Elbit Systems Reorganizes its Holdings in Certain Subsidiaries

Dec 30, 2010, 02:58 ET from Elbit Systems Ltd

HAIFA, Israel, December 30, 2010 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (NASDAQ and TASE: ESLT) ("Elbit Systems") announced that, as part of an internal reorganization of its holdings in certain wholly-owned subsidiaries, to enhance the efficiencies of its business operations, its board of directors approved a merger plan, to be performed in a series of transactions, that will result in the merger of its wholly-owned limited partnership Silver Arrow ("Silver Arrow") into Elbit Systems. Pursuant to the merger plan, the assets and liabilities of Silver Arrow will be transferred to a new wholly-owned subsidiary of Elbit Systems - Elbit Systems Golden Arrow Ltd. ("Golden Arrow") that eventually will be merged into Elbit Systems. The merger plan will be submitted to the Israeli Companies Registrar for approval. Subject to applicable approvals, the merger will be effective as of December 31, 2010.

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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.

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.

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

    Company Contact:

    Joseph Gaspar, Executive VP & CFO
    Tel: +972-4-8316663

    Dalia Rosen, VP, Head of Corporate
    Tel: +972-4-8316784
    Elbit Systems Ltd.

    IR Contact:
    Ehud Helft
    Kenny Green
    CCG Investor Relations
    Tel: +1-646-201-9246

SOURCE Elbit Systems Ltd