14 Jan 10. American Technology Corporation (ATC) (NASDAQ:ATCO – News), the innovator and distributor of the Long Range Acoustic Device(TM) (LRAD) product line, today announced that it has filed with the Securities and Exchange Commission (SEC) a preliminary proxy statement pursuant to which it intends to propose to its shareholders changing its name to LRAD Corporation and has nominated Helen C. Adams to be elected as an independent member of its board of directors. (Source: Google)
25 Jan 10. Elbit Systems Ltd. (NASDAQ: ESLT) announced today, further to its announcement on November 12, 2008, that on January 24, 2010 a merger agreement was signed with Azimuth Technologies Ltd. (“Azimuth”) under which it will acquire the balance of Azimuth’s shares. In November 2008, Elbit Systems purchased 19% of Azimuth’s shares. Under the newly signed agreement Elbit Systems’ wholly owned subsidiary, Elbit Security Systems Ltd., will purchase the balance of Azimuth’s shares from Azimuth’s shareholders for a price of approximately $46.5m (173m shekels). In the event that prior to the merger Azimuth distributes a dividend in the amount of approximately $5.4m (20m shekels), the above mentioned consideration will be reduced by approximately $4.3m (16m shekels). Under the terms of the merger agreement an amount of approximately $3.2m (12m shekels) of the above mentioned consideration will be held by a trustee for the purpose of indemnifying Elbit in accordance with the terms of the agreement and will be distributed, in whole or in part, to the shareholders at a later date as provided in the agreement. The closing of the transaction is subject to approval by a general meeting of Azimuth’s shareholders as well as approval by the Israeli Antitrust Authority.
Jan 10. Two investment companies, Irish and German, will ask a Dutch court for a probe into the running of European aerospace giant EADS, the court said Monday. The companies tribunal in Amsterdam will hear an application by Irish Life Investment Managers (ILIM) and Deka Investment for it to “order an investigation into the policies and affairs of the European Aeronautic Defence and Space Company,” a court statement said.
The parties were also seeking certain “immediate measures” but the tribunal refused to give further details. The Financial Times Deutschland reported on Monday that the two companies would seek compensation for losses suffered when EADS share values fell because of delays in the construction of the Airbus A400M, a military transport, and of the A380 super-jumbo. Lawyers for the companies would not comment. Deka Investment is a Frankfurt-based privately owned investment manager with savings banks, insurance companies and pension funds as clients.ILIM manages assets on behalf of multinational corporations, charities and domestic companies. (Source: Google)
29 Jan 10. Finmeccanica, Italy’s defence and industrial conglomerate, on Friday said it would lay off 1,500 workers, mostly in its aerospace business, as it trimmed its 2010 profit forecast. The announcement came as Italy reported that unemployment in December had climbed to its highest levels in more than five years, to a seasonally adjusted 8.5 per cent. Shares in Rome-based Finmeccanica fell about 3 per cent in early trading to their lowest level in six months, following its statement reducing guidance on Thursday night. Executives told a Friday conference call that 2009 had proved to be “much tougher” and that 2010 would be “more difficult” than expected. Earnings for 2010 before interest, tax and amortization were forecast to reach €1.52bn to €1.6bn, down from a previous forecast of €1.65bn to €1.76bn.Finmeccanica, which employs more than 73,000 people worldwide and is the UK’s
second-largest defence contractor, said the temporary lay-offs would come mainly in Italy in the space, aeronautics and defence electronics sectors. It said the duration of the lay-offs had not been decided and it was possible that s