Globalstar Resumes Discussions With Potential Investors.

Business Editors

SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 30, 2003

Globalstar, L.P. confirmed today that New Valley Corp. has terminated its agreement with Globalstar under which it would have provided debtor-in-possession ("DIP") financing and would have acquired a controlling interest in the company.

Globalstar is now continuing discussions with potential investors, and the company is confident that another restructuring plan will be developed in the future. Members of the Globalstar Creditors Committee have already indicated that they intend to provide their own debtor-in-possession financing. Globalstar also will immediately begin to explore investment possibilities with additional companies.

Globalstar is a provider of global mobile satellite telecommunications services, offering both voice and data services from virtually anywhere in over 100 countries around the world. For more information, visit Globalstar's web site at www.globalstar.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements provide our expectations or forecasts of future events. Actual results could differ materially as a result of known or unknown risks and uncertainties and other factors, including our ability to secure sufficient funding under credit facilities or from other sources, to restructure our debt, the acceleration of existing debt facilities and the exercise of remedies with respect thereto, and other risks, uncertainties and factors disclosed in the most recent report on Form 10-K and reports on Form 10-Q and Forms 8-K of Globalstar Telecommunications Ltd. and Globalstar, L.P. filed with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statement.