COVINGTON, La., Sept. 18, 2012 (GLOBE NEWSWIRE) -- Globalstar, Inc. (Nasdaq:GSAT), and launch services provider Arianespace have entered into an agreement regarding the additional amounts that Globalstar will pay to cover costs associated with the delays experienced during three prior launch campaigns. This resolution permits Globalstar and Arianespace to complete the fourth launch campaign under their current Launch Services Agreement.
Globalstar anticipates that satellite manufacturer Thales Alenia Space will complete the Pre-Shipment Reviews of the final six spacecraft purchased under the terms of the 2009 contract in the upcoming weeks in Rome. Once completed, the fourth launch campaign can begin. Due to available launch windows and the upcoming end-of-year holiday season, the fourth launch is now anticipated in early 2013. Globalstar will provide additional information regarding the specific launch date in the near future once its plans are confirmed with the launch participants.
"We are only months away from completing the fourth launch of our second-generation satellites to re-establish Globalstar's preeminent position within the Mobile Satellite Industry," said Jay Monroe, Chairman and Chief Executive Officer of Globalstar. "With our landline quality voice service, industry leading handset data speeds, high quality innovative M2M data solutions and low cost pricing plans, we are ready to mix it up in the MSS marketplace."About Globalstar, Inc. Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial customers and recreational consumers in more than 120 countries around the world. The Company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems, the SPOT Satellite GPS Messenger and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Global customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications. All SPOT products described in this press release are the products of Spot LLC, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts