BVR Awarded License Agreement for Airborne Embedded Training Patents(Rosh Ha'ayin, Israel, January 6, 2009) -- BVR Systems (1998) Ltd. (OTC Bulletin Board: BVRSF), announced today it has entered into license agreement, valued at approximately $US 2.9 million, with a major European Defense company pursuant to which BVR granted the company a worldwide, non exclusive license to BVR's Embedded Virtual Avionics (EVA) patents.
In addition to this agreement BVR and the company will further evaluate joint business opportunities in the area of live and virtual training.
International Military and Civilian Unmanned Aerial Vehicle Survey
"We are very pleased by this agreement," responded BVR CEO Ilan Gillies. "This award is a further achievement in our long term strategy to capture a major share in the rapidly evolving global embedded training market, and an additional recognition of the added value of our unique IP. We will continue to lead the market with innovative and mature solutions while protecting our IP rights" he added.
Source : BVR Systems (1998) Ltd.