Ness Technologies and Elbit Systems Joint Venture, NessBit, to Supply the Israeli Ministry of Defense with Intelligence System Valued at $25 Million
Each Company's Share of the Project is Valued at $12.5 Million
TEL AVIV, Israel, May 3, 2010 /PRNewswire/ -- Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider of information technology solutions and services, and Elbit Systems Ltd. (NASDAQ: ESLT), a global defense electronics company, announced today that they were awarded through their joint venture NessBit, a contract valued at approximately $25 million by the Israeli Ministry of Defense to supply an information management system for the Israeli Air Force.
Ness Technologies and Elbit Systems will equally share the project, in the amount of $12.5 million each, to be performed over the next four years. "NessBit" was established in order to develop the unique technological capabilities required for such a high-profile project.
Michael Zinderman, President of Ness TSG, and Bezhalel (Butzi) Machlis, Elbit Systems Executive VP and General Manager of Elbit Systems Land and C4I - Tadiran, noted that both companies were honored to participate in the development of such a highly advanced system, marking a significant technological breakthrough. They added that their cooperation under the joint venture allowed a combination of diverse technological disciplines, providing the customer with a high-quality, unique, cutting-edge solution.
About Ness Technologies
Ness Technologies (NASDAQ: NSTC and TASE: NSTC) is a global provider of IT and business services and solutions with specialized expertise in software product engineering; and system integration, application development, consulting and software distribution. Ness delivers its portfolio of solutions and services using a global delivery model combining offshore, near-shore and local teams. With about 7,800 employees, Ness has operations in North America, Europe, Israel and India, has customers in over 20 countries, and partners with numerous software and hardware vendors worldwide. For more information about Ness, visit http://www.ness.com.
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.
For additional information, visit: http://www.elbitsystems.com.
Forward Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often are preceded by words such as "believes," "expects," "may," "anticipates," "plans," "intends," "assumes," "will" or similar expressions. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Ness' actual results could differ materially from those anticipated in these forward looking statements as a result of various factors. Some of the factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the "Risk Factors" described in Ness' Annual Report of Form 10-K filed with the Securities and Exchange Commission on March 15, 2010. Ness is under no obligation, and expressly disclaims any obligation, to update or alter its forward-looking statements, whether as a result of such changes, new information, subsequent events or otherwise.
Contacts for Ness Technologies
Media Contacts:
David Kanaan
Intl: +972-54- 425-5307
Email: [email protected]
Investor Relations Contact:
Drew Wright
USA: 1-201-488-3262
Email: [email protected]
Contacts for Elbit Systems
Joseph Gaspar, Executive VP & CFO
Dalia Rosen, VP & Head of Corporate Communications
Elbit Systems Ltd
Tel: +972-4-8316663
Fax: +972-4-8316944
E-mail: [email protected]
[email protected]
SOURCE Elbit Systems and Ness Technologies
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