Satellite communications systems developer Orbit Technologies Ltd. (TASE:ORBI) has received an unprecedented NIS 51 million in follow-on order believed to be from the Indian Navy, just a week after receiving an initial NIS 23 million order. The combined orders, worth NIS 74 million, are for the delivery of marine broadband satellite communications systems.
Orbit president and CEO Avi Cohen said, "I am proud about the completion of both parts of this tender, which is an important milestone for the company." He added, "These contracts have additional important positive effects, one of which is our ability to leverage the contract to win more order from this and other customers."
Orbit will supply several large OrSat G broadband satellite communications systems, which operate in the Ku-Band and C-Band frequencies. The contracts include installation and maintenance services for several years.
Orbit's systems are in use with more than 20 navies worldwide.
Orbit's share price rose 0.5% in early trading on the TASE to NIS 20.24, giving a market cap of NIS 177 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 25, 2010
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