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BVR Systems Announces Receipt of Notice From Milestones Upgrading & Industries Company Ltd.

Posted on: Monday, 4 May 2009, 04:59 CDT

ROSH HA'AYIN, Israel, May 4 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTC: BVRSF), announced today, further to its announcement dated March 3, 2009, that Milestones Upgrading & Industries Company Ltd., an investment company managed by Messers. Oded and Ron Tira, has completed a due diligence review and has not provided any comments to the company in connection therewith, and that the company and Milestones have reached a form of a definitive agreement acceptable to both parties; however, Milestones has informed the company, on Sunday, May 3, 2009, that Milestones has encountered technical difficulties that may come in the way of moving forward with their investment in the company and stated that in order to ascertain if Milestones is able to resolve these difficulties they request an extension of the negotiation period detailed in the Agreement in Principle entered into between the parties on March 3, 2009. In view of the above the company is considering its further actions.

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.

SOURCE BVR Systems (1998) Ltd.

Source: PR Newswire

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