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Technology Stocks : Loral Space & Communications

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To: Jeff Vayda who wrote (10452)	6/4/2003 7:15:18 PM
From: ebg51	of 10852

LOR goes for 1:10 Reverse Split Dow Jones Business News Loral Sets Reverse Stk Split Ratio Of One-for-Ten, Effective At Close Of Business June 13>LOR Wednesday June 4, 4:37 pm ET NEW YORK (Dow Jones)--Loral Space & Communications Ltd.'s board voted to implement a 1-for-10 reverse stock split designed to allow the company's common stock to continue trading on the New York Stock Exchange (News - Websites). Loral shareholders approved the reverse split at the annual meeting last week, although the exact ratio of the split hadn't been set. In a press release Wednesday, the satellite maker said the reverse split will be effective after the June 13 closing bell. Chief Executive Bernard Schwartz had said at the meeting last Thursday that the measure, coupled with the issuance of additional shares, will also help Loral "buy enough time to survive" until the satellite industry sees a turnaround. The reverse split should bring the company back into compliance with NYSE listing requirements. Loral's stock price has been trading below $1 for more than 30 consecutive trading days, in breach of the exchange's rules. Loral was trading on the Big Board at 39 cents at the 4 p.m. close of trading Wednesday, up 4 cents, or 11.4%, on composite volume of about 7.4 million shares. Average daily volume is about 2.5 million shares. Company Web site: loral.com

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