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Elbit Systems Completes $18 Million Acquisition for 19% of Mikal Ltd.
Posted by: gurufocus (IP Logged)
Date: September 14, 2009 08:11AM

Press Release: Elbit Systems Completes $18 Million Acquisition for 19% of Mikal Ltd.

HAIFA, Israel, September 14 /PRNewswire-FirstCall/ -- Elbit Systems Ltd.(NASDAQ: ESLT) announced further to its announcement on June 15 2009, thatafter receiving all the appropriate approvals (or authorizations), the $18million loan that was granted to Mikal Ltd., was converted to an equityinvestment, and Mikal will issue approximately 19% of its shares to ElbitSystems.

(Logo: [www.newscom.com] )

As part of the agreement, Elbit Systems was granted the option topurchase the remaining shares of Mikal from the other shareholders, in thecourse of 2011, for a purchase price to be determined in accordance with anindependent external valuation.

About Elbit Systems

Elbit Systems Ltd. is an international defense electronics companyengaged in a wide range of defense-related programs throughout the world. TheCompany, which includes Elbit Systems and its subsidiaries, operates in theareas of aerospace, land and naval systems, command, control, communications,computers, intelligence surveillance and reconnaissance ("C4ISR"), unmannedair vehicle (UAV) systems, advanced electro-optics, electro-optic spacesystems, EW suites, airborne warning systems, ELINT systems, data links andmilitary communications systems and radios. The Company also focuses on theupgrading of existing military platforms and developing new technologies fordefense, homeland security and commercial aviation applications.

For additional information, visit: :3db7:http://www.elbitsystems.com:/3db7:.

This press release contains forward-looking statements (within themeaning of Section 27A of the Securities Act of 1933, as amended and Section21E of the Securities Exchange Act of 1934, as amended) regarding ElbitSystems Ltd. and/or its subsidiaries (collectively the Company), to theextent such statements do not relate to historical or current fact. ForwardLooking Statements are based on management's expectations, estimates,projections and assumptions. Forward-looking statements are made pursuant tothe safe harbor provisions of the Private Securities Litigation Reform Act of1995, as amended. These statements are not guarantees of future performanceand involve certain risks and uncertainties, which are difficult to predict.Therefore, actual future results, performance and trends may differmaterially 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 budgetingpriorities; general market, political and economic conditions in thecountries in which the Company operates or sells, including Israel and theUnited States among others; differences in anticipated and actual programperformance, including the ability to perform under long-term fixed-pricecontracts; and the outcome of legal and/or regulatory proceedings. Thefactors listed above are not all-inclusive, and further information iscontained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which ison file with the U.S. Securities and Exchange Commission. All forward-lookingstatements speak only as of the date of this release. The Company does notundertake to update its forward-looking statements.

Contacts:

    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

    IR Contact:
    Ehud Helft / Kenny Green
    G.K. Investor Relations
    Tel: +1-646-201-9246
    E-mail: info@gkir.com

Source: PRNewsWire



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