IAI, Synergy Group to announce joint venture at LAAD 2009

Israel Aerospace Industries (IAI) will present its advanced defense solutions and systems at the biennial Latin American Aerospace and Defense (LAAD) trade show in Rio De Janeiro Brazil, to be held from April 14 to 17, 2009. At this year's show, IAI and Synergy Group Corporation will make an announcement regarding their Joint Venture (JV) company in Brazil. The JV will develop, integrate, and support a wide range of defense and aerospace products, and will provide commercial aviation services. Mr. Itzhak Nissan, President and CEO of IAI, and Mr. German Efromovich, President and CEO of Synergy Group, have agreed to establish a company to work in Brazil and other potential markets in Latin America in June 2008. The establishment of the JV follows a fruitful working relationship between the two companies. The new company will also coordinate local work for IAI and other defense, maritime and aerospace programs in Latin America, and will establish local capabilities to best support the company’s customers. The company will also look to expand its scope of activities via the acquisition of local companies and technology transfer and co-development programs. Mr. Yair Shamir, IAI's Chairman of the Board, said: “IAI believes the Brazilian civil and military markets are a strategic objective, and the decision to establish the JV together with an essential partner like Synergy is proof of this perception". Mr. German Efromovich, said: “Through the joint company established with IAI, Synergy adds another important layer to the quality of its industrial companies, and broadens its aerospace group in both the civil and the defense sectors. Synergy finds in IAI a staunch ally that acts with us to develop and strengthen the local technology industry". Mr. Itzhak Nissan said: "IAI brings Brazil the most advanced technology, along with IAI's networking in the international market (TATA in India, IAINA in the United States, and significant cooperative endeavors in Europe) which our Brazilian joint venture is already joining". The JV will offer Advanced Defense Systems, such as Unmanned Aerial Vehicles (UAVs), Multi Mission Transporters, mission and fighter aircraft upgrades, intelligence surveillance and reconnaissance (ISR) advanced systems, radars, and more.