HAIFA , Israel , November 7 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (NASDAQ: ESLT) announced that its board of directors, as well as the board of directors of its wholly-owned subsidiary Tadiran Communications Ltd., have approved a plan to merge Tadiran Communications into Elbit Systems Ltd.
Pursuant to the merger plan, Tadiran Communications will be merged into Elbit Systems and will cease to exist as an independent legal entity. Moreover, a new, wholly-owned Elbit Systems subsidiary, Elbit Systems Land and C4I - Tadiran Ltd., will assume Tadiran Communications' Israeli operations as well as those of Elbit Systems' Land and C4I Division, all in accordance with the merger plan.
The merger plan will be submitted to the Israeli Companies Registrar for approval. Subject to receipt of the Companies Registrar's and other applicable approvals, the merger is expected to take place at the beginning of 2008.
Joseph Ackerman , President and CEO of Elbit Systems, said: "The synergic activities of Tadiran Communications with those of the rest of the Elbit Systems Group are already bearing fruit. We expect that the establishment of the new merged company will provide further business opportunities due to the ability to offer more comprehensive and competitive solutions to existing and new customers."
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 Elbit Systems Group, which includes the company 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 Group 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 companies in the Elbit Systems group, 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 elbit systems group 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. elbit systems does not undertake to update its forward-looking statements.
SOURCE Elbit Systems Ltd