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Elbit Systems Ltd. Has Not Been Affected by Economic Events in Asia
Business Wire - January 16, 1998 11:28
%ELBIT ESLTF %NEW-YORK %COMPUTERS %ELECTRONICS %COMED %TELECOMMUNICATIONS %AEROSPACE %DEFENSE V%BW P%BW
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HAIFA, Israel--(BUSINESS WIRE)--Jan. 16, 1998--Elbit Systems Ltd. (NASDAQ- NM Symbol: ESLTF), in response to inquiries by some of its investors, announced today that the Company has not been adversely affected by the recent economic events in Asia. Elbit Systems' activities in Asia constitute less than 10% of the total backlog of orders of the Company, which has grown to a record amount of $668 million. Joseph Ackerman, President and Chief Executive Officer, said: "We view the recent economic events in Asia as an opportunity for Elbit Systems to offer its extensive expertise in upgrading existing military platforms as an alternative to procurement of new platforms. If this concept is adopted, we believe that Elbit Systems may benefit from the declining defense budgets in this region." 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 statements 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 statements, 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.
CONTACT: Elbit Systems Ltd.
Arie Tal, Corporate Secretary
Ilan Pacholder, Finance Director
Tel: (972-4) 831-6632
Fax: (972-4) 855-0317
or
Lippert/Heilshorn & Associates, Inc.
Jody Burfening
212/838-3777 (ext. 106)
jody@lhai.com
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esltf indicates they are not effected by Asian contangion - actually may help them. |
