September 10, 2012
Elbit Systems' share in this contract valued at
interim purchase order and funding
Elbit Systems Ltd. (NASDAQ and TASE: ESLT)
("Elbit Systems") announced today that TOR - Advanced Flight Training ("TOR"), its partnership with Israel Aerospace Industries Ltd. ("IAI"), established in order to perform the Israeli Air Forces' ("IAF") future trainer program (the "Project"), has reached an agreement with the Israel Ministry of Defense ("IMOD") regarding a contract in a total amount of approximately
. Out of this amount, Elbit Systems' share is valued at approximately
, for performing services and providing systems as a subcontractor to TOR.
The contract is expected to be signed in the coming weeks, following the finalization of several financing procedures. In order to facilitate meeting the Project's schedule, TOR received an interim purchase order and financing from IMOD, valued at approximately
In the establishment phase of the Project, Elbit Systems will establish an enhanced logistic support and maintenance infrastructure for the new trainer as well as an advanced ground training array. The new, advanced avionics systems to be supplied by Elbit Systems for the Project will improve the readiness of the IAF's pilots in operating next-generation aircraft. Elbit Systems' share in this phase of the Project is valued at approximately
, to be performed over three years.
During the operational phase of the Project, Elbit Systems will provide logistics services for the trainer and the new aircraft array, valued at approximately
, to be performed over approximately twenty years.
Elbit Systems President and CEO
commented: "We are proud to take part in yet another important project for the IMOD and the IAF. In recent years, we have provided the IAF with advanced avionics systems and training infrastructure, as well as maintenance and logistics support services. Our selection attests to the customer's high satisfaction with the achievements recorded in past projects, in terms of reliability, availability, cost efficiency and improvement of operational capabilities."
Elbit Systems Aerospace Division's Co-General Manager,
, commented: "The IAF's future trainer program marks a significant milestone in the Aerospace Division's activities, and I congratulate and thank the Division's employees for their contributions in achieving this selection. I believe that we will accomplish significant achievements in this important project, as we have in the past in other Air Force-related projects both in
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.