Gilat Awarded Over $10 Million for a Five-Year Service Project for 4G Backhaul Services in Latin America
August 10 2020 - 7:06AM
Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide
leader in satellite networking technology, solutions and services,
announces the award of over $10 Million for a five-year service
project for 4G backhaul services in Latin America. The contract
calls for providing coverage to half a million people in hundreds
of sites in rural areas, with significant expansion potential
valued at additional tens of millions of dollars over time.
Gilat is working closely with the government and the private
sector to provide connectivity this year to hundreds of villages
via the 4G network. Gilat is heavily engaged in supplying the
population with broadband connectivity and access to applications
such as e-health and e-education. Furthermore, four hundred
additional villages are expected to be connected next year.
"This contract is an important milestone and a vote of
confidence in Gilat's abilities to both improve internet speeds and
extend coverage to hundreds of rural villages," said Adi Sfadia,
Gilat's interim CEO. "Gilat is proud to play a significant role in
closing the digital divide that is aligned with our vision to
better the lives of people in Latin America as well as
worldwide."
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. In addition,
there is uncertainty about the spread of
the COVID19 virus and the impact it will have on the
Company’s operations, the demand for Company’s products, global
supply chains and economic activity in general. These and other
risks and uncertainties are detailed in the Company’s Securities
and Exchange Commission filings. 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
DoreetO@gilat.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/209e89bb-d2fd-4180-922b-ee4b33ccf0ef
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