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Technology Stocks : IRID - Iridium World Communications IPO Announced! -- Ignore unavailable to you. Want to Upgrade?

To: T-Lo Greens who wrote (2366)	8/13/1999 5:15:00 PM
From: Marty Rubin	Respond to of 2693

Statement From Iridium North America Regarding Iridium LLC's Voluntary Chapter 11 Bankruptcy Filing TEMPE, Ariz.--(BUSINESS WIRE)--Aug. 13, 1999--The following statement is from Jim Walz, CEO and president, Iridium North America: We remain in full support of Iridium LLC as the company goes through its restructuring under Chapter 11 Bankruptcy proceedings. To be clear, Iridium North America is an independent and wholly owned company and as such we own the licenses to use the Iridium satellite constellation. Therefore, there will be no lapse in Iridium service provided by Iridium North America and we will continue to work with our service providers to sell the Iridium product and service. We have a solid business plan, a sound financial structure and a satisfied customer base. During the month of July, Iridium North America enjoyed its highest percentage of subscriber growth to date indicating acceptance of our new lower airtime rates and decreased equipment costs. Iridium North America (NASDAQ: IRID) is the sole owner and operator for Iridium services in North America. Iridium North America is actively selling services through integrated wireless service providers and distribution partners. Iridium North America is headquartered in Tempe, Arizona and serves the United States, Bermuda and Puerto Rico. Iridium North America is backed by telecommunications leaders Motorola, Inc., Sprint Corporation and Iridium Canada, Inc. CONTACT: Burson-Marsteller Alison Geib 310/226-3023 AUG 13,1999 16:39 EASTERN