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ICO Wins Backing From Investors.

LONDON--(BUSINESS WIRE)--Oct. 19, 1999--

ICO Global Communications (Holdings) Ltd. today announced that it has received non-binding letters of intent for debtor in possession financing from strategic investors in excess of $225 million, the amount needed to finance the company's immediate cash needs.

The non-binding letters were reported to the bankruptcy court in Delaware on Friday. Accordingly, ICO and its financial advisor, Wasserstein Perella & Co., believe there is reasonable assurance that the company can meet its financing requirements to begin global mobile satellite services, currently expected to start in April 2001.

Richard Greco, ICO's Chief Executive Officer, said, "I am very pleased with the support shown by strategic investors to our new business plan and financing plan. By aggressively reducing costs, we have cut our financing requirements by almost 30 percent to $1.2 billion, which is the amount needed to begin our global mobile satellite service. We have started to turn the corner with the new ICO and are pressing onward to emerge from Chapter 11, complete our system, and start service."

Successful completion and funding of the $225 million debtor in possession financing is subject to receipt of non-binding financing commitments for the balance of the company's financing requirements and satisfaction of certain other conditions.

The debtor in possession financing also is subject to approval of the U.S. Bankruptcy Court and the Bermuda and Cayman Island courts.

Certain of the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including, without limitation, technical, regulatory, operating, competitive and market risks, risks relating to ICO being a development-stage company, and other risks and uncertainties. These are detailed in ICO's documents filed with the U.S. Securities and Exchange Commission.

Editor's Note

ICO Global Communications (Nasdaq: ICOFQ) was established in January 1995 as a private company to provide global mobile personal communications services by satellite, including digital voice, data, facsimile, high penetration notification, and messaging services. ICO Global Communications was listed on Nasdaq in July 1998. The stock was suspended from trading when the company filed for Chapter 11 protection on August 27, 1999.
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Publication:Business Wire
Geographic Code:4EUUK
Date:Oct 19, 1999
Words:350
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