Gilat Achieves Critical Milestone in Peru with Approval to Enter Operational Phase, Unlocking Access to Recurring Revenue of ...
April 29 2021 - 8:45AM
Gilat Satellite Networks Ltd. (NASDAQ, 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 telecom project
awarded in 2015 for an aggregate value of $108M.
This phase enables the start of delivery of broadband internet
services to over a million and a half people in Cusco. Entering the
operational phase will enable Gilat to unlock access to recurring
revenue of multi million dollars per annum of operations fees, for
a period of ten years, as well as to continue selling services over
the network.
Furthermore, during the project’s operation, over 600
representatives of schools, health, post and police stations will
receive training, and 71 hot spots will be established in public
spaces to provide internet to the population.
“I am most pleased to receive approval from the government of
Peru, to enter into the operational phase of our project in Cusco,”
said Arieh Rohrstock, General Manager Gilat Peru and Corporate SVP.
"We are delighted with this remarkable milestone that will boost
our profitability both from operational fees as well as services
over the network while delivering on our corporate value of
contributing to bridging the digital divide in Peru."
About GilatGilat 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, risks
associated with the outbreak and global spread of the coronavirus
(COVID-19) pandemic; 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. 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. We undertake no obligation to update or revise any
forward-looking statements for any reason.
Contact:Gilat Satellite NetworksDoreet Oren,
Director Corporate CommunicationsDoreetO@gilat.com
GK Investor and Public RelationsEhud Helft, Managing
Partnerehud@gkir.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9246cd28-f76e-467f-ba1e-d9f25bb15cab
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