ICO Signs Design/Option Agreement With Space Systems/Loral For MEO Satellites
Posted on: Tuesday, 3 July 2007, 12:32 CDT
ICO Global Communications (Holdings) Limited ("ICO") (NASDAQ:ICOG) today announced that it has signed an agreement with Space Systems/Loral, Inc. ("SS/L") for the design of additional Medium Earth Orbit ("MEO") satellites. The contract also provides ICO the option to purchase the MEO satellites once the design work is completed. The MEO satellites would enhance the ICO-P satellite constellation, joining ICO's F2 MEO satellite, which is already in orbit and is expected to provide future services under ICO's recently announced initiative with the International Telecommunications Union and the Commonwealth Business Council (CBC), an organization which serves to foster cooperation between business and governments.
"This contract provides ICO with additional flexibility in moving forward with our ICO-P program," said Tim Bryan, ICO's Chief Executive Officer. "ICO will continue to evaluate the best path forward for its international operations as it works with regulators, technology partners, and other vendors, all while we diligently pursue our litigation against Boeing concerning ICO's substantially constructed MEO satellites. We are pleased to undertake this project with a company with SS/L's history of reliability and innovation."
About ICO
ICO Global Communications (Holdings) Limited (www.ico.com) is a next-generation satellite communications company based in Reston, Virginia. ICO is developing an advanced hybrid system, combining both satellite and terrestrial communications capabilities, in order to offer wireless voice, data, video, and Internet services on mobile and portable devices.
About S/SL
Based in Palo Alto, California, SS/L designs and builds satellites and spacecraft systems for commercial and government customers around the world. As the leading provider of high-power commercial satellites, the company works closely with satellite operators to deliver spacecraft for a broad range of services including direct-to-home television, digital audio radio, broadband Internet, and mobile satellite services. With a 50-year history and nearly 1,400 on-orbit years logged, SS/L helps customers meet business objectives with advanced solutions based on space-proven heritage designs. SS/L is a subsidiary of Loral Space & Communications (NASDAQ:LORL). For more information, visit www.ssloral.com.
Safe Harbor Statement
This press release contains forward-looking statements, including statements regarding ICO's MEO satellites and its ICO-P program. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from our expected results. More information about risks is contained in ICO's most recent Annual Report on Form 10-K and its other filings with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release speak as of the date hereof, and ICO undertakes no obligation to revise or update any forward-looking statements for any reason.
Source: Business Wire
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