Speedus Announces Globalstar Offer
15 November 2003 - 6:52AM
PR Newswire (US)
Speedus Announces Globalstar Offer NEW YORK, Nov. 14
/PRNewswire-FirstCall/ -- Speedus Corp. today announced that it has
made a proposal to acquire all of the assets and operations of
Globalstar. Terms are confidential because of the competitive
nature of the bankruptcy sale process. Globalstar is a leading
provider of global mobile satellite telecommunications services,
offering both voice and data services from virtually anywhere in
over 100 countries around the world. On February 15, 2002,
Globalstar and certain of its subsidiaries filed voluntary
petitions under Chapter 11 of the Bankruptcy Code. Globalstar and
its debtor subsidiaries remain in possession of their assets and
properties and continue to operate their businesses as
debtors-in-possession. In the event that the proposal by Speedus
Corp. is accepted, the closing of the transaction would be subject
to a number of conditions, including FCC and Bankruptcy Court
approval, and there is no assurance that the transaction would
close. Additional information on Speedus Corp. and its services is
available at http://www.speedus.com/ or by calling 718.567.4300.
Statements contained herein that are not historical facts,
including but not limited to statements about the Company's
product, corporate identity and focus, may be forward-looking
statements that are subject to a variety of risks and
uncertainties. There are a number of important factors that could
cause actual results to differ materially from those expressed in
any forward- looking statements made by the Company, including, but
not limited to, the continuing development of the Company's sales,
marketing and support efforts. DATASOURCE: Speedus Corp. CONTACT:
Thomas M. Finn of Speedus Corp., +1-718-567-4398, Web site:
http://www.speedus.com/
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