For details regarding the executive changes and the recent
Globalstar $738 million financing, please access the audio
replay of the July 8th teleconference by visiting
http://phx.corporate-ir.net/phoenix.zhtml?c=203507&p=irol-IRHome
OR by dialing 1.888.286.8010 (U.S. and Canada), 617.801.6888
(International) and entering pass code # 29069428
MILPITAS, Calif., July 10, 2009 (GLOBE NEWSWIRE) -- Globalstar, Inc. (Nasdaq:GSAT), a leading provider of mobile satellite voice and data services to businesses, governments, and consumers, announced executive organizational changes that became effective July 8, 2009.
Peter Dalton has been appointed Chief Executive Officer of the Company. Mr. Dalton has served as a director of the Company since 2004 and as Chair of the Audit Committee. Mr. Dalton has served as chief executive officer of Dalton Partners, Inc., a turnaround management firm, since January 1989. As chief executive officer of Dalton Partners, Inc., Mr. Dalton also has served as chief executive officer and director of a number of its clients. Mr. Dalton has formerly served as president of SPACE (Society of Private and Commercial Earth Stations), the satellite television industry trade association. As CEO of KLM Electronics, he grew revenue more than twenty-five times making it the world's largest manufacturer of satellite television systems at that time.
The Company's Board also has elected William A. Hasler as a director, filling a vacancy on the Board. Mr. Hasler, age 67, served from 1984 to July 1991 as Vice Chairman of KPMG Peat Marwick, an international public accounting firm; from July 1991 to July 1998 as Dean of the Haas School of Business, University of California, Berkeley; from July 1998 to July 2004 as Co-Chief Executive Officer of Aphton Corp., a biotechnology firm, and from 2003 to 2007 as non-Executive Chairman of Solectron Corp. Mr. Hasler serves a director of DiTech Networks Corp., Harris Stratex Networks, Mission West Properties and the Schwab Funds.
James (Jay) Monroe III, Chief Executive Officer of the Company since April 2004, will continue to serve in a full time capacity as Executive Chairman of the Board.
"These organizational changes are being made to accelerate Globalstar's growth and provide the highest level of stewardship for the funds raised in our recent financing," said Jay Monroe, Executive Chairman, Globalstar, Inc. "Peter has an extensive knowledge of the satellite industry having built what was previously the world's largest C-band satellite company, and having served on the Globalstar board since 2004 as well as leading the recent strategic review of Globalstar during the final stages of our funding. He also brings considerable retail experience to Globalstar having owned or operated regional and national retail distribution companies which acted as the outsourced merchandising arm of national retailers. Bill Hasler's expertise and leadership experience as Dean and Department Chair of the Haas School of Business and Vice Chairman of KPMG Peat Marwick are outstanding and we are genuinely excited about the added breadth of vision that he will bring to the Board at Globalstar."
It was also announced that Thomas M. Colby, Chief Operating Officer, Globalstar, Inc., was leaving the Company effective July 8, 2009. Mr. Dalton will assume Mr. Colby's previous responsibilities immediately.
About Globalstar, Inc.
With over 350,000 subscribers, Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial and recreational users in more than 120 countries around the world. The Company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and integrated solutions such as the SPOT Satellite GPS Messenger plus flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Global customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications.
For more information regarding Globalstar, please visit Globalstar's web site at www.globalstar.com