GE SPACENET ORDERS LARGEST GILAT TWO-WAY NETWORK EVER.TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel--(BUSINESS WIRE)--July 11, 1995--Gilat Satellite Networks Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : GILTF) reported today that an order was received from GE Spacenet for a TwoWay 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. hub station and 3000 remote sites to be used for credit card authorization at a major U.S. gas station chain. This contract represents the Company's largest single TwoWay order to date. Gilat also received its largest single order for its OneWay VSAT product, recently. The combined value of both these orders is over US$10 million to Gilat, with delivery scheduled for 1995 and 1996. Yoel Gat, president and chief executive officer of Gilat, commented, "We are pleased that Spacenet has delivered such a significant order so early in our relationship; clearly, our close cooperation with GE has begun to bear fruit." In unrelated news, the Company announced that effective today its President and Chief Executive Officer, Yoel Gat, will assume the position of Chairman of the Board of Directors and continue as Chief Executive Officer. Amiram Levinberg will assume the office of President and continue as Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Shlomo Tirosh, who is to be replaced as Chairman by Mr. Gat, will remain on the Board of Directors. GE Spacenet (GE Capital Spacenet Services, Inc.), a subsidiary of GE American Communications, Inc. of the GE Capital Group, is a world leader in VSAT satellite communications networks and services. 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. designs, develops, manufactures, markets and supports 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 earth stations, hub equipment and related software. Gilat products include interactive, as well as receive-only, VSATs for data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , and satellite-based rural telephony networks. The Company targets customers which have a large number of remote sites spread over a wide geographical area. -0- TwoWay VSAT is a trademark of Gilat Satellite Networks Ltd. Skystar Advantage is a trademark GE Capital Spacenet Services, Inc. (GE Spacenet) CONTACT: Ruder Finn, Inc. Robert D. Ferris, Peter Kohn, 212/715-1573 or Gilat Satellite Networks, Tel Aviv, Israel Yoav Leibovitch, 972-3-645-4222 |
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