SPDE Speedus Corp (CE)

Speedus Announces Globalstar Offer NEW YORK, Nov. 14 /PRNewswire-FirstCall/ -- Speedus Corp. today announced that it has made a proposal to acquire all of the assets and operations of Globalstar. Terms are confidential because of the competitive nature of the bankruptcy sale process. Globalstar is a leading provider of global mobile satellite telecommunications services, offering both voice and data services from virtually anywhere in over 100 countries around the world. On February 15, 2002, Globalstar and certain of its subsidiaries filed voluntary petitions under Chapter 11 of the Bankruptcy Code. Globalstar and its debtor subsidiaries remain in possession of their assets and properties and continue to operate their businesses as debtors-in-possession. In the event that the proposal by Speedus Corp. is accepted, the closing of the transaction would be subject to a number of conditions, including FCC and Bankruptcy Court approval, and there is no assurance that the transaction would close. Additional information on Speedus Corp. and its services is available at http://www.speedus.com/ or by calling 718.567.4300. Statements contained herein that are not historical facts, including but not limited to statements about the Company's product, corporate identity and focus, may be forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward- looking statements made by the Company, including, but not limited to, the continuing development of the Company's sales, marketing and support efforts. DATASOURCE: Speedus Corp. CONTACT: Thomas M. Finn of Speedus Corp., +1-718-567-4398, Web site: http://www.speedus.com/

Copyright