COVINGTON, La., Nov. 23, 2010 (GLOBE NEWSWIRE) -- Globalstar, Inc. (Nasdaq:GSAT), a leading provider of mobile satellite voice and data services to businesses, governments and consumers, today announced it is considering candidates for the Company's Board of Directors to fill a vacancy following the previously announced resignation of Ken Jones on October 1, 2010. The resignation was for personal reasons and did not involve any disagreement between Mr. Jones and the Company's management, auditors or other members of the Board.
Mr. Jones served on the Audit Committee of Globalstar's Board. As a result of Mr. Jones' resignation, Globalstar no longer has an Audit Committee comprised of at least three independent directors, as required by NASDAQ listing rules. The Company however is permitted under the rules to avail itself of a grace period to appoint a new director.
Globalstar, Inc. Executive Chairman Jay Monroe stated, "We wish to make it abundantly clear that Globalstar is not required to fill the Audit Committee vacancy until the Company conducts its annual meeting, which is currently scheduled for May, 2011. We fully expect to appoint a new independent director to the Board and the Audit Committee prior to that time ensuring that Globalstar is in full compliance with NASDAQ listing requirements."
About Globalstar, Inc.
With over 425,000 subscribers, Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial customers and recreational consumers in more than 120 countries around the world. The Company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems, the SPOT Satellite GPS Messenger and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Global customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications.
For more information regarding Globalstar, please visit Globalstar's web site at
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Safe Harbor Language for Globalstar Releases
This press release contains certain statements such as, "We fully expect to appoint a new independent director to the Board and the Audit Committee prior to the expiration of the cure period," that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Forward-looking statements, such as the statements regarding our ability to develop and expand our business, our anticipated capital spending (including for future satellite procurements and launches), our ability to manage costs, our ability to exploit and respond to technological innovation, the effects of laws and regulations (including tax laws and regulations) and legal and regulatory changes, the opportunities for strategic business combinations and the effects of consolidation in our industry on us and our competitors, our anticipated future revenues, our anticipated financial resources, our expectations about the future operational performance of our satellites (including their projected operational lives), the expected strength of and growth prospects for our existing customers and the markets that we serve, commercial acceptance of our new Simplex products, including our SPOT satellite GPS messenger TM products, problems relating to the ground-based facilities operated by us or by independent gateway operators, worldwide economic, geopolitical and business conditions and risks associated with doing business on a global basis and other statements contained in this release regarding matters that are not historical facts, involve predictions.
Any forward-looking statements made in this press release speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and we undertake no obligation to update any such statements. Additional information on factors that could influence our financial results is included in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K as amended by our Current Report on Form 8-K filed June 17, 2010, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
CONTACT: Globalstar, Inc. Dean Hirasawa (408) 933-4006 Dean.firstname.lastname@example.org