Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) has won a new $18.5 million Colombian Ministry of Information Technology and Telecommunication contract to provide broadband Internet connectivity to 1,676 schools in rural areas. The company will begin deployment of its SkyEdge II terminal systems next year and conclude it by mid-2013.
The network is part of a national bid by seven companies to provide broadband Internet connectivity to over 6,800 schools nationwide. The program is part of the Colombian government's ongoing efforts to reduce the communication gap in Colombia, and further investment in improved access to advance communications services in schools.
Gilat chairman and CEO Amiram Levinberg said, "Gilat has been at the forefront of delivering communication services in Colombia for over a decade, and we are proud to be able to continue this important work and be a valid contributor to improving the lives of children across rural areas.
Gilat's share price rose 3.3% by mid-afternoon on the TASE today to NIS 14.89, after falling 2.1% on Nasdaq yesterday to $3.79, giving a market cap of $151 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 20, 2011
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