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Boeing Backs Ellipso With $300M
Washington DC - August 13, 1998 - Ellipso secured Wednesday urgently needed financing for its elliptical satellite constellation with Boeing signing on with a debt and equity package for Ellipso program totaling up to $300M. The package includes vendor financing, available for both satellite construction and launch services. "We are pleased that Boeing has made a significant financial commitment to the Ellipso project after careful evaluation of our technical design and business plan. Boeing's willingness to put capital at risk reflects its confidence in the Ellipso strategy, and along with Boeing's technological contributions to Ellipso, will contribute to the program's success." said David Castiel, President and Chief Executive Officer of Ellipso, Inc. Ellipso, Inc., a private company headquartered in Washington, D.C., is currently designing and constructing the Ellipso satellite-based global communications system that will provide low cost and high quality digital voice and data services worldwide. Utilizing unique and patented elliptical orbits, the Ellipso system will provide voice, data, facsimile, paging and geolocational services to subscribers around the world at prices significantly lower than competing systems. The Ellipso project includes the participation of Boeing as the system integrator and space segment prime contractor; Lockheed Martin Management & Data Systems, developer and manufacturer of the Ellipso ground segment; and L-3 Communications, provider of the digital communications technology. Ellipso, Inc.'s marketing and distribution partners currently include Spectrum Network Systems of Australia, Israel Aircraft Industries and Vula Communications Holdings of South Africa. Ellipso's primary market is telephone service in those areas of the world where terrestrial wire and/or cellular service is either limited or nonexistent.
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