Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) will supply its SkyEdge II network to Cable & Wireless Panama SA to deliver broadband Internet to hundreds of schools in remote areas nationwide. Gilat did not disclose the value of the deal, but market sources estimate it at $1.2 million.
Cable & Wireless Panama is the country's largest telecommunications operator. Gilat will provide equipment, technical support, assisted network operations, and training. The new network will enable students in rural Panama to enjoy an enhanced educational experience through interactive learning programs and other Internet applications.
Cable & Wireless Panama already uses a Gilat SkyEdge network to provide telephony and Internet services to more than 450 communities in rural Panama.
Gilat EVP sales Guy Moskowitz said, "Gilat's SkyEdge II network will enable Cable & Wireless Panama to benefit from the platform's highly efficient use of the satellite link while providing an advanced, high-performance and reliable solution to Panama's schools. We are pleased to once again partner with Cable & Wireless Panama, this time to enhance the quality of education for students throughout the country."
Gilat's share closed at $4.30 on Nasdaq yesterday, giving a market cap of $172 million. The share rose 2.9% on the TASE today to NIS 16.47.
Published by Globes [online], Israel business news - www.globes-online.com - on October 8, 2009
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