(NSI News Source Info) HAIFA, Israel, - May 24, 2011: Elbit Systems Ltd. (NASDAQ and TASE: ESLT) ("Elbit Systems") announced today that it was awarded a contract valued at approximately $18.6 million to upgrade the Romanian Air Forces' C-130 transport aircraft. According to the agreement, the C-130 aircraft will be installed with various types of advanced electronic systems, including those produced by Elbit Systems' wholly owned subsidiary - Elisra Electronic Systems Ltd.
The project, to be performed over four years, will be executed in cooperation with local companies in Romania, lead by the Romanian Aeronautical Industry.
Yoram Shmuely, Co-General Manager of Elbit Systems' Aerospace Division, commented: "We are very proud of this award, which marks an additional milestone in the projects Elbit Systems has performed for the Romanian Air Force in collaboration with Romanian local industry. This new contract attests to the trust and satisfaction we have gained, based on the quality of the projects we have executed for the Romanian Air Force in recent years". Shmuely added: "The global demand for transport aircraft upgrades and the experience we have accumulated in performing various similar projects, including for the Korean C-130 and the Brazilian C-95, position us as market leaders, and we hope other similar projects will follow."
Elbit Systems has been operating in Romania for the past 15 years and executes large scale projects, especially in avionics, in cooperation with many defense industries in Romania, including IAR BRASOV, Avioane Craiova, Aerostar and others. These programs have been performed for the Romanian Ministry of Defense and for other customers in Romania, as well as for customers in other countries. Elbit Systems' activities in Romania are primarily carried out through its wholly-owned Romanian subsidiaries, Elbit Systeme S.A., A-E Electronics S.A, Elmet International SRL and Simultec SRL, which employ approximately 400 employees.
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.
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