Mobile Satellite
Ventures And Boeing Amend Satellite System Procurement Contract
(8 July 2008) Mobile Satellite
Ventures (MSV) today announced that it has reached an agreement with Boeing
Satellite Systems (Boeing) to defer an additional US$ 40 million of payments on
the construction of the MSV-2 satellite.
The US$ 40 million
deferral is in addition to the original construction payment deferral of US$ 76
million. Deferred payments are now due by December 20, 2010, or ten days before
shipment of the second MSV satellite, whichever is earlier. The construction
program is proceeding as planned and is consistent with previously announced
launch windows of the fourth quarter 2009 for MSV-1 and the third quarter 2010
for MSV-2.
"MSV is privileged to be working with this world class
satellite manufacturer on our next-generation satellite system," said Alexander
H. Good, MSV's Chief Executive Officer, President and Vice Chairman of the
Board. "MSV is pleased with the progress Boeing has made to-date on this
program. This agreement comes at an important stage in the development of MSV's
hybrid satellite-terrestrial network, providing us increased flexibility in our
long-term financing plans."
MSV is Redefining Wireless
Communications(TM) through its development of a hybrid satellite-terrestrial
communications network, based on MSV's patented ancillary terrestrial component
(ATC) technology. The company expects its next-generation network will provide
seamless, transparent and ubiquitous wireless coverage of the United States and
Canada to conventional handsets. MSV plans to launch two of the most powerful
commercial satellites ever built that will enable this network to support
communications in a variety of market sectors including public safety, homeland
security, aviation, transportation and entertainment, by providing a platform
for interoperable, user-friendly and feature-rich voice and high-speed data
services.
Mobile Satellite Ventures is a joint venture between Mobile
Satellite Ventures LP and Mobile Satellite Ventures (Canada) Inc. MSVLP is
owned and controlled by SkyTerra Communications, Inc.
About Mobile
Satellite Ventures
MSV delivers mobile wireless voice and data services
primarily for public safety, security, fleet management and asset tracking in
the U.S. and Canada. The company's next-generation hybrid satellite-terrestrial
communications network is expected to provide seamless, transparent and
ubiquitous wireless coverage of the United States and Canada to conventional
handsets. When completed, the network will support communications in a variety
of areas including public safety, homeland security, aviation, transportation
and entertainment, by providing a platform for interoperable, user-friendly and
feature-rich voice and high-speed data services. Mobile Satellite Ventures is a
joint venture between Mobile Satellite Ventures LP and Mobile Satellite
Ventures (Canada) Inc. MSVLP is owned and controlled by SkyTerra
Communications, Inc.
(source: Mobile Satellite Ventures)
