Elbit Systems Ltd. Receives Notice From Nasdaq Confirming Cure Period to Replace Yael Efron on the Board of Directors

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Jan 29, 2010, 05:00 ET

HAIFA, Israel, January 29 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (the "Company") (Nasdaq: ESLT) announced today that Nasdaq confirmed that the Company will have the cure period provided under Nasdaq Listing Rule 5605(b)(1)(A) to replace Yael Efron as an independent director. In prior press releases, the Company announced that Mrs. Efron resigned from the Board of Directors and that the Company will hold an Extraordinary General Meeting of Shareholders to elect Dr. Yehoshua Gleitman, who will qualify as an independent director under Nasdaq rules. The Extraordinary General Meeting will be held March 4, 2010 which is within the Nasdaq cure period. The confirmation from Nasdaq was expected and was in response to the Company's notice to Nasdaq that the Company would be temporarily out of compliance with Nasdaq Rule 5605(b)(1) requiring that independent directors constitute a majority of the Company's Board. As required by Nasdaq rules, until the Company notifies Nasdaq of the election of Dr. Gleitman as a director, an indicator noting this temporary non-compliance will be displayed with quotation information related to the Company's securities.

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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 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 and developing new technologies for defense, homeland security and commercial aviation applications.

For additional information, please visit us at: 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
    Dalia Rosen, 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
    +1-646-201-9246
    [email protected]

SOURCE Elbit Systems Ltd