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BVR Systems Wins a Multiple-Tank Simulator Program and Two Services Contracts Valued at Approximately US$2.4 Million Tuesday May 31, 9:00 am ET
ROSH HA'AYIN, Israel, May 31 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTC Bulletin Board: BVRSF - News), today announced the award of a contract, valued at US$1.4 million, for the supply of a Tank Simulation System to Systex Corporation, a leading Asian system integration company. The integrated system shall be delivered to a Customer in Asia. The simulation facility shall encompass both operational and tactical skills. It shall include 4 high fidelity M-48H MBT simulated turrets, allowing multi-level training, from Gunnery to platoon level. BVR shall also provide advanced instruction capabilities such as mission preparation, monitoring, control, and debriefing of the tactical exercise scenarios.
BVR Systems' Chief Executive Officer, Ilan Gillies, commented: "BVR continues to deliver leading edge solutions to our increasingly demanding customers. Our operational experience and past achievements in maximizing the use of technology enable BVR to provide cost-effective solutions to the defense market. Our endeavors to maintain technological leadership and flexibility in delivery of our products to our customers have been proven successful again.
"This contract is further proof of BVR's strong position in the ground force simulation market, and adds to our already impressive list of armored vehicle simulators which we have successfully delivered," added Mr. Gillies.
In addition, BVR has won two contracts for the provision of Integrated Logistic Support and maintenance services to existing customers. The two contracts are valued at approximately US$1 million.
BVR Systems (1998) Ltd. is a world leader in advanced defense training and simulation systems. The Company offers highly efficient, cost-effective solutions to the simulation, training and debriefing needs of modern air, sea and ground forces. For more information visit the Company's web site at http://www.bvrsystems.com.
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of the management of BVR only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; decline in demand for BVR's products; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of BVR to differ materially from those contemplated in such forward-looking statements. BVR undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risk and uncertainties affecting BVR, reference is made to BVR's reports filed from time to time with the Securities and Exchange Commission.
Contacts: Ilan Gillies BVR Systems (1998) Ltd. Tel +972-3-900-8000 <end-table>