Elbit Systems $55m Contract

Friday, May 08, 2009

Elbit Systems Ltd. (NASDAQ:ESLT) announced that its subsidiary, Elisra Electronic Systems Ltd. (Elisra), was awarded a contract by Lockheed Martin Canada Ltd valued at approximately $55m to supply Electronic Warfare (EW) equipment for the Canadian Navy's Halifax Frigate Modernization program. Elisra's systems were selected after meeting the strict standards and challenges required by the customer.

Elisra CEO, Itzhak Gat, said he takes great pride in the decision of Lockheed Martin Canada to select Elisra over others in industry. Gat noted that Elisra has had a longstanding relationship with Lockheed Martin Canada, based on professional cooperation and trust, as well as the use of advanced domestic technology. Gat further added that he expects that the introduction of the new systems will bring about future contracts in the EW field worldwide.

Elisra, 70% owned by Elbit Systems Ltd., and 30% by Elta Systems Ltd. (an IAI subsidiary). 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 air vehicle (UAV) systems, 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.

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