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Elbit Systems Completes Acquisition of Azimuth Technologies' Shares
HAIFA, Israel, May 11, 2010-- Elbit Systems Ltd. (NASDAQ:ESLT and TASE:ESLT) announced today,
further to its announcements on January 25, 2010, November 12, 2008 and
October 28, 2008, that it completed the acquisition of the balance of shares
in Azimuth Technologies Ltd. ("Azimuth") pursuant to the merger agreement
signed by Azimuth and Elbit Systems' wholly owned subsidiary, Elbit Security
Systems Ltd., in January 2010.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20080408/300441 )
In November 2008, Elbit Systems purchased 19% of Azimuth's
shares. The purchase price for the balance of Azimuth's shares, following
certain adjustments made in accordance with the merger agreement, is
approximately US$ 41.5 million (155 million NIS).
Under the terms of the merger agreement, an amount of
approximately US$ 1.6 million (6 million NIS) of the purchase price will be
held in trust, to be released to Azimuth's shareholders subject to the terms
of the merger agreement.
Azimuth is an Israeli company engaged mainly in the areas of
navigation and target acquisition, fire coordination, north finding systems
as well as electro-optics for defense and government solutions. Azimuth also
has a subsidiary in the UK engaged in similar activities.
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.
Company Contact: IR Contact:
Joseph Gaspar, Executive VP & CFO Ehud Helft / Kenny Green
Dalia Rosen, VP & Head of Corporate CCG Investor Relations
Communications Tel: +1-646-201-9246
Elbit Systems Ltd E-mail:elbitsystems@ccgisrael.com
Tel: +972-4-8316663
Fax: +972-4-8316944
E-mail: j.gaspar@elbitsystems.com
dalia.rosen@elbitsystems.com
Photo:
http://www.newscom.com/cgi-bin/prnh/20080408/300441
Source: Elbit Systems Ltd
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
Elbit Systems Completes Acquisition of Azimuth Technologies' Shares
HAIFA, Israel, May 11, 2010-- Elbit Systems Ltd. (NASDAQ:ESLT and TASE:ESLT) announced today,
further to its announcements on January 25, 2010, November 12, 2008 and
October 28, 2008, that it completed the acquisition of the balance of shares
in Azimuth Technologies Ltd. ("Azimuth") pursuant to the merger agreement
signed by Azimuth and Elbit Systems' wholly owned subsidiary, Elbit Security
Systems Ltd., in January 2010.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20080408/300441 )
In November 2008, Elbit Systems purchased 19% of Azimuth's
shares. The purchase price for the balance of Azimuth's shares, following
certain adjustments made in accordance with the merger agreement, is
approximately US$ 41.5 million (155 million NIS).
Under the terms of the merger agreement, an amount of
approximately US$ 1.6 million (6 million NIS) of the purchase price will be
held in trust, to be released to Azimuth's shareholders subject to the terms
of the merger agreement.
Azimuth is an Israeli company engaged mainly in the areas of
navigation and target acquisition, fire coordination, north finding systems
as well as electro-optics for defense and government solutions. Azimuth also
has a subsidiary in the UK engaged in similar activities.
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.
Company Contact: IR Contact:
Joseph Gaspar, Executive VP & CFO Ehud Helft / Kenny Green
Dalia Rosen, VP & Head of Corporate CCG Investor Relations
Communications Tel: +1-646-201-9246
Elbit Systems Ltd E-mail:elbitsystems@ccgisrael.com
Tel: +972-4-8316663
Fax: +972-4-8316944
E-mail: j.gaspar@elbitsystems.com
dalia.rosen@elbitsystems.com
Photo:
http://www.newscom.com/cgi-bin/prnh/20080408/300441
Source: Elbit Systems Ltd
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