To: Crystal ball who wrote (25349 ) 7/9/1999 7:03:00 PM From: Rascal Read Replies (2) | Respond to of 41369
7/9/99 -- 3:38 PM Teledesic signs deals with Lockheed Martin, Motorola BELLEVUE, Wash. (AP) - Teledesic LLC, which plans a network of low-orbit satellites to conduct a range of telecommunications services, announced today that it has signed a major launch contract with Lockheed Martin and an agreement with Motorola to build the satellite communications network. Lockheed Martin will use Proton M and Atlas V boosters to launch a significant portion of Teledesic's planned 288 satellites. The contract calls for three Proton launches and three Atlas launches, with options for five additional launches on each. Each launch vehicle will carry multiple Teledesic satellites. Financial terms of the agreement were not disclosed. In the other agreement, Motorola will engineer and build the Teledesic Network, a telecommunications grid designed to provide high-speed data connections to businesses, institutions and individuals worldwide. As part of the deal, Motorola made a $150 million cash payment to Teledesic, part of its previously announced investment in the company. In addition, Teledesic has made a down payment of $250 million to Motorola for its work as prime contractor. Teledesic, founded by Microsoft chairman Bill Gates and cellular phone pioneer Craig McCaw, has now raised more than $1.5 billion for its satellite system, which will be used to conduct high-speed Internet access and interactive multimedia services. Other large investors include Saudi Prince Alwaleed Bin Talal and The Boeing Co. Copyright 1999 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.