ICO Global Communications Announces Fully Backstopped $30 Million Rights Offering And Adoption Of Tax Benefits Preservation Plan

ICO Global Communications (Holdings) Limited (NASDAQ: ICOG) (“ICO” or the “Company”) announced today that its Board of Directors has approved a rights offering to its stockholders to raise approximately $30 million through the issuance of new Class A common stock and adopted a Tax Benefits Preservation Plan in order to raise capital while preserving substantial existing and potential tax losses.

“The actions taken by our Board are aimed at achieving two key objectives. First, we have secured commitments for capital that we believe should be adequate to fund our efforts for at least the next two years. Second, we have structured the capital raise and adopted a Tax Benefits Preservation Plan in a manner intended to minimize inadvertent negative impacts on the preservation of our substantial tax losses that could result from significant changes in our stockholder base,” said ICO chairman and acting chief executive officer Ben Wolff.

Rights Offering

In the rights offering, each holder of the Company’s Class A common stock and Class B common stock as of 5:00 p.m., New York City time, on February 8, 2010, the record date for the rights offering, will receive one non-transferrable subscription right for each share of Class A common stock and one non-transferrable subscription right for each share of Class B common stock held by such holder. Each non-transferrable subscription right will entitle the holder thereof to purchase approximately 0.2057 of a share of the Company’s Class A common stock at a subscription price of $0.70 per share.

The rights offering will be conducted via an existing effective shelf registration statement. An aggregate of approximately 208,530,376 subscription rights will be distributed for the purchase of up to approximately 42,870,000 shares of the Company’s Class A common stock. The subscription rights are not transferable and will be evidenced by subscription rights certificates. The Company will mail rights offering materials, including a prospectus supplement and a subscription rights certificate, on or about February 17, 2010 to its stockholders as of the record date. The rights may be exercised at any time prior to 5:00 p.m., New York City time, on March 9, 2010, the scheduled expiration of the rights offering.