Elbit Systems Subsidiary in Canada Awarded a Contract to Supply Underwater Sound System to South Korea

HAIFA, Israel, May 31, 2018 /PRNewswire/ --

Elbit Systems Ltd. (NASDAQ: ESLT) and (TASE: ESLT) ("Elbit Systems") announced today that its wholly owned subsidiary in Canada, GeoSpectrum Technologies Inc. ("GTI"), was awarded a contract from STX Engine Co., to deliver a full end-to-end Underwater Sound Source System (USSS) and software package to the Republic of Korea ("ROK") Navy. The systems will be supplied by the end of 2018. The contract is in an amount that is not material to Elbit Systems.

This fully integrated, end-to-end system is based on GTI's Towed Acoustic Target, which has already been delivered to other Defence customers. It consists of an acoustic projector body, winch, handling package and power amplifier and will be used to test sonar systems for the ROK Navy's Harbor Underwater Surveillance System.

Elad Aharonson, Executive Vice President and General Manager of Elbit Systems ISTAR Division, commented: "We are honored to have been selected to supply high performance underwater sound systems for the ROK Navy. Underwater acoustics equipment, including sonars, acoustic communication and diverse acoustic components, is part of Elbit Systems' extensive maritime portfolio. I expect more and more customers to become aware of GTI's capabilities and leverage them to fulfill their mission needs."

About Elbit Systems  

Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial 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, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios and cyber-based systems. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.

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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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Contacts:
Company Contact:  
Joseph Gaspar, Executive VP & CFO
Tel: +972-4-8316663
[email protected]

David Vaaknin, VP, Head of Corporate Communications
Tel: +972-77-2946691
[email protected]

IR Contact:
Ehud Helft
Gavriel Frohwein
GK Investor Relations
Tel: +1-646-688-3559
[email protected]

SOURCE Elbit Systems Ltd.