Israel Blocks Elbit Foreign Arms Sale Program
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Elbit Systems Ltd. announced today that the Israeli Government, due to political considerations, did not renew the Company’s export authorizations to complete performance under an approximately $90 million contract awarded several years ago, to supply systems to a foreign customer.
The Company has turned to the Israeli Ministry of Defense regarding compensation with respect to potential liability the Company may incur as a result of the non-renewal of the export authorizations, and the Director General of the Ministry of Defense has decided to enter into discussions immediately with the Company in order to endeavor to reach an agreed upon arrangement regarding this issue.
At the present time, there is not an estimate of the amount of the damages that may result from the non-renewal of the export authorizations. Such damages may have a material impact on the Company’s financial results.
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.
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