Countrywide Home Loans Extends Agreement For Broadband Training Network With Gilat's Spacenet Subsidiary.Business Editors/High-Tech Writers PETAH TIKVA, Israel--(BUSINESS WIRE)--Nov. 25, 2003 Fortune 500 financial company extends pact with Spacenet for VSAT (Very Small Aperture satellite Terminal) A small earth station for satellite transmission that handles up to 56 Kbits/sec of digital transmission. VSATs that handle the T1 data rate (up to 1.544 Mbits/sec) are called "TSATs. network at 500 sites Gilat Satellite Networks Gilat Satellite Networks is a publicly-traded Israeli company (NASDAQ: GILT. TASE) Gilat designs, develops and markets satellite and hybrid networking products, services and solutions to operators in 85 countries. Ltd. (Nasdaq:GILTF) today announced that Countrywide Home Loans, Inc., a national leader in residential finance, has renewed its agreement with Gilat's US subsidiary, Spacenet Inc., for its 500-site nationwide satellite-based data network. Countrywide Home Loans initially contracted with Spacenet in June 1999 for a satellite network to support Interactive Distance Learning (IDL (1) (Interface Definition Language) A language used to describe the interface to a routine or function. For example, objects in the CORBA distributed object environment are defined by an IDL, which describes the services performed by the object and how the data ) applications at its home mortgage offices around the country. Based on the consistently strong performance of the Gilat Skystar Advantage VSAT platform, Countrywide recently expanded the capacity of its Spacenet network to support multiple concurrent training sessions. "Countrywide's decision to extend its agreement with Spacenet was an easy choice for us," said Al Tappe, executive vice president for Countrywide Home Loans' Consumer Markets Division. "The application has been a tremendous asset to our organization. Spacenet's customer support and service have been excellent. Their network applications have demonstrated Spacenet's capability to accommodate our evolving business needs well into the future." "Spacenet's number one priority is ensuring our customer's business needs are served in a superior manner and that they enjoy a long and effective return on their investment," said Spacenet Vice President of Sales and Marketing David Shiff. "Achieving this goal requires that we continue to advance our technology such that it can readily accommodate the evolving needs of the marketplace and that we deliver our service with superior responsiveness and support. Countrywide's decision to extend their contract with us is a strong indication that customers value our attention and responsiveness to their needs." About Countrywide Home Loans, Inc. Founded in 1969, Countrywide Financial Countrywide Financial Corporation (NYSE: CFC) is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. Corporation (NYSE NYSE See: New York Stock Exchange :CFC CFC See: Controlled foreign corporation ) is a member of the S&P 500, Fortune 500 and Forbes 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime-quality loans. The company is headquartered in Calabasas, California Calabasas is a city in Los Angeles County, California, in the western United States. As of the 2000 census, the city population was 23,123. The city was formally incorporated in 1991. and has more than 30,000 employees with over 500 offices. For more information about the company, visit Countrywide's web site at www.countrywide.com. About Spacenet Spacenet Inc. provides two-way satellite-based broadband networking solutions throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. under the Connexstar brand. Spacenet offers connectivity, provisioning, operations and maintenance services to enterprise and government customers, including some of the largest satellite-based networks in the world. Spacenet is based in McLean, Virginia McLean is an unincorporated community located in Fairfax County in Northern Virginia. A small geographic area along Chain Bridge Road in Arlington County has a 22101 zip code and is also part of McLean. , and is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Gilat Satellite Networks, Ltd. Visit Spacenet at www.spacenet.com. About Gilat Satellite Networks Ltd. Gilat Satellite Networks Ltd., with its global subsidiaries Spacenet Inc., Gilat Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and rStar Corporation (RSTRC), is a leading provider of telecommunications solutions based on Very Small Aperture Terminal (communications) Very Small Aperture Terminal - (VSAT) A kind of ground station used to contact a communications satellite such as INMARSAT. (VSAT) satellite network technology -- with nearly 400,000 VSATs shipped worldwide. Gilat, headquartered in Petah Tikva, Israel, markets the Skystar Advantage(R), DialAw@y IP(TM), FaraWay(TM), Skystar 360E(TM) and SkyBlaster(a) 360 VSAT products in more than 70 countries around the world. Gilat provides satellite-based, end-to-end enterprise networking and rural telephony solutions to customers across six continents, and markets interactive broadband data services. Gilat is a joint venture partner with SES GLOBAL, and Alcatel Space and SkyBridge LP, subsidiaries of Alcatel, in SATLYNX, a provider of two-way satellite broadband services in Europe. Skystar Advantage, Skystar 360E, DialAw@y IP and FaraWay are trademarks or registered trademarks of Gilat Satellite Networks Ltd. or its subsidiaries. Visit Gilat at www.gilat.com. ((a)SkyBlaster is marketed in the United States by StarBand Communications Inc. under its own brand name.) Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and 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. |
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