HAIFA, Israel, October 16, 2013 /PRNewswire/ --
Elbit Systems Ltd. (NASDAQ and TASE: ESLT) ("Elbit Systems") announced today that it was awarded a follow-on contract to supply advanced Helmet Mounted Display (HMD) systems for the Republic of Korea Army's SURION helicopter. The contract, which is in an amount that is not material to Elbit Systems, will be performed over a four-year period.
Elbit Systems will supply the HMD systems to Korea Aerospace Industries Ltd. (KAI), the original manufacture of the SURION helicopter. This contract award follows an initial contract that was signed with KAI in 2009 as part of the Korean Helicopter Program (KHP) and in which Elbit Systems and KAI completed and demonstrated a successful integration of Elbit Systems' HMD on the SURION.
Yoram Shmuely, General Manager of Elbit Systems' Aerospace Division, said:
"We are pleased that the Korean Army, which is considered among the world's most advanced and modern armies, decided to equip its helicopters with additional HMD systems, testifying to the customer's satisfaction with the systems' performance. We consider the Republic of Korea a very important market, and we have recently established a local company, Sharp Elbit Systems Aerospace, Inc. ("SESA"), a jointly-owned company with Sharp Aviation K Inc., to focus on advanced military aircraft avionics. We are considering involving SESA in the performance of this HMD project as well."
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 military and commercial 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.
Joseph Gaspar, Executive VP & CFO
Dalia Rosen, VP, Head of Corporate Communications
Elbit Systems Ltd.
CCG Investor Relations
SOURCE Elbit Systems Ltd