I assume you all have seen this but here it is just in case:
LORAL TO SEEK SHAREHOLDER APPROVAL OF REVERSE STOCK SPLIT; SETS DATE FOR ANNUAL MEETING
NEW YORK - February 19, 2003 - Loral Space & Communications (NYSE:LOR) today announced that it will seek shareholder approval to implement a reverse stock split at its annual meeting on May 29, 2003, in order to, among other things, restore the company's compliance with New York Stock Exchange share price requirements. Loral meets all other criteria for continued listing on the Exchange, including having a market capitalization well in excess of the minimum required.
The reverse stock split ratio of new shares to existing shares will be established and detailed in a proxy statement to be mailed to shareholders several weeks before the annual meeting. The date for determining shareholders of record entitled to receive notice of, and to vote at, the annual meeting is April 1, 2003. The reverse stock split transaction will be promptly enacted upon shareholder approval.
As of January 31, 2003, there were 430,798,402 million shares of Loral Space & Communications common shares outstanding. Loral's average daily trading volume in January was 2.3 million shares.
Loral Space & Communications is a satellite communications company. It owns and operates a global fleet of telecommunications satellites used by television and cable networks to broadcast video entertainment programming, and by communication service providers, resellers, corporate and government customers for broadband data transmission, Internet services and other value-added communications services. Loral also is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring and air traffic management. For more information, visit Loral's web site at www.loral.com.
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This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, Loral Space & Communications Ltd. or its representatives have made or may make forward-looking statements, orally or in writing, which may be included in, but are not limited to, various filings made by the company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions, which have been described in the section of the company's annual report on Form 10-K for the fiscal year ended December 31, 2001, entitled "Certain Factors That May Affect Future Results," and the company's other filings with the Securities and Exchange Commission. The reader is specifically referred to these documents.
Contacts:
Jeanette Clonan
John McCarthy
(212) 697-1105 |
