Elbit Systems Awarded a PFI Contract to Establish and Operate Israeli Air ForcePotential revenues expected to exceed $15 million
Training Center Can Also Serve Civil Aircraft Pilots
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(Haifa, Israel, February 20, 2007) -- Elbit Systems Ltd. (NASDAQ: ESLT) was awarded a contract to establish a training centre for "Tzofit" (King Air B200 Beechcraft) for the Israeli Air Force. Elbit Systems will serve as the project's prime contractor, while Arkia and the Canadian Mechtronix will serve as sub-contractors.
The training centre will operate through a PFI (Private Financing Initiative) program, with Elbit System providing the Israeli Air Force a turn-key solution including the establishment of the training centre, its operation and the supply of simulators, training services and maintenance for a 10-year period. The MoD will purchase flight training hours for the Air Force from Elbit Systems. Potential revenues from the project are expected to exceed $15 million. The training center will be established on a civilian property outside military bases.
Furthermore, for the first time in Israel, it will be possible to open a training centre for civilian pilots providing them training in accordance with international aviation requirements while using local flight simulators and facilities.
Joseph Ackerman, President and CEO of Elbit Systems, said: "There is a wider global demand for use of civilian and military simulators in all areas of operations in order to achieve better performance with the same level of training hours.
The "Tzofit" training centre project coupled with the company's on-going Israel Air Force cadets training project, strengthen Elbit Systems' position as Israeli Air Force's leading contractor in the field of simulators in general and in flight simulator in particular. Mr. Ackerman added that the prospect of civilian pilots training constitutes an important addition to Elbit Systems' ever growing portfolio directed at the civilian aviation market.
Source : Elbit Systems