Gilat Extends Multi-Million Dollar IoT Project in Latin America

Rhea-AI Summary

Gilat Satellite Networks (Nasdaq: GILT, TASE: GILT) announces the expansion of its IoT project in Latin America with a Tier-1 mobile network operator. The multi-million dollar initiative enhances the Agriculture IoT network through Gilat's 4G cellular backhaul solution, improving communication between fields and offices, thus supporting real-time monitoring of agricultural machinery. This advancement aims to increase productivity in rural farming, aligning with the growing demand for IoT solutions in agribusiness.

Positive

• Expansion of IoT project with a Tier-1 MNO enhances Gilat's market presence.
• 4G cellular backhaul solution improves agribusiness productivity in rural Latin America.

Negative

• None.

Tier-1 MNO extends coverage of Gilat's cellular backhaul solution as it expands its Agriculture IoT network

PETAH TIKVA, Israel, May 26, 2021 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (Nasdaq: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today the extension of its multi-million dollar IoT project in Latin America. Tier-1 MNO extends coverage of Gilat's cellular backhaul solution as it expands its Agriculture IoT network.

The Agribusiness IoT market addresses a critical need to better provide communication between the field and the office. Gilat provides the 4G network expansion to support the growing business with connectivity of machines that require real-time control and monitoring of harvesters and agricultural tractors. This ensures cost-effective decisions, better crop management and greater speed, efficiency and productivity in the production flow.

"Gilat's leading 4G cellular backhaul solution supports applications such as the exciting IoT market,” said Michal Aharonov, Senior Vice President Global Broadband Networks at Gilat. "We are proud to further solidify our partner's IoT Agribusiness network delivering increased productivity to the farming industry in rural Latin America."

About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With 30 years of experience, we design and manufacture cutting-edge ground segment equipment, and provide comprehensive solutions and end-to-end services, powered by our innovative technology. Delivering high value competitive solutions, our portfolio comprises of a cloud based VSAT network platform, high-speed modems, high performance on-the-move antennas and high efficiency, high power Solid State Amplifiers (SSPA) and Block Upconverters (BUC).

Gilat’s comprehensive solutions support multiple applications with a full portfolio of products to address key applications including broadband access, cellular backhaul, enterprise, in-flight connectivity, maritime, trains, defense and public safety, all while meeting the most stringent service level requirements. Gilat controlling shareholders are the FIMI Private Equity Funds. For more information, please visit: www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act 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, risks associated with the outbreak and global spread of the coronavirus (COVID-19) pandemic; 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 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. We undertake no obligation to update or revise any forward-looking statements for any reason.

Contact:
Gilat Satellite Networks
Doreet Oren, Director Corporate Communications
DoreetO@gilat.com

GK Investor and Public Relations
Ehud Helft, Managing Partner
ehud@gkir.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5cd579a-e190-4dab-ae02-27df64d1a469

FAQ

What is the recent development regarding Gilat (GILT) in Latin America?

Gilat announced the expansion of its multi-million dollar IoT project in Latin America with a Tier-1 MNO to enhance its agricultural IoT network.

How does Gilat's new cellular backhaul solution impact agriculture?

The new 4G cellular backhaul solution improves communication for real-time monitoring of agricultural equipment, leading to better productivity and efficiency.

What is the significance of the partnership with the Tier-1 MNO for Gilat?

The partnership extends Gilat's cellular backhaul coverage, strengthening its position in the growing Agribusiness IoT market.