Elbit Systems U.S. Subsidiary Receives $68 Million ID/IQ Contract to Supply Head-Up Displays for U.S. Department of Defense

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Oct 13, 2010, 06:58 ET

HAIFA, Israel, October 13, 2010 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (NASDAQ and TASE: ESLT) announced today that its wholly-owned U.S. subsidiary, Elbit Systems of America, LLC, was awarded a 5-year, $68 million Indefinite Delivery/Indefinite Quantity (ID/IQ) contract from the U.S. Army Contracting Command in Huntsville, Alabama to supply the U.S.Army, Navy, Marines Corps and Coast Guard with AN/AVS-7 Head-Up Display components including the latest Elbit Systems of America Flat Panel Day and Night Head-Up Display units.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 )

Initial delivery orders totaling $23 million have been awarded under the ID/IQ contract. This is a follow-on contract to a $75M ID/IQ contract awarded in September 2005.

The new display units increase situational awareness and safety by allowing pilots to fly "head out of the cockpit" during day and night operations.

Commenting on the award, Elbit Systems of America President and CEO, Raanan Horowitz noted, "This follow-on order attests to our customer's satisfaction with our systems and performance track record. Elbit Systems of America is pleased to provide cutting-edge technology for the warfighter, delivering high quality Helmet Mounted Displays at accelerated pace and supporting critical missions and needs. The AN/AVS-7 has proven itself by providing situational awareness and added safety to Army aviators on all US Army helicopter platforms and we are proud we can provide now an upgrade to these systems."

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.

    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]

SOURCE Elbit Systems Ltd