PETAH TIKVA, Israel, Nov. 29, 2010 (GLOBE NEWSWIRE) -- Gilat Satellite
Networks Ltd. (Nasdaq:GILT), a worldwide leader in satellite networking
technology, solutions and services, has completed its previously
announced acquisition of Wavestream Corporation. Wavestream, a leading
provider of high power solid state amplifiers, was acquired for
approximately $130M and an earn-out over the next 12 months of up to
$6.8M.

Wavestream's family of Ka, Ku, X and C-band Solid State Power
Amplifiers (SSPA) and Block Upconverters (BUC) provide systems
integrators with field-proven, high performance solutions designed for
mobile and fixed satellite communication (SATCOM) systems worldwide.
The company's products have been selected as key components in a number
of DoD programs and it has an extensive tier-1 customer list of DoD
system integrators. Gilat expects to leverage Wavestream's technology
and sales reach to further enhance its market position in the
government sector.

Wavestream is expected to generate revenues of approximately $70
million in 2010 and have a positive EBITDA of between 15 and 20%. The
acquisition is expected to be accretive.

"Wavestream is a leader in high power SSPA technology and the
acquisition is a good fit to Gilat's strategy to enter the Defense
market," stated Amiram Levinberg, Gilat's CEO and Chairman of the
Board. "Wavestream's business has grown and been profitable these last
two years and we look forward to continuing and developing their
successful performance."

Wavestream will operate as a separate business unit. Wavestream's
highly experienced management team has agreed to stay with the company
and Cliff Cooke will remain CEO of Wavestream, reporting to Amiram
Levinberg.

"Gilat is a leading player in the SATCOM industry, and we are proud to
join it. I am looking forward to the synergies between Wavestream and
Gilat's international and domestic US business," said Cliff Cooke,
Wavestream's CEO.

About Gilat Satellite Networks

Gilat Satellite Networks Ltd. is a leading provider of products and
professional services for satellite-based broadband communications
networks worldwide. Gilat was founded in 1987 and has shipped over
750,000 Very Small Aperture Terminals (VSATs) to more than 85 countries
across six continents. Gilat's headquarters is located in Petah Tikva,
Israel. The Company has 16 sales and service offices worldwide. Gilat
markets a full line of high-performance VSATs under the SkyEdge(TM) and
SkyEdge II Product Family. Gilat provides an expansive range of low
profile antennas for satellite on the move application, under the name
RaySat Antenna Systems and the StealthRay(TM) product family. Gilat's
wholly-owned subsidiary, Spacenet Inc., is a leading provider of
managed services in North America to the business and government
segments.

Visit Gilat at http://www.gilat.com/.

The Gilat Satellite Networks Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5848

About Wavestream

Wavestream designs and manufactures next generation solid-state power
amplifiers for mission-critical defense and broadcast satellite
communications systems. The company's innovative, patented Spatial
Power Advantage(TM) technology provides higher output power, greater
reliability and lower energy usage in more compact packages than
traditional amplifier solutions. Wavestream's proven family of products
meet the growing demand for greater efficiency and significant
lifecycle cost reductions for satellite communications systems
worldwide. Wavestream's headquarters are located in San Dimas, CA, with
an executive office in San Diego, CA and a design center in Singapore.

Visit Wavestream at www.wavestream.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, 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.


CONTACT:  Gilat Satellite Networks Ltd.
          Investor Relations Contact:
          Tom Watts
          +1 (212)-735-8920
          twatts@wattscapital.com