Elbit Systems U.S. Subsidiary Awarded an OTA Contract with a Potential Value that Could Reach a Maximum of $442 Million for Enhanced Night Vision Goggle - Binocular Systems for the U.S. Army

Rhea-AI Summary

Elbit Systems Ltd. announced that its U.S. subsidiary received an Other Transaction Authority (OTA) contract from the U.S. Army for Enhanced Night Vision Goggle – Binocular (ENVG-B) systems, valued at up to $442 million. An initial order worth $22.5 million has been placed for low-rate initial production, expected to be fulfilled by December 2021. The ENVG-B systems are designed to enhance situational awareness for U.S. soldiers. CEO Bezhalel Machlis emphasized the significance of this contract for the company’s night vision technology efforts.

Positive

• Awarded an OTA contract potentially worth $442 million.
• Initial order of $22.5 million for low-rate initial production.
• ENVG-B systems aimed to enhance military situational awareness.

Negative

• None.

HAIFA, Israel, Oct. 22, 2020 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems") announced today that its U.S. subsidiary, Elbit Systems of America, LLC ("Elbit Systems of America"), was awarded an Other Transaction Authority ("OTA") contract from the U.S. Army for Enhanced Night Vision Goggle – Binocular ("ENVG-B") systems. The potential contract value under the OTA contract could reach a maximum of approximately $442 million. The U.S. Army did not define an overall time-frame for performance of the OTA contract. An initial order in the amount of approximately $22.5 million for low-rate initial production (LRIP) of systems has been placed under the OTA contract, with a period of performance through December 2021, to be executed in Roanoke, Virginia.

The ENVG-B systems provide U.S. warfighters with unprecedented situational awareness during limited visibility conditions and increased lethality through faster target acquisition. The ENVG-B systems will undergo various qualification phases, including field trials and system testing.

Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: "The selection of the ENVG-B systems by the U.S Army is a testament to the quality of Elbit Systems of America's technologies and their unique operational contribution. This contract award demonstrates the significant potential of our night vision activities."

About Elbit Systems

Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial 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, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios, cyber-based systems and munitions. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.

For additional information, visit: https://elbitsystems.com/, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn Channels.

Contacts:

Company Contact:          Joseph Gaspar, Executive VP & CFO Tel:  +972-4-8316663 j.gaspar@elbitsystems.com   Rami Myerson, Director, Investor Relations Tel: +972-77-2948984 rami.myerson@elbitsystems.com   David Vaaknin, VP, Head of Corporate Communications Tel: +972-77-2946691 david.vaaknin@elbitsystems.com

IR Contact:  Ehud Helft Kenny Green GK Investor Relations Tel: 1-646-201-9246 elbitsystems@gkir.com

This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions about future events. Forward–looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business.  Therefore, actual future results, performance and trends may differ materially from these forward–looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings.  The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward–looking statements speak only as of the date of this release. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.

Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies.  All other brand, product, service and process names appearing are the trademarks of their respective holders.  Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.

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SOURCE Elbit Systems Ltd.