COMSAT Increases Ownership Share in INTELSAT System.Business Editors/Hi-Tech Writers BETHESDA, Md.--(BUSINESS WIRE)--March 24, 2000 COMSAT Comsat: see Communications Satellite Corporation; communications satellite. (COMSAT General Corporation, Bethesda, MD) Formerly Communications Satellite Corporation, COMSAT was a private company that was created by the U.S. Corporation today announced it has increased its ownership in the INTELSAT satellite system by approximately 2.1 percent. This change will give COMSAT an ownership share in INTELSAT of approximately 22.5 percent effective from March 1, 2000, through February 28, 2001. "INTELSAT is Intelsat I (nicknamed Early Bird for the proverb "The early bird catches the worm") was the first (commercial) communications satellite to be placed in geosynchronous orbit, on April 6, 1965. a successful satellite system with terrific assets, a proven track record and a strong future that will look even better once it is privatized," said COMSAT President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Betty C. Alewine. "For COMSAT, an increased share in INTELSAT is a sound strategic investment that makes good business sense." INTELSAT operates a global network of 17 satellites that serve over 200 nations. Originally created as an intergovernmental organization, INTELSAT's 143 member countries are now working to transform INTELSAT into a fully privatized company competing in the global telecommunications market. INTELSAT ownership share is determined each year and therefore will be redetermined next year before full privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned takes effect. Some of the statements in this news release are forward-looking and relate to anticipated future operating results. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are based on COMSAT management's current expectations and assumptions, which may be affected by the timing and outcome of pending regulatory actions, by developments concerning the privatization of INTELSAT, by the implementation of the recently enacted ORBIT Act (Open-market Reorganization of the Betterment bet·ter·ment n. 1. An improvement over what has been the case: financial betterment. 2. Law An improvement beyond normal upkeep and repair that adds to the value of real property. of International Telecommunications), including INTELSAT's reaction to its enactment, by the timing and outcome of regulatory and other governmental proceedings, by the proposed merger of COMSAT with Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. Corporation, by international business conditions, and by other subsequent developments and business conditions, and necessarily involve risks and uncertainties. Therefore, there can be no assurance that actual future results will not differ materially from anticipated results. Readers should refer to COMSAT's disclosure documents filed with the Securities and Exchange Commission, including the Corporation's recent Forms 10-K and 10-Q, for specific details on some of the factors that may affect operating results. COMSAT Corporation is a global provider of satellite services and digital networking services, products, and technology. |
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