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Technology Stocks : Orbital science (ORB)

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To: Fred Levine who wrote (2361)	7/1/2000 11:16:48 AM
From: Fred Levine	Read Replies (1) of 2394

Certainly, this is not encourageing... June 30, 2000 Dow Jones Newswires Orbcomm Global Cuts About 112 Jobs, Or 20% Of Staff Dow Jones Newswires DULLES, Va. -- Orbcomm Global L.P. reduced its staff by about 20%, affecting about 112 employees and contractors under a plan to align its operational expenses with its revenue and funding sources. Orbcomm is owned by Teleglobe Inc. (TGO) and Orbital Sciences Corp. (ORB). In a press release Thursday, Orbcomm said Orbital Sciences is delaying production of future Orbcomm satellites in order to dedicate its capital to the marketing, sales and installation of subscriber units for new and existing customers. The procurement of additional satellites is neither time- nor operationally critical at this time to the distribution of Orbcomm service, said Orbcomm. Orbcomm also noted that its satellite constellation remains in full operation. Teleglobe provides broadband services. Orbital is a space technology company. Orbcomm provides two-way monitoring, tracking and messaging services through the world's first commercial low-Earth orbit satellite-based data communication system. -Samantha Chang; Dow Jones Newswires; 201-938-540 fred

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