ProtoStar Secures Series B Funding; Appoints Former Hughes Executive As Chairman
Posted on: Tuesday, 12 September 2006, 09:00 CDT
SAN FRANCISCO, Sept. 12 /PRNewswire/ -- ProtoStar Ltd., a Bermuda corporation with its primary operations based in San Francisco, has received a commitment for a $40 million Series B round of financing from an impressive venture capital syndicate that together manages more than $10.3 billion in committed capital. VantagePoint Venture Partners of San Bruno, California led the round with participation from existing equity investors, New Enterprise Associates (NEA) and RedShift Ventures.
Concurrent with the financing, ProtoStar appointed current Director Mr. Steven D. Dorfman as Chairman of the Board of Directors and announced that VantagePoint Venture Partners' Managing Director, Mr. Duncan Davidson, joined the company's Board of Directors. Mr. Dorfman, formerly Vice Chairman of Hughes Electronics, is recognized as a leader and visionary in the satellite telecommunications industry.
ProtoStar is developing a satellite constellation of high-powered geostationary ("GEO") satellites that will provide a satellite network serving direct-to-home ("DTH") service providers in Asia. The Company's initial plan is to create a three-satellite constellation with coverage of South Asia, Southeast Asia and China, an area containing more than three billion people.
Mr. Philip Father, ProtoStar's CEO, commented on the developments: "With this new round of funding and Mr. Dorfman's expanded role as Chairman, we are accelerating our plans to provide our customers with high powered, large block capacity in support of their DTH operations. We welcome Mr. Dorfman's increased leadership role and the expertise that was so clearly demonstrated in his four decades at Hughes Electronics, where he left his management imprint on a series of major space and satellite programs whose scientific, technical and service legacy endures well into the 21st Century."
Commenting on his company's lead role in the second round financing, Mr. Davidson added, "VantagePoint Venture Partners' commitment to ProtoStar is based on the strength of its business model and the delivery of quality products and services designed for the Asian market," he said.
Mr. Dorfman, describing his new role as Chairman, said "It's a pleasure to be the Chairman of a Board that includes some of the country's most successful venture capitalists and overseeing a team of proven and outstanding satellite professionals. I look forward to helping guide ProtoStar to becoming the first regional operator to provide cross-border satellite television throughout Asia on a network dedicated to DTH service."
Mr. John Higginbotham, ProtoStar's outgoing Chairman, will remain on the Board as an independent Director. Commenting on his successor, he said: "I am delighted that Steve has agreed to take on the Chairmanship as ProtoStar evolves from its development stage into a fully operational satellite provider. His wealth of industry knowledge, perspectives and relationships will be invaluable throughout this important growth period."
ProtoStar expects to complete construction and launch its first satellite, ProtoStar I, in the first quarter of 2008. ProtoStar I is a Space Systems/Loral ("SS/L") manufactured 1300, a satellite utilized by many of today's DTH operators.
About ProtoStar
ProtoStar, a Bermuda corporation with its primary operations based in San Francisco, California, was formed to acquire and operate high-power geostationary satellites optimized for DTH satellite television in the Asia-Pacific region. The firm is led by seasoned veterans from the satellite, direct-to-home television, telecommunications and finance industries. For more information, visit: http://www.protostarsat.com/
ProtoStar Ltd.
CONTACT: Charles Sweeney, +1-415-675-2227, csweeney@protostarsat.com, orReid Stephenson, +1-650-455-3093, rstephenson@protostarsat.com, both ofProtoStar
Web site: http://www.protostarsat.com/
Source: PRNewswire
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