updated 12/30/2010 4:16:42 PM ET 2010-12-30T21:16:42

PALO ALTO, Calif., Dec. 30, 2010 (GLOBE NEWSWIRE) -- In a release issued earlier today by Loral Space & Communications (Nasdaq:LORL) under the same headline, please note that the Hispasat 1E satellite deployed its solar arrays on Wednesday afternoon, not Tuesday. The corrected release, which also includes additional information, follows: 

Space Systems/Loral built HISPASAT 1E is shown here before it shipped to launch base.




Space Systems/Loral (SS/L), the leading provider of commercial satellites, today announced that the Hispasat 1E satellite, designed and built for the HISPASAT Group, is performing post-launch maneuvers according to plan. The satellite deployed its solar arrays Wednesday afternoon, following its successful launch from the European Spaceport in Kourou, French Guiana aboard an Ariane 5 rocket. Later today, it will fire its main thruster in order to begin maneuvering into geosynchronous orbit.

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8552

"Hispasat 1E is the fifth SS/L satellite to launch in 2010 and it marks another milestone in broadening the availability of entertainment, information and social services around the world," said John Celli, president of Space Systems/Loral. "I would like to thank all of the excellent engineers and technicians at HISPASAT, Arianespace and SS/L, who have worked very hard to make this launch a success."

Hispasat 1E will be positioned at 30 degrees West longitude following completion of in-orbit test. It has a total of 53 high-power Ku-band transponders and is designed to provide customers with Direct to Home Television (DTH), Digital Terrestrial Television (DTT), value added broadband services in mobile, land and maritime environments, and high definition television (HDTV) in Europe, the Americas, and North Africa.  

"With this new satellite, the second of five planned for the coming years, HISPASAT strengthens its leadership in Spanish and Portuguese markets," said Petra Mateos, Chairman of HISPASAT. "My thanks to Space Systems/Loral, which has helped make an ambitious and complex idea, like the construction of the Hispasat 1E satellite, a reality. The Hispasat 1E satellite is a very technologically advanced, high performance satellite that includes a significant participation by the Spanish space industry, with high-technology returns for the sector." 

Hispasat 1E is based on the highly reliable Space Systems/Loral 1300 space-proven platform which is designed with the flexibility to support a broad range of applications and technology advances. With this launch, Space Systems/Loral now has 65 geostationary satellites on orbit.

About HISPASAT

HISPASAT is the seventh company in the world by revenue in the sector and a leader in the dissemination and distribution of content in Spanish and Portuguese. With more than 1,150 television and radio channels, including the contents of major digital platforms of Direct to Home (DTH) and High Definition Television (HDTV), the Group is the main communication link between Europe and America.
For more information, visit www.hispasat.com .

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.

CONTACT:  Space Systems/Loral
          Media Contact:
          Wendy Lewis
          +1 (650) 852-5188

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