Gigabeam Corporation (NASDAQ: GCBM) continues to expand globally, this time making a move to penetrate the Caribbean Market to service its primary bank network.
The company’s stock price rose significantly this morning after investors had time to react to the news. During morning trading the stock price soared to its current price of $5.88, which is up 83 cents from its opening price.
“We are very pleased to announce this milestone order from a large bank that is known for offering a high standard of banking services,” Louis Slaughter, Chairman and Chief Executive Officer of GigaBeam, said in a statement.
Gigabeam announced that it received the purchase order for two of its WiFiber links, with an additional two orders for links anticipated after the successful installation of the first two, all from a direct sale to a primary bank customer based in the Caribbean. According to the announcement, this order underscores the inherent security of WiFiber’s technology and is a compelling example of the potential for revenue opportunities in the banking industry.
“Given the complexity and sensitivity of the information transmitted through our WiFiber product, we believe this is a significant validation of the performance and the inherent security of our technology. We expect to see several additional purchase orders from various banking institutions in the years to come,” Slaughter added.
The company’s products is guiding the new ear of communications by allowing customers to bypass the restricted telecom oligopoly and connect directly to any city’s fiber optics hub or Point-of-Purchase (POP).
Gigabeam’s wireless technology is cost-efficient and has the speed equivalence to match terrestrial fiber. The technology has the ability to reach speeds from 1 to 10 gigabits per second with ranges potentially greater than a mile. The cost of Gigabeam’s wireless technology is valued at a fraction of the cost of fiber optics.
Gigabeam’s customers and partners include Google, Verizon, ING, Sprint, The Department of Defense, as well as several cities and universities such as San Francisco and Boston University.
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