Elbit Systems Acquires Equity Stake in Kinetics Ltd.HAIFA, Israel--(BUSINESS WIRE)--July 17, 1998--Elbit Systems Ltd. (NASDAQ-NM Symbol: ESLTF) announced today that on July 16, 1998 it acquired 34% of the outstanding shares of Kinetics kinetics: see dynamics. Kinetics (classical mechanics) That part of classical mechanics which deals with the relation between the motions of material bodies and the forces acting upon them. Ltd., ("Kinetics"), a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Or Yehuda Or Yehuda (אור יהודה) is a city in the Tel Aviv District in Israel. According to the Israel Central Bureau of Statistics (CBS), at the end of 2004 the city had a total population of 30,100. , Israel for approximately $2.6 million with an option to increase its holding to 51%. The transaction consists of shares bought from the current owners of Kinetics and the issuance of new shares. Kinetics Ltd. develops new technologies and systems in the field of advanced environmental control for armored vehicles. In addition, Kinetics develops and manufactures products and accessories for various combat vehicle applications, such as hydraulic, fuel, braking, suspension and power pack systems. Kinetics sells its products to the Israeli Defense Forces Noun 1. Israeli Defense Force - the ground and air and naval forces of Israel IDF military force, military group, military unit, force - a unit that is part of some military service; "he sent Caesar a force of six thousand men" and to the United States Army United States Army Major branch of the U.S. military forces, charged with preserving peace and security and defending the nation. The first regular U.S. fighting force, the Continental Army, was organized by the Continental Congress on June 14, 1775, to supplement local . Kinetics will continue to operate with its present management and employees. Joseph Ackerman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Elbit Systems Elbit Systems Ltd. NASDAQ: ESLT is one of Israel's largest defense electronics manufacturers and integrators. Established in 1967, and based in Haifa, Israel, Elbit has over 8,000 employees. , commented, "This investment in Kinetics illustrates our strategy of broadening our technological base. With Kinetics, we will be able to further expand our business in the field of armored vehicle upgrades, an important business area for Elbit Systems. We will continue to explore possible strategic acquisitions that offer complementary technologies as well as access to our target markets." ELBIT SYSTEMS LTD. Elbit Systems Ltd. is engaged in a wide range of defense-related airborne airborne /air·borne/ (ar´born) suspended in, transported by, or spread by air. airborne, adj carried through the air. In health care settings, viruses or bacteria may become airborne, e.g. , ground and command, control and communications ("C3") programs throughout the world. The Company focuses on upgrading of existing military platforms and developing new technologies for defense applications. 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: Arie Tal, Corporate Secretary Ilan Pacholder, Finance Elbit Systems Ltd. Tel:(972-4) 831-6632 Fax:(972-4) 831-6659 or Jody Burfening/Jonathan Fox Lippert/Heilshorn & Associates, Inc. 212-838-3777 jody@lhai.com jonathan@lhai.com |
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