PALO ALTO, Calif., Dec. 30, 2009 (GLOBE NEWSWIRE) -- Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications (Nasdaq:LORL) and the world's leading provider of high-power commercial satellites, today announced that it was selected to provide a new direct broadcast satellite (DBS), EchoStar XVI, to a subsidiary of EchoStar Corporation (Nasdaq:SATS).
EchoStar XVI is the seventh satellite contract awarded to SS/L in 2009. It is planned for launch in 2012.
"We are very proud of our continued close working relationship with EchoStar," said John Celli, president of SS/L. "Over the many years that our companies have worked together, we have continued to advance the technologies necessary for power and high performance."
"Space Systems/Loral continues to help us meet our business objectives with some of the world's most powerful and reliable spacecraft," said Rohan Zaveri, vice president of Space Programs for EchoStar.
The space-proven SS/L 1300 satellite bus, used by EchoStar XVI, provides the flexibility for a broad range of applications. SS/L currently has 59 satellites on orbit and has amassed more than 1,600 years of reliable on-orbit service.
About EchoStar Corporation
EchoStar Corporation (Nasdaq:SATS) provides equipment sales, digital broadcast operations, and satellite services that enhance today's digital TV lifestyle, including products from Sling Media, Inc., a wholly owned subsidiary. Headquartered in Englewood, Colo., EchoStar has 25 years of experience designing, developing and distributing award-winning television set-top boxes and related products for pay television providers and is creating hardware and service solutions for cable, telco, IPTV and satellite TV companies. EchoStar includes a network of 10 digital broadcast centers and leased fiber optic capacity with points of presence in approximately 160 U.S. cities. EchoStar also delivers satellite services through nine satellites and related FCC licenses. Visit www.echostar.com.
About Space Systems/Loral
Based in Palo Alto, California, SS/L designs and builds satellites and spacecraft systems for commercial and government customers around the world. As the leading provider of commercial satellites, the company works closely with satellite operators to deliver spacecraft for a broad range of services including direct-to-home television, digital audio radio, broadband Internet, and digital multimedia broadcasting. With more active transponders on three-axis controlled spacecraft than any other satellite manufacturer, SS/L helps customers meet business objectives with advanced solutions based on space-proven heritage designs. 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.
Loral Space & Communications Safe Harbor
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 annual report on Form 10-K and subsequent reports on Form 10-Q. The reader is specifically referred to these documents, 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.