Elbit Systems and Ness Technologies 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
HAIFA, Israel, May 3, 2010 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (NASDAQ:ESLT and TASE:ESLT) a global defense electronics company, and Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider of information technology solutions and services, 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.
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Elbit Systems and Ness Technologies 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.
Bezhalel (Butzi) Machlis, Elbit Systems Executive VP and General Manager of Elbit Systems Land and C4I - Tadiran, and Michael Zinderman, President of Ness TSG, 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 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.
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.
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 for Elbit Systems
Company Contact:
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]
IR Contact:
Ehud Helft / Kenny Green
CCG Investor Relations
Tel: +1-646-201-9246
E-mail:[email protected]
Contacts for Ness Technologies
Maya Lustig - Director of Public & Investor Relations
Ness Technologies
4 Atidim Tower, 17th Floor
Tel Aviv 61581, Israel
Mobile:+972-54-6778100
Office:+972-3-767-5110
[email protected]
http://www.ness.com
SOURCE Elbit Systems and Ness Technologies
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