HAIFA, Israel, February 22, 2010 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (NASDAQ: ESLT) announced today that it was awarded a follow-on contract from the Israeli Ministry of Defense for the continuation of the GROB G-120-AI ("Snunit") trainer aircraft operation program, in service at the Air Force Flight Academy in Hatzerim. Under the new contract, Elbit Systems will operate the trainers for an additional period of ten years, starting in 2012, following the completion of the current program.The contract is valued at approximately $20 million.
The "Snunit" program was the IAF's first Private Finance Initiative (PFI) project. Under the multi-year program, the IAF purchases training hours onboard Elbit Systems' GROB G-120-AI, and Elbit Systems is responsible for the operation and maintenance of the aircraft, which is performed by a dedicated technical crew Elbit Systems employs in Southern Israel.
Yoram Shmuely, Co-General Manager of Elbit Systems' Aerospace Division, noted: "The IAF's decision to renew the contract for the "Snunit" program attests to the Air Force's high level of satisfaction with the service, availability, usability and security achieved throughout the program to date, as well as from Elbit Systems' similar projects in the Flight Academy at the Hatzerim air force base".
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 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 and developing new technologies for defense, homeland security and commercial aviation applications.
For additional information, please visit us at: 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.
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: [email protected] [email protected] IR Contact: Ehud Helft / Kenny Green CCG Investor Relations +1-646-201-9246 [email protected]
SOURCE Elbit Systems Ltd