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Loral Declares Distribution of $29.00 per Share
NEW YORK, NY, Nov 07, 2012 (MARKETWIRE via COMTEX) --
Loral Space & Communications Inc. (NASDAQ: LORL) today announced
that, in connection with receipt of proceeds from the sale of its
former subsidiary Space Systems/Loral, its Board of Directors has
declared a special distribution of $29.00 per share for an aggregate
distribution of up to $899.3 million. The distribution is payable on
December 4, 2012 to holders of record of Loral voting and non-voting
common stock as of November 19, 2012. As of November 6, 2012, there
were outstanding 21,250,279 shares of Loral voting common stock,
9,505,673 shares of Loral non-voting stock and 256,098 stock options
and restricted stock units.
Loral will hold a conference call with Chief Executive Officer
Michael B. Targoff to discuss the company's status and answer
shareholder questions at 11:00 am ET on Friday, November 9, 2012.
To participate, please dial (973) 200-3060 or toll free at (877)
831-3841 approximately ten minutes prior to the scheduled start of
the call. A listen-only web cast of the call is available on the
Investor Relations section of Loral's web site
(http://investor.loral.com/events.cfm) under "Events &
Presentations." A replay of the web cast will be available for 30
days.
About Loral Space & Communications Inc.
Loral Space & Communications
is a satellite communications company. Loral owns 64 percent of
Telesat Canada, a global operator of telecommunications and direct
broadcast satellites used to distribute video entertainment
programming, broadband data, and provide access to Internet services
and other value-added communications services. For more information,
visit Loral's web site at www.loral.com. LORL-F
This document contains forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. When
used in this press release, the words "believes," "expects," "plans,"
"may," "will," "would," "could," "should," "anticipates,"
"estimates," "project," "intend" or "outlook" or other variations of
these words or other similar expressions are intended to identify
forward-looking statements and information. In addition, Loral Space
& Communications Inc. or its representatives have made or may make
forward-looking statements, orally or in writing, which may be
included in, but are not limited to, various filings made from time
to time with the Securities and Exchange Commission, and press
releases or oral statements made with the approval of an authorized
executive officer of the company. Actual results may differ
materially from anticipated results as a result of certain risks and
uncertainties which are described as "Risk Factors" and in the
"Commitments and Contingencies" note to our financial statements in
the current Form 10-K and in Loral's quarterly reports on Form 10-Q.
The reader is specifically referred to these documents, as well as
the Company's other filings with the Securities and Exchange
Commission.
Risks and uncertainties include but are not limited to (1) risks
associated with financial factors, including swings in the global
financial markets, increases in interest rates and access to capital;
(2) risks associated with satellite services, including dependence on
large customers, launch delays and failures, in-orbit failures and
competition; (3) regulatory risks, such as the effect of industry and
government regulations that affect Telesat; (4) litigation risks,
including patent litigation with ViaSat and (5) other risks,
including a possible initial public offering at Telesat that could
adversely affect the market for our common stock. The foregoing list
of important factors is not exclusive. Furthermore, Loral operates in
an industry sector where securities values may be volatile and may be
influenced by economic and other factors beyond Loral's control.
SOURCE: Loral Space & Communications
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