Elron Telesoft Sells to Elbit Systems Its Activities and Assets in the Defense Field.Business Editors TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel--(BUSINESS WIRE)--Nov. 8, 2001 Elron Electronic Industries Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ELRN), a leading multinational high technology holding company, announced today that Elron Telesoft (a wholly-owned subsidiary of Elron) and 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. Ltd. (NASDAQ:ESLT) (held 22.3% by Elron) have entered into a definitive agreement for the sale of the assets and activities in the defense field by Elron Telesoft to Elbit Systems in consideration for approximately $5.7 million. The consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the transaction is subject to fulfillment of the obligations of the sale agreement and the approval of Elbit Systems Ltd's shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. and the receipt of any other approvals required by law. The transaction will not have a material effect on Elron's financial results. The sale is part of the restructuring Elron Telesoft is undergoing to enable it to focus on its core telecommunication products. Elron Electronic Industries Ltd. is a multinational high technology holding company based in Israel. Through affiliates, Elron is engaged with a group of high technology operating companies operating company A business that engages in transactions with outsiders. in the fields of advanced defense, communication, software, information technology and medical devices. For further information visit http://www.elron.com Contact: Doron Birger - Elron Electronic Industries Ltd. - Tel TEL Telephone TEL Telegram TEL Telugu (langauge) TEL Terrorist Exclusion List TEL Technology-Enhanced Learning TEL Transporter-Erector-Launcher TEL Tetra-Ethyl Lead TEL Team Deutsche Telekom . 972-3-6075555 doron@elron.net Forward looking statement in this release with respect to the company's business, financial condition and results of operations 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 filing. |
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