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| Globecomm Systems Awarded Satellite Ground Terminals Contract for $2.4 Million |
HAUPPAUGE, N.Y., Jul 12, 2011 (BUSINESS WIRE) -- Globecomm Systems Inc. (NASDAQ: GCOM), a leading global provider of communications solutions and services, announced today that the Company has been awarded a contract amendment from a multi-national organization for transportable satellite ground terminals, valued at approximately $2.4 million. This contract amendment changes the technical solution for the vehicles supplied under this contract. Globecomm previously announced approximately $29.5 million in contracts for the design and development of the system, bringing the combined contract value to approximately $31.9 million. Globecomm has recognized $5.8 million in revenue under the contract. Paul Knudsen, Vice President of Eastern Atlantic, said: "Globecomm is proud to support the continuing needs of the customer. This contract continues to demonstrate our sustained ability to provide high quality communication services." About Globecomm Systems Globecomm Systems Inc., or Globecomm, is a leading global provider of satellite-based managed network solutions. Employing our expertise in emerging communication technologies we are able to offer a comprehensive suite of system integration, system products, and network services enabling a complete end-to-end solution for our customers. We believe our integrated approach of in-house design and engineering expertise combined with a world-class global network and our 24 by 7 network operating centers provides us a unique competitive advantage. We are now taking this value proposition to selective vertical markets, including government, wireless, media, enterprise, and maritime. As a network solution provider we leverage our global network to provide customers managed access services to the United States Internet backbone, video content, the public switched telephone network or their corporate headquarters, or government offices. We currently have customers for which we are providing such services in the United States, Europe, South America, Africa, the Middle East, and Asia. Based in Hauppauge, New York, Globecomm also maintains offices in Maryland, New Jersey, Virginia, the Netherlands, South Africa, Hong Kong, Germany, Singapore, the United Arab Emirates and Afghanistan. This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on management's current expectations and observations. You should not place undue reliance on our forward-looking statements because the matters they describe are subject to certain risks, uncertainties and assumptions that are difficult to predict. Our forward-looking statements are based on the information currently available to us and speak only as of the date of this press release. Over time, our actual results, performance or achievements may differ from those expressed or implied by our forward-looking statements, and such differences might be significant and materially adverse to our security holders. We have identified some of the important factors that could cause future events to differ from our current expectations and they are described in our most recent Annual Report on Form 10-K, including without limitation under the captions ''Risk Factors'' and ''Management's Discussion and Analysis of Financial Condition and Results of Operations,'' and in other documents that we may file with the SEC, all of which you should review carefully. Please consider our forward-looking statements in light of those risks as you read this press release. SOURCE: Globecomm Systems Inc. Globecomm Investor Relations |
Globecomm provides specialized communications products to support its global service offerings for media, wireless, government, maritime and enterprise customers.
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