ROSH HA'AYIN, Israel, November 19 /PRNewswire-FirstCall/ -- BVR Systems
(1998) Ltd., (OTCBB: BVRSF.OB), today announced, further to its announcement
of July 20, 2009 and after receipt of all required approvals, the closing of
its agreement with Elbit Systems Ltd. (NASDAQ: ESLT), pursuant to which BVR
sold substantially all of its assets to Elbit for a cash consideration of
approximately $34,000,000.
Since at this stage no material activities by the Company are foreseen
the Board of Directors of the Company has resolved to cease to publish
quarterly financial statements and shall only publish yearly financial
statements.
This press release may contain forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on the current
expectations of the management of BVR only, and are subject to a number of
factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements. The
following factors, among others, could cause actual results to differ
materially from those described in the forward-looking statements: changes in
technology and market requirements; decline in demand for BVR's products;
inability to timely develop and introduce new technologies, products and
applications; loss of market share and pressure on pricing resulting from
competition, which could cause the actual results or performance of BVR to
differ materially from those contemplated in such forward-looking statements.
BVR undertakes no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events. For a more
detailed description of the risk and uncertainties affecting BVR, reference
is made to BVR's reports filed from time to time with the Securities and
Exchange Commission.
Contacts:
Aviv Tzidon, Chairman of the Board
BVR Systems (1998) Ltd.
Tel: +972-3-900-8000
aviv@bvr.co.il
SOURCE BVR Systems (1998) Ltd.
