Elbit Systems' Brazilian Subsidiary, AEL Sistemas, Awarded $85 Million Contract by Embraer Defense and Security, to Upgrade Brazilian Air Force's F-5

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Apr 11, 2011, 02:35 ET

HAIFA, Israel, April 11, 2011 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (NASDAQ and TASE: ESLT) ("Elbit Systems") announced today that its Brazilian subsidiary, AEL Sistemas S.A ("AEL") was awarded a follow-on contract from a subsidiary of Embraer S.A. ("Embraer Defense and Security") for the upgrade of eleven F-5 aircraft. AEL is the main subcontractor to Embraer Defense and Security, the prime contractor for the project. The contract is valued at $85 million, to be performed through 2013.

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The upgrade contract, which is a follow-on to contracts awarded in 2001 and 2007, will include engineering services and the delivery of all system equipment, including the mission computer, display systems, radar, EW system, ammunition management system and other avionics products. In addition, as part of the contract, AEL will supply a flight simulator, spares and ground support equipment.

Joseph Ackerman, President and CEO of Elbit Systems, commented: "We are proud of AEL's selection to perform this follow-on project, which underscores AEL's ability to provide both Embraer and the Brazilian Air Force with advanced in-country engineering, development, manufacturing and logistics support. Through significant investments and on-going joint programs, AEL has become a center of excellence for avionics and the follow-on award attests to the customer's satisfaction with our performance track record." Ackerman added: "We trust that the new contract will further strengthen the excellent cooperation between AEL, Embraer and the Brazilian Air Force, and we hope that other customers will decide to follow Brazil and select our combat-proven upgrade programs."

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.

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
    Tel: +972-4-8316663
    [email protected]

    Dalia Rosen, VP, Head of Corporate Communications
    Tel: +972-4-8316784
    [email protected]
    Elbit Systems Ltd.

    IR Contact:
    Ehud Helft
    Kenny Green
    CCG Investor Relations
    Tel: +1-646-201-9246
    e-mail: [email protected]

SOURCE Elbit Systems Ltd