NEW YORK, April 4, 2008 (PRIME NEWSWIRE) -- Loral Space & Communications Inc. (Nasdaq:LORL) today announced that, due to the delayed filing of the Company's Form 10-K for the fiscal year ended December 31, 2007, the Company has received a letter from the Staff of The NASDAQ Stock Market ("Staff Determination") indicating that the Company no longer satisfies NASDAQ's filing requirement, as set forth in Marketplace Rule 4310(c)(14), and that the Company's securities are subject to delisting from NASDAQ.
The Company intends to timely request a hearing before the NASDAQ Listing Qualifications Panel, which will stay the delisting action cited in the Staff Determination. By NASDAQ rule, the hearing will be scheduled to occur within 45 days of the hearing request date. The Company expects to file its 2007 Form 10-K in sufficient time to avoid delisting.
As previously announced on April 1, 2008, the Company was not able to file its 2007 Form 10-K by the April 1, 2008 extended SEC deadline because of income tax accounting complexities arising from the Telesat transaction.
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 Canada, one of the world's largest providers of satellite services. Telesat Canada 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.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, press releases or oral statements made with the approval of an authorized executive officer of the Company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions. Many of these factors and conditions are described under the caption "Risk Factors" in the company's annual report on Form 10-K for the fiscal year ended December 31, 2006. The reader is specifically referred to these documents, as well as the Company's other filings with the Securities and Exchange Commission.