updated 3/21/2011 8:16:28 AM ET 2011-03-21T12:16:28

PALO ALTO, Calif., March 21, 2011 (GLOBE NEWSWIRE) -- Space Systems/Loral (SS/L), the leading provider of commercial satellites, today announced that it has been awarded a contract to manufacture a spacecraft for Australian telecommunications service provider, SingTel Optus. The satellite, Optus 10, will be used to augment the existing fleet of SingTel Optus satellites and to assure the highest level of ongoing service into the future.  

"Satellite continues to make sense for Australia," said SingTel Optus Wholesale and Satellite Managing Director, Vicki Brady. "We are pleased to work with SS/L to deliver Optus 10, enabling us to provide support and service to our customers across Australia and New Zealand. As the only Australian full service telecommunications provider to own and operate satellites, Optus 10 expands SingTel Optus' fleet to be the largest in Australia's history."

Optus 10 is planned to be launched in 2013. With 24 Ku-band transponders, the satellite demonstrates the flexibility of the 1300 satellite platform to accommodate missions requiring smaller satellite payloads. This highly reliable and proven platform is designed to provide service for 15 years or longer. 

Optus 10 will be the tenth satellite in the SingTel Optus fleet to be launched for Australia and the second built by SS/L. In 2003, SS/L provided the bus for Optus C1 satellite, which also carries a hosted payload for the Australian Defence Forces. 

"As leaders in our industries, both SingTel Optus and Space Systems/Loral share a commitment to quality and innovation," said John Celli, president of Space Systems/Loral. "We look forward to providing a spacecraft that will augment the SingTel Optus fleet for many years to come."

About SingTel Optus

SingTel Optus is an Australian leader in integrated telecommunications, delivering cutting-edge communications, information technology and entertainment services. SingTel Optus is the only telecommunication company in Australia to own and operate satellite services with the largest domestic satellite fleet supported by extensive ground infrastructure. The SingTel Optus Satellite team celebrated 25 years of satellite leadership in 2010. In 2001 SingTel became the parent company of Optus, paving the way to become a strong and strategic telecommunications player within the Asia-Pacific region.

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 .

The Space Systems/Loral logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8824

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 2010 annual report on Form 10-K filed March 15, 2011. 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 swings in the global financial markets, financial covenants in SS/L's credit agreement, increases in interest rates and access to capital; (2) risks associated with satellite manufacturing, including competition, cyclicality of SS/L's end-user markets, 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.

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

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