Elbit Systems Modifies the Cash Tender Offer for ITL's Shares

HAIFA, Israel, July 29, 2010 /PRNewswire-FirstCall/ -- Elbit Systems Ltd.
(NASDAQ and TASE: ESLT) ("ESL") announced today, further to its announcement
of July 15, 2010 regarding the issue of a cash tender offer by its
wholly-owned subsidiary, Elbit Security Systems Ltd. ("Elsec"), to acquire
the ordinary shares of I.T.L Optronics Ltd. ("ITL") held by the public (the
"Tender Offer"), that Elsec has modified the Tender Offer.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 )

According to the modification, Elsec increased the price from NIS 5.85
(approximately $1.51) per share, to NIS 6.63 (approximately $1.72) per share
and for a total consideration of NIS 11,794,452 (approximately $3.06
million). The ordinary shares of ITL currently held by the public represent
14.37% of ITL's outstanding share capital. The Tender Offer period does not
change and the Tender Offer will remain open through August 4, 2010

About Elbit Systems

Elbit Systems Ltd. is an international defense electronics company
engaged in a wide range of programs throughout the world. The Company, which
includes Elbit Systems and its subsidiaries, operates in the areas of
aerospace, land and naval systems, command, control, communications,
computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned
aircraft systems ("UAS"), advanced electro-optics, electro-optic space
systems, EW suites, airborne warning systems, ELINT systems, data links and
military communications systems and radios. The Company also focuses on the
upgrading of existing military platforms, developing new technologies for
defense, homeland security and commercial aviation applications and providing
a range of support services.

For additional information, visit: http://www.elbitsystems.com.

This press release contains forward-looking statements (within the
meaning of Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended) regarding Elbit
Systems Ltd. and/or its subsidiaries (collectively the Company), to the
extent such statements do not relate to historical or current fact. Forward
Looking Statements are based on management's expectations, estimates,
projections and assumptions. Forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995, as amended. These statements are not guarantees of future performance
and involve certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results, performance and trends may differ
materially from these forward-looking statements due to a variety of factors,
including, without limitation:scope and length of customer contracts;
governmental regulations and approvals; changes in governmental budgeting
priorities; general market, political and economic conditions in the
countries in which the Company operates or sells, including Israel and the
United States among others;differences in anticipated and actual program
performance, including the ability to perform under long-term fixed-price
contracts; and the outcome of legal and/or regulatory proceedings. The
factors listed above are not all-inclusive, and further information is
contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is
on file with the U.S. Securities and Exchange Commission. All forward-looking
statements speak only as of the date of this release. The Company does not
undertake to update its forward-looking statements.

    Company Contact:
    Joseph Gaspar, Executive VP & CFO
    Dalia Rosen, VP & Head of Corporate Communications
    Elbit Systems Ltd
    Tel: +972-4-8316663
    Fax: +972-4-8316944
    E-mail: j.gaspar@elbitsystems.com
    dalia.rosen@elbitsystems.com

    IR Contact:
    Ehud Helft / Kenny Green
    CCG Investor Relations
    Tel: +1-646-201-9246
    E-mail:elbitsystems@ccgisrael.com

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