("Soltam"), Saymar Ltd. ("Saymar") and ITL Optronics Ltd. ("ITL")
that were held by Mikal Ltd. ("Mikal") and its subsidiaries.
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With the completion of the acquisition, Elbit Systems now holds
a 100% interest in Soltam and Saymar, and a 87.85% interest in ITL.
The balance of ITL's shares, which are traded on the Tel Aviv Stock
Exchange, is held by the public.
An amount of approximately $26
million of the purchase price payable by Elbit Systems for
the acquisition was placed in escrow with respect to various
matters pursuant to the purchase agreement.
Simultaneously to the completion of the acquisition, Elbit
Systems sold its holdings in Mikal (approximately 19%) to the other
Mikal shareholders.
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: www.elbitsystems.com.
Contacts:
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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:
j.gaspar@elbitsystems.com
dalia.rosen@elbitsystems.com
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IR
Contact:
Ehud Helft / Kenny
Green
G.K. Investor
Relations
Tel: 1-646-201-9246
E-mail: info@gkir.com
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This press release contains forwardlooking 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. Forwardlooking 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 forwardlooking 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
forwardlooking statements speak only as of the date of this
release. The Company does not undertake to update its
forward-looking statements.
SOURCE Elbit Systems
Copyright . 17 PR Newswire