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Globalstar Notes Coming Due; Six Satellites Launched(FinancialWire via COMTEX) -- March 4, 2013 (FinancialWire) -- Satellite communications provider Globalstar Inc. (OTC: GSAT) today announced that the terms of a supplemental indenture from April 2008 will allow holders of Globalstar convertible notes due 2028 to sell their securities for purchase by the company on this April 1st. The put option reportedly expires on March 29th. Globalstar is required to pay the purchase price solely in cash, and, if all outstanding securities are surrendered for purchase, the aggregate purchase price will be approximately $71.8 million, according to Globalstar. Company officials noted that, although Globalstar does not expect all of the holders to surrender their securities, the company does not have sufficient liquidity to repurchase all of the holders' securities at a purchase price equal to 100% of the outstanding principal amount. Previously, the company announced that six new second-generation Globalstar satellites were successfully launched from the Baikonur Cosmodrome in Kazakhstan. The satellites reportedly lifted off aboard the Soyuz launch vehicle with the Fregat upper stage at 10:04 p.m. local Baikonur time on February 6th. Launch services provider Arianespace confirmed that the upper stage accurately injected the six second-generation satellites into their targeted low earth orbit of approximately 920 km. Globalstar also reported that all six satellites were successfully acquired following separation from the Dispenser and Fregat Upper Stage. Company officials further noted that initial in-orbit testing confirmed that all six spacecraft were operating normally, with no reports to the contrary since that time. Globalstar Inc. (approx market cap. US$ 216.4 mil.) provides mobile voice and data communications services through satellite worldwide. The company was founded in 2003 and is headquartered in Covington, Louisiana. Globalstar employs approximately 239 people. ========= GSAT stock info: Last quote at close: $0.32 Last close vs. 50-day moving avg.: -23.8% Last close vs. 200-day moving avg.: -17.9% Last close vs. 52-wk high: -62.4% 3-mo. avg. daily volume: 824,493 shares Approx. avg. daily money volume: $346,287 ========= INDEPENDENT EQUITY RESEARCH for companies mentioned in the news is available through the Investrend Research Syndicate (at http://www.investrend.com/research/resources/). Free ANNUAL REPORTS and COMPANY FILINGS for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/ level=279). ========= FIRSTALERT(tm), an adjunct dissemination of FinancialWire(tm), provides news summaries, special commentary and insight, as well as daily and weekly digests to the financial community. ========= FINANCIALWIRE(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation from subject companies, associated entities or individuals for its news, opinions or distributions. Contact FinancialWire(tm) directly via the FinancialWire(tm) website (at http://www.financialwire.net/contact/). Copyright (C) MMXIII, FinancialWire(tm); All rights reserved. ========= Stocks: Globalstar Incorporated (OTC: GSAT) ========= http://www.financialwire.net |