Globecomm Systems, a global provider of end-to-end satellite-based communications solutions, Tuesday announced that one of its customers has completed the financing process related to implementing a previously announced $15 million contract.
On January 13, 2003, Globecomm announced the receipt of a $15 million contract from one of its European customers. The start of the project was subject to the customer’s finalization of Export Import bank financing, which has now been completed. The contract is now fully funded and the Company will begin the project work immediately.
Under the terms of the contract, Globecomm will modernize an existing facility enabling its customer to provide state of the art services in the region, including Internet access via satellite and international voice with countrywide distribution.
The modernization of the facility includes upgrades of existing ground infrastructure equipment, supplying new ground systems, microwave distribution capabilities, and training and support services.
David Hershberg, CEO of Globecomm Systems said, “We are pleased to announce that our customer has completed the financing arrangements for this important project. Globecomm has been working with the customer on achieving this milestone for over six quarters.”
“As we previously announced, this contract has not previously been included in the Company’s backlog. We look forward to working with the customer on this major contract, as well as working to achieve a possible separate agreement for the provisioning of Voice Over Internet Protocol and Internet services.”
