Thursday May 18, 3:24 pm Eastern Time
Company Press Release
SOURCE: IR Acquisition Group
Industry and Professional Group Launches Effort To Revitalize Iridium Satellite Constellation
IR Acquisition Group Submits Proposal to Acquire Assets of Troubled Global Telecommunications Provider
MINNEAPOLIS, May 18 /PRNewswire/ -- IR Acquisition Group today submitted a proposal to acquire the assets of Iridium, LLC, the world's first global satellite telephone and paging service, for $61 million dollars.
Carl George, Chairman and CEO of IR Acquisition Group, said, ``We have assembled a team of the world's foremost satellite experts and business restructuring talent (see attached) in an effort to resurrect one of the 20th century's great engineering achievements. What is important now is that we move past the business issues which created the failure and get on with the revitalization effort so that this engineering accomplishment can contribute to the global communications landscape.''
IR Acquisition Group, headquartered in Minneapolis, Minn., is composed of space exploration and satellite technology pioneers, high-ranking military professionals, and acknowledged leaders in debt and operational restructuring.
Iridium, LLC, headquartered in Washington D.C., became the world's first global satellite telephone and paging company on November 1, 1998 and has been operating under Chapter 11 bankruptcy protection since August 13, 1999.
IR Acquisition Group Team Overview
Dr. James R. Stuart Chief of Satellites, Director
Has held positions as Vice President and Chief Architect of Teledesic Corp., CEO and President of Kitcomm Satellite Communications Ltd., and Chief Scientist and Chief Engineer of Ball Aerospace. Founding Chief Engineer of Orbital Sciences Corporation.
Robert F. D'Ausilio COO, Director
Extensive experience in manned and unmanned Space Programs. Directed design of High Powered DBS and Remote Sensing Satellites. Managed development of Tracking Data Relay Satellite System and Rockwell Global Positioning System.
General Merrill A. McPeak Director
Served as Chief of Staff of the U.S. Air Force from October 1990 until October 1994. Military advisor to the Secretary of Defense and the President. Conceived and executed the most extensive reorganization of the Air Force in its history.
Carl T. George Chairman, CEO, Director Through companies founded and acquired, Mr. George has led the successful development of software technologies heralded for advanced capability and design. In 1999, Mr. George founded Capital Growth Partners, LLC, an investment firm dedicated to the identification and development of growth technology companies.
Lowell Fisher CFO, Director
Expertise in strategies and positioning, capital expenditures and cash flow budgeting, metrics for monthly financial performance review, and governance issues. Has held posts of founder, CEO or Chief Executive for Revitalization for numerous companies.
Jonathan Woods CTO, Director
Has designed and implemented large-scale information systems and vertical applications ranging from underground toxic chemical monitoring systems, to Medical and clinical information systems, to wide area Internet communication systems.
Steve Collin International Space Development
Founder and Managing Director of four telecom and space ventures: SAT TIME, Inc., Teleport Denver Ltd., Unicom Satellite Corp., and Horizon Telecom Services, Inc. Broad expertise in new venture development.
William P. Welty Advisor -- Regulatory and Governmental
Compliance
Opened the Final Round of Direct Broadcast Satellite (DBS) applications before the FCC as founder of Continental Satellite Corporation. Founded company delivering Super-Wide Area Network(TM) (SWANsat(TM)) telecommunications satellite constellation.
James Goulka Advisor to the Board -- Financial
Restructuring
Corporate finance experience with three of the world's largest global financial institutions: Citigroup, Chase, and First National Bank of Chicago. Managed teams of bankers who financed leveraged acquisitions and restructured troubled companies.
Dr. Charles W. Missler Advisor to the Board -- Operational
Restructuring
Consultant, principal, or director to over one hundred high-tech investments, acquisitions, or divestitures. Presently a principal in the development of SWANsat(TM).
Mark A. Sturza Advisor to the Board -- Satellite
Operations
Design, development, analysis, and regulation of communications systems including Teledesic's broadband LEO satellite system, PlatinumIP's communications system, Leo One's NVNG MSS satellite system, and Angel Technology's HALO platform.
SOURCE: IR Acquisition Group
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