Elbit Settles with Georgia for $35M

Elbit Systems Ltd. announced that the Company and Georgia have signed settlement agreements for settling all claims and disputes.

In April, 2011 the Elbit Systems said it had filed a lawsuit in the High Court of Justice of the United Kingdom for Georgia’s failure to pay USD 100 million under several contracts signed in 2007.

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. 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.

Georgia purchased 40 Hermes 450 aircraft from Elbit Systems. At least three of these aircraft – the Abkhaz side claimed seven – were shot down over the breakaway region in a period between March 18 and May 12, 2008

Source: Press Statement

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