Globalstar Announces Equity Offering
--From AOL News-- Cooters
NEW YORK--(BUSINESS WIRE)--Jan. 10, 2000--Globalstar Telecommunications Limited (NASDAQ:GSTRF) announced today that it plans to sell seven million shares of common stock in a public offering under its effective shelf registration statement.
As anticipated, Globalstar management believes it already has the resources necessary to complete the deployment of its global mobile telephony system. Accordingly, the company will use the proceeds it receives in connection with this offering for general corporate purposes which may include accelerating the roll-out of service beyond planned efforts through increased support of service provider marketing activities and the funding of promotional discounts; the development of new service features; or potential repayment of debt.
The offering is being managed by a group of underwriters led by Bear, Stearns & Co. Inc.; Banc of America Securities LLC; Lehman Brothers; ING Barings; C.E. Unterberg, Towbin; and Credit Lyonnais Securities.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.
A preliminary prospectus relating to the proposed offering may be obtained from Bear, Stearns & Co. Inc., 245 Park Avenue, New York, NY 10167, Tel: 212-272-2000.
Globalstar, led by founding partner Loral Space & Communications, is a partnership of the world's leading telecommunications service providers and equipment manufacturers, including co-founder Qualcomm Incorporated, Alenia, China Telecom (HK), DACOM, DaimlerChrysler Aerospace, Elsacom (a Finmeccanica Company), Hyundai, TE.SA.M (a France Telecom/Alcatel company), Space Systems/Loral, and Vodafone AirTouch.
CONTACT:
Globalstar Telecommunications Limited
Jeanette Clonan
212/338-5658
KEYWORD: NEW YORK
BW1214 JAN 10,2000
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