COVINGTON, La., June 25, 2012 (GLOBE NEWSWIRE) -- Globalstar, Inc. ("Globalstar" or the "Company") announced on June 25, 2012 that it has reached a settlement of its prior disputes with Thales Alenia Space France ("Thales") and has agreed to the terms of a commercial proposal for the purchase of six additional spacecraft from Thales.
The mutual settlement of the prior claims that Globalstar and Thales have against one another ensures that Thales will complete its current work under Phase 2 of the contract and deliver the remaining Batch 4 satellites to Globalstar so that a fourth launch of six satellites can be conducted this year.
In addition, Globalstar and Thales have agreed to the terms of a purchase of six additional second-generation satellites to be constructed by Thales with the construction expected to begin this year. Globalstar and Thales expect to enter into a commercial contract based upon these terms in the near future.
"This agreement both settles the previous disputes between Globalstar and Thales and establishes a clean slate for the program once again such that the parties are now positioned to work as strategic partners for the long-term," said Jay Monroe, Chairman and CEO of Globalstar. "We would like to thank Thales and the French bank group for their hard work over the past several weeks and look forward to working with them as we complete the fourth launch this year and further secure the health of the constellation for the long-term."
About Globalstar, Inc.
Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial and recreational users in more than 120 countries around the world. The Company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems 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.
For more information regarding Globalstar, please visit Globalstar's web site at www.globalstar.com
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Safe Harbor Language for Globalstar Releases
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Forward-looking statements, such as the statements regarding our ability to develop and expand our business, our anticipated capital spending (including for future satellite procurements and launches), our ability to manage costs, our ability to exploit and respond to technological innovation, the effects of laws and regulations (including tax laws and regulations) and legal and regulatory changes, the opportunities for strategic business combinations and the effects of consolidation in our industry on us and our competitors, our anticipated future revenues, our anticipated financial resources, our expectations about the future operational performance of our satellites (including their projected operational lives), the expected strength of and growth prospects for our existing customers and the markets that we serve, commercial acceptance of our new Simplex products, including our SPOT satellite GPS messenger TM products, problems relating to the ground-based facilities operated by us or by independent gateway operators, worldwide economic, geopolitical and business conditions and risks associated with doing business on a global basis and other statements contained in this release regarding matters that are not historical facts, involve predictions.
Any forward-looking statements made in this press release speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and we undertake no obligation to update any such statements. Additional information on factors that could influence our financial results is included in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
CONTACT: Globalstar, Inc. Media Contact Dean Hirasawa (985) 335-1505 Dean.email@example.com