Shares of Global Invacom QS9 Group, which provides satellite ground network equipment, surged following an announcement that has been awarded a contract to supply its latest military-grade, Iridium/GPS Repeater System to the US Navy.
The contract value is not disclosed in the company's announcement.
The company says that "barring unforeseen circumstances" there will be a "positive contribution to its earnings" but not on its current FY ending Dec 31 2023.
The system is designed to provide GPS and satellite communications coverage to sub-deck and sub-terranean facilities.
“The Iridium/GPS Repeater System is an important addition to our solution portfolio, enabling us to extend satellite coverage to facilities on land and sea, where it helps optimize our response readiness and the security of our staff and assets,” says Frank Montgomery, Project Engineer for the US Navy.
“Working with the US Navy and several other military clients helped us optimize a product platform that is fit for multiple deployment scenarios, " says Yaakov ben-Harosh, managing director of Global Foxcom, the unit of Global Invacom.
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"But it’s not just about the product, no two military use cases are identical, so our planning and modelling services are an integral part of the overall solution,” he adds.
Global Invacom ended the day at 4.6 cents, up 17.95%.
