Gilat Satellite Networks Ltd - GILT STOCK NEWS

Gilat Satellite Networks announced a multi-million-dollar follow-on order for high-speed modems from SES, enhancing their partnership. This order for high-throughput modems aims to provide multi Gbps connectivity targeting high-end services over SES's O3b and O3b mPOWER MEO constellations. The modems will enable SES to offer fiber-equivalent services for government and enterprise solutions. Amir Yafe, Head of Global Accounts at Gilat, emphasized the importance of this collaboration in meeting the increasing demand for low-latency global broadband connectivity.

Gilat Satellite Networks announced the appointment of retired Brigadier General Eyal Zelinger as Global Defense Vice President and General Manager, effective December 1, 2020. Zelinger brings over 30 years of experience from the Israel Defense Forces, where he held key roles related to IT systems and cyber defense. This move aims to strengthen Gilat's Defense segment and expand its market reach globally, highlighting the company's focus on enhancing its position in the SATCOM defense sector.

Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT) has declared a cash dividend of $0.36 per share, totaling approximately $20 million, to be distributed on December 2, 2020. Shareholders of record on November 12, 2020 will receive this payment. Furthermore, the company plans to file for court approval for an additional cash dividend of $35 million, and updates are expected in November. This decision follows the receipt of a termination payment from Comtech, with Gilat maintaining a healthy financial position of $140 million in net cash.

Gilat Satellite Networks (NASDAQ: GILT) announced its cellular backhaul solution is operational for 5G architecture after successfully demonstrating 5G traffic transmission over Thaicom's GEO HTS satellite. The live tests showcased superior performance, achieving download speeds of 400 Mbps and upload speeds of 100 Mbps, surpassing terrestrial connections. The Capricorn PLUS VSAT was utilized in demonstrations with multiple applications, further strengthening partnerships with mobile network operators (MNOs) for future 5G deployments.

Gilat Satellite Networks announced significant multi-million-dollar orders from the US Department of Defense for its subsidiary Wavestream's high-power 50W Ka-band Block Upconverter (BUC). This BUC is recognized as the most widely deployed solid state amplifier at this power level. Wavestream has provided military communication support since 2007, leveraging its unmatched production capacity and innovation. This contract reinforces military customer trust in Wavestream’s ability to meet high standards in ruggedization and RF specifications.

Gilat Satellite Networks (NASDAQ: GILT) announced a $20 million contract renewal and expansion with a Tier-1 MNO in the U.S. This three-year agreement positions Gilat as the sole vendor for LTE backhauling and disaster recovery, replacing existing satellite technologies. Gilat's success stems from its expertise in managed services and advanced LTE technology, ensuring a seamless transition to 5G. This contract reflects Gilat's growing influence in the market, confirming its commitment to providing high-quality services and innovative solutions.

Gilat Satellite Networks Ltd. (NASDAQ: GILT) will release its third quarter 2020 financial results on November 10, 2020, at 09:30 AM EST. Following the release, a conference call will be held to discuss the results and business achievements. Interested parties can join via dial-in or through a live webcast on Gilat's website. A replay of the conference call will be available from November 10, 2020, at 12:00 PM EST to November 13, 2020. Gilat provides satellite-based broadband communications solutions and has over 30 years of industry experience.

Gilat Satellite Networks has secured a three-year managed service contract for cellular backhaul over satellite from Southern Linc. This innovative contract utilizes Gilat's patented GTP acceleration technology and the SkyEdge II-c platform to enhance 4G cellular service in remote areas and during emergencies. The agreement addresses Southern Linc’s high-reliability requirements for both fixed and mobile network assets, extending coverage and providing critical backup for terrestrial sites.

On October 5, 2020, Comtech Telecommunications and Gilat Satellite Networks announced the termination of their merger agreement initially established on January 29, 2020. The merger was shelved due to complications arising from the COVID-19 pandemic. Comtech will pay Gilat $70 million as part of the settlement which also resolves ongoing litigation in the Delaware Court of Chancery. Board approvals were obtained for both companies, and the trial set to begin was cancelled as part of the agreement.