HAIFA, Israel,
December 17 /PRNewswire-FirstCall/ -- Elbit Systems Ltd.
(NASDAQ: ESLT) announced it was advised that a claim was filed by certain
shareholders and debtholders of ImageSat International N.V. ("ImageSat"). The
claim was filed in the United States District Court for the Southern District
of
New York against Israel Aerospace Industries Ltd. ("IAI"), Elbit Systems,
Elbit Systems Electro-Optics Elop Ltd., a subsidiary of Elbit Systems, and
four directors of ImageSat, one of which was nominated by Elbit Systems and
the remaining three by IAI. The claim is related to two other claims
announced on
July 4, 2007 and
July 24, 2008. ImageSat's largest shareholder
is IAI, holding approximately 46% of ImageSat's issued share capital. Elop
holds approximately 14% (7% on fully diluted basis) of ImageSat's issued
share capital. The director of ImageSat, appointed by Elbit Systems, named as
defendant, is, Elbit Systems Chief Financial Officer.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 )
ImageSat is engaged in the operation of satellites and in providing
satellite imagery. The claim contains various allegations that the defendants
allegedly breached their fiduciary and/or contractual obligations to the
detriment of the plaintiffs. The claim alleges various causes of action and
damages aggregating hundreds of millions of dollars, not all of which are
alleged against Elbit Systems and/or Elbit Systems subsidiary and/or the
director appointed by Elbit Systems .
Based upon a preliminary review of the claim, Elbit Systems believes that
there is no merit to the allegations made against it or the current or former
ImageSat directors who were nominated by Elbit Systems' subsidiary. Elbit
Systems views the claim against it as baseless and will vigorously defend
against them.
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
air vehicle (UAV) systems, 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.
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: gspr@elbit.co.il
daliarosen@elbit.co.il
IR Contact:
Ehud Helft / Kenny Green
G.K. Investor Relations
Tel: +1-646-201-9246
E-mail: info@gkir.com
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