Agreement between Elbit Systems and the Georgian GovernmentHaifa, Israel - Elbit Systems Ltd. (NASDAQ and TASE: ESLT) (the "Company") announced today, further to its announcement dated April 8, 2011 regarding the filing of a lawsuit against the Government of Georgia ("Georgia"), that the Company and Georgia have signed settlement agreements for settling all claims and disputes.
According to the settlement, Georgia will pay the Company an amount of approximately $35 million and will also return to the Company certain equipment and sub-systems, that were supplied to Georgia by the Company in the past, against the full release of the initial claims.
Global Defense Spends (Air Force, Army and Navy) - 2012 to 2020
Subject to the completion of its terms, the settlement brings this matter to a close, without having a material effect on the Company's financial results.
Source : Elbit Systems Ltd.