Published:
BVR Systems Awarded an Additional License Agreement for its Airborne Embedded Training Patents
ROSH HA'AYIN, Israel, January 6 /PRNewswire-FirstCall/ -- BVR Systems
(1998) Ltd. (OTC Bulletin Board: BVRSF), announced today it has entered into
a 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.
"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."
About BVR Systems 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.
Contact:
Ilan Gillies - CEO
BVR Systems (1998) Ltd.
Tel +972-3-900-8000
SOURCE BVR Systems (1998) Ltd.
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