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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 64.36

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To: djane who wrote (4897)	5/26/1999 3:32:00 AM
From: djane	Read Replies (2) of 29987

Motorola pulls workers from Teledesic project Tuesday May 25, 7:18 pm Eastern Time CHICAGO, May 25 (Reuters) - Wireless communications and semiconductor maker Motorola Inc. (NYSE:MOT - news) is pulling workers off its ''Internet in the sky'' project with closely held Teledesic LLC, a Motorola company spokesman said Tuesday. ''Motorola did do a small internal realignment,'' said Motorola spokesman Robert Edwards. ''Motorola is still in negotiations with Teledesic regarding the contract.'' Motorola would not disclose how many workers had been shifted away from the satellite project. Under an agreement announced in May 1998, Motorola got a 26 percent stake in Teledesic for $750 million and is the principal contractor in the venture that is backed by Microsoft Corp. (Nasdaq:MSFT - news) chairman Bill Gates and wireless communications entrepreneur Craig McCaw. Teledesic is developing a satellite communications network to provide affordable telecommunications services including Internet access, video-conferencing and other services. A spokesman for Bellevue, Wash.-based Teledesic said Motorola was reallocating resources to Iridium LLC (Nasdaq:IRID - news), which is a financially troubled global satellite phone system in which Motorola has an 18 percent stake. ''Obviously Motorola's immediate priority is ensuring that the Iridium system performs up to expectations,'' said David Bowermaster, spokesman at Teledesic. ''We strongly encourage that effort by Motorola.'' Motorola and Teledesic are still working together to finalize the details of the satellite system design and the system agreement, both companies said. ''The design work between the two companies is continuing,'' Bowermaster said. Motorola's Edwards said the realignment ''was not really about Iridium,'' rather the company was taking a look at other strategic business opportunities beyond satellite and said some of the projects where the workers were shifted were land-based. Shares of Motorola closed off 7-9/16 at 79. Copyright © 1999 Reuters Limited. All rights reserved.

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