PALO ALTO, Calif., July 12, 2010 (GLOBE NEWSWIRE) -- Space Systems/Loral (SS/L) today announced that the EchoStar XV satellite, built for DISH Network L.L.C., is performing post-launch maneuvers according to plan. The satellite deployed its solar arrays late Saturday night and early Sunday morning following its successful launch on Saturday from the Baikonur Space Center in Kazakhstan aboard an ILS Proton Breeze M launch vehicle provided by International Launch Services. Later today, it will fire its main thruster in order to start maneuvering into geosynchronous orbit.
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"Our Space Systems/Loral team worked hard to deliver this extremely powerful and complex satellite ahead of schedule and with our customary dedication to quality and reliability," said John Celli, president of Space Systems/Loral. "We have an excellent collaborative relationship with EchoStar and DISH Network. It is a testament to SS/L's ability to provide the right mix of technology, flexibility, and service that satellite operators such as DISH Network come back to us for their ongoing infrastructure investments."
"SS/L is always willing to take on a challenge," said Rohan Zaveri, vice president of Space Programs for EchoStar Satellite Services L.L.C., a subsidiary of EchoStar Corporation (Nasdaq:SATS), which manages DISH Network's space programs. "We asked them to provide us this satellite ahead of schedule and they exceeded our expectations. We would like to congratulate them for helping to make the launch of EchoStar XV a success."
EchoStar XV is designed to provide Ku-band services in the United States and will support DISH Network's expansion of its HD channel lineup. The satellite is based on the 20-kilowatt version of SS/L's 1300 space-proven platform, which provides the power and flexibility for a broad range of applications. When EchoStar XV reaches its geostationary orbital slot at 61.5 degrees West longitude, Space Systems/Loral will have 62 GEO satellites on orbit.
About Space Systems/Loral
Space Systems/Loral, a subsidiary of Loral Space & Communications (Nasdaq:LORL), has a long history of delivering reliable satellites and spacecraft systems for commercial and government customers around the world. As the world's leading provider of commercial satellites, the company works closely with satellite operators to provide spacecraft for a broad range of services including television and radio distribution, digital audio radio, broadband Internet, and mobile communications. Billions of people around the world depend on SS/L satellites every day. For more information, visit www.ssloral.com.
About Loral Space & Communications
Loral Space & Communications is a satellite communications company. Through its Space Systems/Loral subsidiary, the company is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring, and air traffic management. Loral also owns 64 percent of Telesat, one of the world's largest providers of satellite services. Telesat operates a fleet of telecommunications satellites used to broadcast video entertainment programming, distribute direct-to-home video and broadband data services, and other value-added communications services. For more information, visit Loral's Web site at www.loral.com. LORL-G
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., Space Systems/Loral, Inc. or their 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 the financial statements in Loral's most recent Form 10-Q filed on May 10, 2010 and in our 2009 annual report on Form 10-K. The reader is specifically referred to this document, 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 the global economic downturn, our history of losses and financial covenants in SS/L's credit agreement; (2) risks associated with satellite manufacturing, including competition, contractual risks, creditworthiness of customers, performance of suppliers and management of our factory and personnel; (3) regulatory risks, such as the effect of U.S. export control and economic sanction laws; and (4) other risks, including litigation. The foregoing list of important factors is not exclusive. Furthermore, Loral and SS/L operate in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the control of Loral and SS/L.
