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SkyTerra Communications Further Extends Expiration Date for Offer to Issue Its Options
RESTON, Va. --(Business Wire)-- SkyTerra Communications, Inc. (OTCBB:SKYT) announced today that it has further extended the expiration date for its previously announced offer (the "Offer") to issue options to purchase shares of common stock of SkyTerra, in replacement of and upon termination of options to purchase limited partnership units of Mobile Satellite Ventures L.P. ("MSV"). The Offer is being made pursuant to an amended prospectus dated May 15, 2008, and related supplemental materials, which more fully set forth the terms of the Offer.
The Offer is scheduled to expire at 5:00 p.m., New York City Time, on Monday, July 21, 2008, and SkyTerra has extended it to 5:00 p.m., New York City Time, on Wednesday, August 6, 2008, unless further extended. As of 4:00 p.m. New York City Time on July 18, 2008, options to purchase 4,571,250 limited partnership units of MSV had been tendered for exchange. To the extent holders of MSV options have previously validly tendered their options in the Offer, no further action is required on their behalf if they would like to participate in the Offer.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offering, solicitation or sale would be unlawful. A copy of the amended prospectus and other materials related to the Offer may be obtained from Mobile Satellite Ventures LP, 10802 Parkridge Boulevard, Reston, VA 20191, Attention: Stock Option Administrator.
About Mobile Satellite Ventures and SkyTerra Communications, Inc.
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 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.
Statement under the Private Securities Litigation Reform Act
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to plans described in this news release. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, proposed, potential and similar words. Such forward-looking statements are subject to uncertainties relating to the ability of SkyTerra and MSV to raise additional capital or consummate a strategic transaction or deploy the next generation system, as well as the ability of SkyTerra and MSV to execute their business plan. We assume no obligation to update or supplement such forward-looking statements.
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