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World Reach shares surge on delivering first major shipment of its satellite device

The company’s shares are trading about 29% higher intra-day, at 18 cents.

Thuraya WE terminal
Thuraya WE terminal

World Reach Limited’s (ASX:WRR) wholly owned subsidiary, Beam Communications, has dispatched the first major delivery of Thuraya WE product, with units valued at $2.4 million being invoiced today.

WE is the world’s first dual mode satellite & LTE hotspot and is marketed by Thuraya, the mobile satellite services subsidiary of UAE-based global satellite operator Yahsat.

 

Thuraya’s first committed order for 3,000 WE terminals will be shipped and invoiced within this quarter.

World Reach CEO Michael Capocchi said: “We are very pleased to be in a position to fulfil the entirety of this initial order.

“The WE product will be launched and promoted this month by Thuraya to its channel partners with new Thuraya WE specific plans.

“We expect the product to be well received by the market.”

Beam Communications designs, manufactures and distributes a wide range of Iridium, Inmarsat and Thuraya satellite voice, data, messaging terminals and accessories.

Through a global network of resellers Beam solutions are deployed in a wide range of vertical markets including maritime, transport, government, mining and construction among others.

Quick facts: Beam Communications Holdings Ltd

Price: 0.22 AUD

ASX:BCC
Market: ASX
Market Cap: $11.63 m
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