Arbitration Proceeding Between Elop and Rafael
September 25 2007 - 4:04PM
PR Newswire (US)
HAIFA, Israel, September 25 /PRNewswire-FirstCall/ -- Elbit Systems
Ltd. (Nasdaq ESLT) announced that as a result of an arbitration
proceeding initiated by its subsidiary Elbit Systems Electro-
Optics Elop Ltd. (Elop), that filed a claim against Rafael
Armaments Development Authorities Ltd. (Rafael) in an amount of
approximately $55 million, Rafael has filed a counterclaim in the
arbitration proceeding in the amount of approximately $14 million.
Elop filed the arbitration claim against Rafael for damages and
breach of contract relating to a subcontract under which Rafael was
a subcontractor to Elop. Based upon a preliminary review of the
counterclaim, Elbit Systems management does not believe this matter
will have a material adverse impact on its results of operations.
About Elbit Systems Ltd.: Elbit Systems Ltd. is an international
defense electronics company engaged in a wide range of
defense-related programs throughout the world. The Elbit Systems
Group, which includes the company 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 Group also focuses on the
upgrading of existing military platforms and developing new
technologies for defense, homeland security and commercial aviation
applications. This press release contains or may contain
forward-looking statements, including statements regarding the
future performance of our operations and our business strategies
and commitments. For these statements and all other forward-looking
statements, Elbit Systems Ltd. claims the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy or are otherwise beyond
our control and some of which might not even be anticipated. Future
events and actual results, affecting our strategic plan as well as
our financial position, results of operations and cash flow, could
differ materially from those described in or contemplated by the
forward-looking statements. Important factors that contribute to
such risks include, but are not limited to, governmental
regulations and approvals, changes in governmental budgeting
priorities, and general market, political and economic conditions
in the countries in which the Elbit Systems Group operates or
sells, including the United States. Contacts: Company Contact:
Joseph Gaspar, Corporate VP & CFO Dalia Rosen, Director 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 Fax: +972-3-607-4711 E-mail:
DATASOURCE: Elbit Systems Ltd CONTACT: Contacts: Company Contact:,
Joseph Gaspar, Corporate VP & CFO, Dalia Rosen, Director of
Corporate Communications, Elbit Systems Ltd , Tel: +972-4-8316663,
Fax: +972-4-8316944, E-mail: , ; IR Contacts: Ehud Helft / Kenny
Green, G.K. Investor Relations, Tel: 1-646-201-9246, Fax:
+972-3-607-4711, E-mail:
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