Pacific Corporate Group Leads $110 Million Equity Financing Round for ORBCOMM, a Global Satellite Telecommunications Company.LA JOLLA La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , Calif. -- Pacific Corporate Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a leading private equity investment, fund management and advisory firm, today announced that it has led an equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. round totaling more than $110 million for ORBCOMM, a Dulles, Va.-based provider of global satellite telecommunications services. Pacific Corporate Group has committed to purchase $60 million in preferred equity of ORBCOMM for a minority stake in the company. Other investors participating in the financing round include MH Equity Investors, Northwood Ventures Northwood Ventures is a venture capital and leveraged buyout fund based in Syosset, New York. Since its establishment in 1983 it has funded many successful companies in the communications, retail/consumer and manufacturing sectors. , OHB OHB Online Hotels Budapest OHB On Hand Balance OHB Optimized Hydraulic Brakes OHB Owner'S Handbook Technology AG, Ridgewood Capital, Torch Hill Capital, and members of ORBCOMM senior management. "Our investment in ORBCOMM reflects our strategy of investing in well-managed, established companies that have significant growth potential," said Tim Kelleher Tim Kelleher (born in the Bronx, New York, U.S.) is an actor. He grew up in New York, where he studied acting, and founded with some friends a theatre company called, The Colony Theatre. , a Managing Director of Pacific Corporate Group. "ORBCOMM is a leading player in satellite telecommunications that has positioned itself for rapid growth based on global coverage, reliable service and competitive pricing. The productivity and security benefits its telemetric and telematic solutions make possible are increasingly recognized as commercial imperatives. In addition, ORBCOMM is developing several new applications in important areas such as homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States that enhance the ability to track ships and hazardous cargoes, including a pilot program with the US Coast Guard." Proceeds from the financing round will be used primarily to fund ORBCOMM's next generation satellite program, which will replenish the existing 30 satellites in ORBCOMM's low-earth orbit See LEO. constellation and upgrade the network's infrastructure over the next few years. These next generation satellites will have unique features and additional capabilities, which will allow ORBCOMM and its partners to offer new products and services. Following the final stages of a competitive bidding Competitive bidding A securities offering process in which securities firms submit competing bids to the issuer for the securities the issuer wishes to sell. competitive bidding 1. process, ORBCOMM expects to sign contracts early in 2006 with vendors who will partner on the first deployment of this satellite replenishment program. About Pacific Corporate Group LLC Founded in 1979, Pacific Corporate Group is an investment, fund management and advisory firm focused solely on private equity. The firm has two operating units, PCG PCG phonocardiogram. Asset Management and PCG Capital Partners. PCG Asset Management conducts Pacific Corporate Group's partnership investment business, which oversees institutional private equity portfolios through a combination of discretionary management and advisory arrangements. PCG Capital Partners manages a $500 million, institutionally funded, private limited partnership that provides customized, non-control equity financing solutions to help established companies fund strategic and growth initiatives. Pacific Corporate Group's research-based approach identifies transactions not typically pursued by leveraged buyout leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. and venture capital strategies. Since 1993, Pacific Corporate Group has invested approximately $1 billion of private equity capital in companies across several industries including energy, consumer products, financial services, business services, healthcare and telecommunications. About ORBCOMM ORBCOMM is a wireless telecommunications company that provides reliable, cost-effective data communications services to customers around the world through its unique low-earth orbit (LEO) satellite network and global ground infrastructure. A diverse customer base, including industry leaders General Electric, Caterpillar Inc., Volvo Trucks, XATA, Komatsu and Itron, uses ORBCOMM services to track, monitor and control mobile and fixed assets including trucks, containers, marine vessels, locomotives, heavy machinery, pipelines, oil wells, utility meters and storage tanks anywhere in the world. For more information call 1-800-ORBCOMM or visit its Web site at www.orbcomm.com. This release contains forward-looking statements, including statements regarding ORBCOMM's expected commercial operations. These forward-looking statements are based on a number of assumptions and ORBCOMM's actual results and operations may be materially different from those expressed or implied by such statements. |
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