Universal Avionics, an Elbit Systems Subsidiary, Awarded $33 Million Contract to Supply Enhanced Flight Vision Systems for Boeing 737NG

Rhea-AI Summary

Elbit Systems Ltd. (NASDAQ: ESLT) announced a $33 million contract awarded to its subsidiary, Universal Avionics Systems Corporation, by AerSale Corporation for the supply of Enhanced Flight Vision Systems (EFVS) for Boeing 737NG aircraft. The contract will be carried out through 2023, featuring ClearVision™ systems that improve safety and operational efficiency for pilots in degraded visibility conditions. This contract reflects a renewed demand in the commercial aviation market for advanced vision technologies, according to Yoram Shmuely, General Manager of Elbit Systems Aerospace.

Positive

• Contract valued at $33 million enhances revenue stream.
• Supply of advanced ClearVision™ EFVS improves market competitiveness.
• Demonstrates renewed demand in commercial aviation markets.

Negative

• None.

HAIFA, Isreal, July 18, 2022 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems") announced today that its subsidiary, Universal Avionics Systems Corporation ("Universal Avionics") was awarded a contract valued at approximately $33 million from AerSale Corporation (NASDAQ: ASLE), to supply Enhanced Flight Vision Systems (EFVS) for Boeing 737NG aircraft. The contract will be executed through 2023.

Under the contract, Universal Avionics will supply the ClearVision™  EFVS systems featuring the SkyLens™ 360-degree field of view Head Wearable Display and the EVS-5000 cameras. ClearVision is a certified combined vision system that is designed to enable commercial aircraft pilots to overcome degraded visibility situations at day and night, allowing them to move in and out of airports faster, saving time and increasing operational efficiency and safety. SkyLens enables pilots to continuously operate head-up and monitor flight information while retaining 3D situational awareness of terrain and aircraft traffic.

Yoram Shmuely, General Manager of Elbit Systems Aerospace, commented: "We see a renewed demand in the commercial aviation market for innovative yet certified vision capabilities that enable efficient and safe flights during degraded visibility situations."

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.

Company Contacts:

Joseph Gaspar, Senior EVP – Business Management
Tel:  +972-77-2948661
j.gaspar@elbitsystems.com

Dr. Yaacov (Kobi) Kagan, EVP & Chief Financial Officer
Tel:  +972-77-2946663
kobi.kagan@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: 1-212-378-8040
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.

FAQ

What is the value of the recent contract awarded to Elbit Systems' subsidiary?

The contract is valued at approximately $33 million.

Which aircraft will the Enhanced Flight Vision Systems be supplied for?

The systems will be supplied for Boeing 737NG aircraft.

Who awarded the contract to Universal Avionics Systems Corporation?

The contract was awarded by AerSale Corporation.

What technology does the ClearVision™ system feature?

The ClearVision™ system features a 360-degree field of view Head Wearable Display and the EVS-5000 cameras.

When will the contract for the Enhanced Flight Vision Systems be executed?

The contract will be executed through 2023.