PETAH TIKVA, Israel, July 29,
2019 /PRNewswire/ -- Gilat Satellite Networks Ltd. (NASDAQ:
GILT) (TASE: GILT), a worldwide leader in satellite networking
technology, solutions and services, announced today that it has
reached a critical milestone in Peru with approval to enter the operational
phase of the three-region telecom project awarded in 2015 for an
aggregate value of $285M. This phase
enables the start of delivery of broadband internet services to
over half a million people in the three regions. Entering the
operational phase will enable Gilat to unlock access to revenue of
~$12M per annum of operations fees,
for a period of ten years, as well as to start selling services
over the network.
"I am most pleased to receive approval from the government of
Peru, to enter into the operational phase of the projects in
Huancavelica, Ayacucho & Apurimac," said Arieh Rohrstock,
General Manager Gilat Peru and
Corporate VP. "This significant milestone marks the realization of
our objective to turn Peru into a source of secure, multi-year,
profitable revenue, both from operational fees as well as the sale
of additional services over the network, as we deliver on our
corporate values of contributing to bridging the digital divide in
Peru and worldwide."
The inauguration events in Peru
for start of delivery of broadband internet in support of social
development, e-health and e-learning were widely celebrated in the
presence of Peru's President, the Transport & Communications
Ministry and the Regional Governments. The huge project will supply
connectivity to one thousand towns in the three regions, through
the deployment of almost 5,000 km of fiber optic and the use of
Information and Communication Technologies (ICT). The network will
also provide cellular backhaul to allow mobile network operators to
reach distant villages for 3G/4G broadband mobile services to
satisfy the need for the same mobile connectivity services as in
the urban regions. Furthermore, during the project's operation,
over 4,000 representatives of schools, health, post and police
stations will receive training. See service inauguration video in
Huancavelica: https://youtu.be/A5EYjTXdC7o
The President of Peru, Martin
Vizcarra said in the inauguration speech: "We are committed
to working on the physical roads that connect us with cars, trucks
and buses, but we need to move forward in the technological race as
well, which is optic fiber, the broadband that through a wire,
carries the knowledge."
In the inauguration ceremony in Apurimac the Transport and
Communications Minister discussed the focus on delivery of internet
for the children's health and safety, and commended Gilat as
follows: "I want to emphasize that the collaboration of the
government with the private company, Gilat, brought about the
successful fiber optic project, and that without Gilat's
commitment, work and faithful fulfillment of responsibilities the
state could not make this project happen," said MarĂa Jara,
Minister, Transport and Communications.
About Gilat
Gilat Satellite Networks Ltd. (NASDAQ:
GILT) (TASE: GILT) is a leading global provider of satellite-based
broadband communications. With 30 years of experience, we design
and manufacture cutting-edge ground segment equipment, and provide
comprehensive solutions and end-to-end services, powered by our
innovative technology. Delivering high value competitive solutions,
our portfolio comprises of a cloud based VSAT network platform,
high-speed modems, high performance on-the-move antennas and high
efficiency, high power Solid State Amplifiers (SSPA) and Block
Upconverters (BUC).
Gilat's comprehensive solutions support multiple applications
with a full portfolio of products to address key applications
including broadband access, cellular backhaul, enterprise,
in-flight connectivity, maritime, trains, defense and public
safety, all while meeting the most stringent service level
requirements. Gilat controlling shareholders are the FIMI Private
Equity Funds. For more information, please visit: www.gilat.com
Certain statements made herein that are not historical are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. The words "estimate", "project",
"intend", "expect", "believe" and similar expressions are intended
to identify forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties. Many
factors could cause the actual results, performance or achievements
of Gilat to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements, including, among others, changes
in general economic and business conditions, inability to maintain
market acceptance to Gilat's products, inability to timely develop
and introduce new technologies, products and applications, rapid
changes in the market for Gilat's products, loss of market share
and pressure on prices resulting from competition, introduction of
competing products by other companies, inability to manage growth
and expansion, loss of key OEM partners, inability to attract and
retain qualified personnel, inability to protect the Company's
proprietary technology and risks associated with Gilat's
international operations and its location in Israel. We undertake no obligation to update
or revise any forward-looking statements for any reason. For
additional information regarding these and other risks and
uncertainties associated with Gilat's business, reference is made
to Gilat's reports filed from time to time with the Securities and
Exchange Commission.
Contact:
Gilat Satellite Networks
Doreet Oren, Director Corporate
Communications
DoreetO@gilat.com
Comm-Partners LLC
June
Filingeri, President
+1-203-972-0186
JuneFil@optonline.net
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SOURCE Gilat Satellite Networks