HAIFA–Israel–(BUSINESS WIRE)–Jan. 2–1998–Elbit Systems Ltd. (NASDAQ – NM Symbol: ESLTF) announced today that the Government of Turkey has selected a group of companies–including Elbit Systems Ltd.–to upgrade 48 Turkish Air Force F-5 aircraft. The winning group is composed of Israel Aircraft Industries–acting as a prime contractor–Elbit Systems Ltd. and Singapore Technologies Aerospace.
Elbit Systems Ltd.’s portion of the contract is valued at approximately $25 million and the Company expects to execute the contract over a period of approximately three years. The winning group intends to enter into negotiations with the Government of Turkey to finalize the contract in the near future.
Joseph Ackerman–President and Chief Executive Officer of Elbit Systems Ltd.–commented–"This contract strengthens the Company’s aircraft upgrade business base: it is our second major program for the Turkish Air Force and it adds another F-5 project to the Company’s existing line of aircraft upgrade programs. The contract also illustrates our ability to expand our business from the base of current programs and to secure new contracts with existing customers and partners."
Elbit Systems Ltd. is engaged in a wide range of ground–airborne and command–control and communications programs throughout the world–with a focus on upgrading existing military platforms and developing new technologies for defense application.
Forward looking statemen’s with respect to the Company’s business–financial condition and results of operations–in this release are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statemen’s–including–but not limited to–product demand–pricing–market acceptance–changing economic conditions–risks in product and technology development–the effect of the Company’s accounting policies as well as certain other risk factors which are detailed from time to time in the Company’s SEC filings.