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SkyTerra And MSV Consolidate Ownership Of Mobile Satellite Ventures
New York NW (SPX) Sep 27, 2006 SkyTerra Communications, Inc. and Mobile Satellite Venture LP announced today that it has completed the closing of the previously announced transactions to consolidate the ownership and control of MSV. As a result of the transactions completed today, SkyTerra now owns approximately 52% of the outstanding limited partnership interests of MSV and approximately 78% of the outstanding common stock of its general partner, each on a fully-diluted basis. In connection with these transactions, SkyTerra may acquire additional limited partnership interests in MSV from Motient Corporation, which, if acquired, would result in SkyTerra owning approximately 70% of the limited partnership interests of MSV. In connection with the transactions that closed today, SkyTerra issued approximately 39.6 million shares of its common stock to the other former partners in the joint venture, including 25.5 million shares of non-voting common stock to Motient. MSV is developing a hybrid satellite-terrestrial communications network, which it expects will provide seamless, transparent and ubiquitous wireless coverage of the United States and Canada to conventional handsets. Alexander H. Good, Vice Chairman, CEO and President of MSV, said "The completion of the transaction is very positive for MSV - streamlining its ownership structure, better positioning the Company to pursue strategic opportunities and relationships and improving its ability to access the capital markets." "SkyTerra and MSV look forward to working to achieve their vision of a new category of wireless services that serves the needs of consumers, businesses, and government users," added Jeffrey Leddy, Chief Executive Officer and President of SkyTerra. SkyTerra controls MSV through its 78% ownership of MSV's corporate general partner and also owns a minority stake in TerreStar Networks, Inc. MSV is developing a hybrid satellite-terrestrial communications network, which it expects will provide seamless, transparent and ubiquitous wireless coverage of the United States and Canada to conventional handsets. MSV holds the first and only FCC license to provide hybrid satellite-terrestrial services. MSV plans to launch two satellites for coverage of the United States and Canada, which are expected to be among the largest and most powerful commercial satellites ever built. When completed, the network is expected 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. Community Email This Article Comment On This Article Related Links MSV Nuclear Space Technology at Space-Travel.com
New Plant Family Tree Sheds Light On Evolution Of Life Cycles
Ann Arbor MI (SPX) Oct 05, 2006In the history of life on earth, one intriguing mystery is how plants made the transition from water to land and then went on to diversify into the array of vegetation we see today, from simple mosses and liverworts to towering redwoods. |
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