GE Spacenet triples commitment to Gilat for Skystar Advantage Terminals.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)--Sept. 6, 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) announced today further details concerning its Equipment Purchase Agreement with GE Capital Spacenet Services Inc. (GE Spacenet) which was extended to Dec. 31, 1997, as previously reported in July of this year. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the agreement, from Jan. 1, 1995 until Dec. 31, 1997, GE Spacenet commits to purchase from Gilat a minimum of 18,400 Skystar Advantage 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. terminals. (This figure more than triples the original commitment of 5,000 VSAT terminals, which Spacenet agreed to purchase from Gilat between Jan. 1, 1992 and Dec. 31, 1994). Under the terms, Gilat also commits to sell a minimum number of Skystar Advantage VSAT terminals through its marketing efforts outside the U.S. in coordination with GE Spacenet. President of GE Spacenet Gino Picasso, stated, "Gilat's highly reliable products enable us to offer our customers VSAT technology of superior quality and outstanding value." Gilat chairman of the board and chief executive officer Yoel Gat added, "We are pleased to see our relationship with GE Spacenet continue to strengthen. We believe that Spacenet's commitment and aggressiveness represent an important growth vehicle for Gilat in the years to come." GE Spacenet, a GE Capital company, is a world leader in satellite-based VSAT communications networks and services and a subsidiary of GE Americom. GE Americom is a leading satellite service supplier which operates one of the world's largest satellite fleets. GE Capital is a 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 company active in equipment management, mid-market financing, specialized financing, specialty insurance and consumer services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, . GE is a diversified manufacturing, technology and services company worldwide. 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 and related hub equipment and software. Gilat products are incorporated into telecommunications networks which provide satellite-based communications between a central location ("hub") and a large number of geographically dispersed sites. Skystar Advantage(TM) is a trademark of GE Capital Spacenet Services Inc. TwoWay(TM) VSAT is a trademark of Gilat Satellite Networks Ltd. CONTACT: Gilat Satellite Networks Yoav Leibovitch, 972-3-645-4222 or Ruder Finn Inc. Robert D. Ferris or Peter Kohn 212/715-1573/212/593-6321 |
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