Elbit Systems Announces Resignation of Its External Director, Moshe Kaplinsky
Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit
Systems" or the "Company") announced today that Mr. Moshe
Kaplinsky, who was elected as an External Director of the Company's Board of
Directors in March 2020, has tendered his resignation to the Company. Mr.
Kaplinsky indicated that the reason for his resignation was as a matter of
caution to avoid any potential conflict of interests due to his recent
nomination as the CEO of Oil Refineries Ltd. (Bazan).
The Company has accepted Mr. Kaplinsky's resignation and
thanked him for his contribution during his tenure. The Company has provided
Nasdaq with a notice that it would be temporarily out of compliance with Nasdaq
Listing Rule 5605(b)(1) requiring that Independent Directors constitute a
majority of the Company's Board. The Company will promptly proceed with the
process of identifying a suitable candidate for election as an External
Director and convening a shareholders meeting for his or her election, within
the periods set forth in the Companies Law and Nasdaq Listing Rules.
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.
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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