"Monday December 3, 8:30 pm Eastern Time
Press Release
SOURCE: Liberty Satellite & Technology, Inc.
Liberty Media Corporation Withdraws Proposal To Acquire All of Liberty Satellite & Technology, Inc.
ENGLEWOOD, Colo., Dec. 3 /PRNewswire/ -- Liberty Satellite & Technology, Inc. (OTC Bulletin Board: LSATA - news, LSATB - news) today announced that Liberty Media Corporation (NYSE: LMC.A - news, LMC.B - news) has withdrawn its October 12, 2001 proposal to acquire all of the issued and outstanding shares of LSAT that Liberty Media does not already own.
Liberty Media and LSAT also announced that they would proceed with the previously announced transaction in which Liberty Media agreed to contribute its 100% ownership interest in Ascent Entertainment Group, Inc., and its 89% ownership interest in Liberty Satellite, LLC, in exchange for 340,000,000 shares of Liberty Satellite & Technology, Inc. Series B common stock. The parties expect this transaction to be completed in the first quarter of 2002, subject to stockholder approval and other customary closing conditions. Liberty Media currently controls over 80% of the voting power of LSAT and has agreed to vote in favor of the transaction.
LSAT also announced that its 2001 Annual Meeting of Stockholders would be held near Denver, Colorado in February 2002. The company's board of directors has set a record date for the meeting of December 21, 2001.
Liberty Satellite & Technology, Inc., known as LSAT, pursues strategic opportunities worldwide in the distribution of internet data and other content via satellite and related businesses.
The foregoing are ``forward-looking statements'' which are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside LSAT's control. For a more detailed description of the factors that could cause such a difference, please see LSAT's filings with the Securities and Exchange Commission. LSAT disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
SOURCE: Liberty Satellite & Technology, Inc."
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