updated 11/30/2010 5:45:25 AM ET 2010-11-30T10:45:25

PALO ALTO, Calif., Nov. 29, 2010 (GLOBE NEWSWIRE) -- Space Systems/Loral (SS/L), the leading provider of commercial satellites, today announced that a communications satellite that it designed and built for Intelsat, the world's largest satellite operator, is performing post-launch maneuvers according to plan. The satellite deployed its solar arrays Friday afternoon, following its successful launch aboard an Ariane 5 rocket from the European Spaceport in Kourou, French Guiana. Since then, it has also fired its main thruster twice to begin maneuvering into geosynchronous orbit.

A photo accompanying this release is available at  http://www.globenewswire.com/newsroom/prs/?pkgid=8363

"SS/L has been building satellites for Intelsat for more than 35 years," said John Celli, President of Space Systems/Loral. "The successful launch of another Space Systems/Loral-built Intelsat satellite is a tribute to the spirit of teamwork and dedication that our companies share." 

Intelsat 17 will be located at 66 degrees East longitude where it will replace Intelsat 702, which was launched in 1994 and was also built by Space Systems/Loral. The satellite will be positioned adjacent to Intelsat's Asian video distribution neighborhood located at 68.5 degrees East longitude and will provide video services and network services across Asia, Africa, the Middle East, and Europe.

"We were very pleased with Space Systems/Loral's hard work on the Intelsat 17 mission," said Ken Lee, Intelsat's Senior Vice President, Space Systems. "More than half the satellites in our fleet are provided by Space Systems/Loral, which speaks to the quality of our long term collaborative relationship."

Intelsat 17 is the 45th satellite built by Space Systems/Loral in the Intelsat fleet. It has four deployable antennas and one fixed earth deck antenna and a steerable Ku-band antenna. The satellite is based on the SS/L 1300 spacecraft platform, which has a long history of reliability and provides the power and flexibility for a broad range of applications. With the launch of Intelsat 17, there are 64 SS/L-built 1300 satellites currently operating in orbit.

About Intelsat

Intelsat is the leading provider of fixed satellite services worldwide. For over 45 years, Intelsat has been delivering information and entertainment for many of the world's leading media and network companies, multinational corporations, Internet Service Providers and governmental agencies. Intelsat's satellite, teleport and fiber infrastructure is unmatched in the industry, setting the standard for transmissions of video, data and voice services. From the globalization of content and the proliferation of HD, to the expansion of cellular networks and broadband access, with Intelsat, advanced communications anywhere in the world are closer, by far.

About Space Systems/Loral

Space Systems/Loral, a subsidiary of Loral Space & Communications (Nasdaq:LORL), has a long history of delivering reliable satellites and spacecraft systems for commercial and government customers around the world. As the world's leading provider of commercial satellites, the company works closely with satellite operators to provide spacecraft for a broad range of services including television and radio distribution, digital audio radio, broadband Internet, and mobile communications. Billions of people around the world depend on SS/L satellites every day. For more information, visit www.ssloral.com .

About Loral Space & Communications

Loral Space & Communications is a satellite communications company. Through its Space Systems/Loral subsidiary, the company is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring, and air traffic management. Loral also owns 64 percent of Telesat, one of the world's largest providers of satellite services. Telesat operates a fleet of telecommunications satellites used to broadcast video entertainment programming, distribute direct-to-home video and broadband data services, and other value-added communications services. For more information, visit Loral's Web site at www.loral.com . LORL-G

This document contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, the words "believes," "expects," "plans," "may," "will," "would," "could," "should," "anticipates," "estimates," "project," "intend" or "outlook" or other variations of these words or other similar expressions are intended to identify forward-looking statements and information. In addition, Loral Space & Communications Inc., Space Systems/Loral, Inc. or their representatives have made or may make forward-looking statements, orally or in writing, which may be included in, but are not limited to, various filings made from time to time with the Securities and Exchange Commission, and press releases or oral statements made with the approval of an authorized executive officer of the company. Actual results may differ materially from anticipated results as a result of certain risks and uncertainties which are described as "Risk Factors" and in the "Commitments and Contingencies" note to the financial statements in Loral's most recent Form 10-Q filed on November 4, 2010 and in the 2009 annual report on Form 10-K. The reader is specifically referred to this document, as well as the company's other filings with the Securities and Exchange Commission. Risks and uncertainties include but are not limited to (1) risks associated with financial factors, including the global economic downturn, our history of losses and financial covenants in SS/L's credit agreement; (2) risks associated with satellite manufacturing, including competition, contractual risks, creditworthiness of customers, performance of suppliers and management of our factory and personnel; (3) regulatory risks, such as the effect of U.S. export control and economic sanction laws; and (4) other risks, including litigation. The foregoing list of important factors is not exclusive. Furthermore, Loral and SS/L operate in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the control of Loral and SS/L.

The photo is also available via AP PhotoExpress.

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