COVINGTON, La., Dec. 1, 2011 (GLOBE NEWSWIRE) -- Globalstar, Inc. (Nasdaq:GSAT), a leading provider of mobile satellite voice and data services to businesses, governments, and consumers, today announced that it has entered into a consulting agreement with John M Shay Jr. to provide professional accounting and finance advisory services to the Company, and will assume many of the day-to-day functions previously performed by the Company's former CFO. The consulting agreement extends from December 19, 2011 through the filing date of the Company's first quarter 2012 Form 10-Q.
Mr. Shay was a partner with Ernst & Young in its Assurance and Advisory Business Services practice before retiring in 2006. During his 33-year career with the firm, Mr. Shay served in a number of leadership positions at Ernst & Young, including partner-in-charge of its Louisiana audit practice and various national and regional committees and quality review programs. He also served as the Managing Partner of Ernst & Young's New Orleans Office from 1998 – 2005 and an adjunct professor at the AB Freeman School of Business at Tulane University for 10 years. As an audit partner for over 20 years, he has extensive SEC experience, having provided audit and advisory services to the firm's largest SEC clients in Louisiana, including several Fortune 500 and Fortune 1000 companies.
Since his retirement from the Ernst & Young, Mr. Shay continued his business career as a director on two corporate boards and as president of his own consulting firm. He is a licensed CPA and a member in good standing with the AICPA, the Society of Louisiana CPAs, the State Board of CPAs and the National Association of Corporate Directors.
"I am pleased to welcome John to Globalstar," said Jay Monroe, Chairman and CEO. "His proven leadership experience, combined with his decades of experience and expertise in finance and accounting, will provide additional valuable support to our talented accounting and finance departments as we continue our search for a new CFO."
Following discussions with launch services provider Arianespace, Globalstar also confirmed the targeted launch date of six new satellites for the week of December 25, 2011.
About Globalstar, Inc.
Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial customers and recreational consumers in more than 120 countries around the world. The Company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems, the SPOT Satellite GPS Messenger and 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. All SPOT products described in this press release are the products of Spot LLC, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia.
For more information regarding Globalstar, please visit Globalstar's web site at www.globalstar.com
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Safe Harbor Language for Globalstar Releases
This press release may contains certain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Forward-looking statements, such as the statements regarding the Company's ability to develop and expand its business, its anticipated capital spending (including for future satellite procurements and launches), its ability to manage costs, its ability to exploit and respond to technological innovation, the effects of laws and regulations (including tax laws and regulations) and legal and regulatory changes, the opportunities for strategic business combinations and the effects of consolidation in its industry on the Company and its competitors, its anticipated future revenues, its anticipated financial resources, its expectations about the future launches and operational performance of its satellites (including their projected operational lives), the expected strength of and growth prospects for the Company's existing customers and the markets that it serve, commercial acceptance of its new Simplex products, including its SPOT satellite GPS messenger TM products, problems relating to the ground-based facilities operated by the Company or its independent gateway operators, worldwide economic, geopolitical and business conditions and risks associated with doing business on a global basis and other statements contained in this release regarding matters that are not historical facts, involve predictions.
Any forward-looking statements made in this press release speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and Globalstar undertakes no obligation to update any such statements. Additional information on factors that could influence the Company's financial results is included in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.