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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT -- Ignore unavailable to you. Want to Upgrade?

To: Oliver Schonrock who wrote (8409)	11/18/1999 8:03:00 AM
From: David Wiggins	Read Replies (1) \| Respond to of 29987

Globalstar says to launch in Mexico in January MEXICO CITY, Nov 17 (Reuters) - Globalstar de Mexico, provider of Globalstar Telecommunications (NasdaqNM:GSTRF - news) satellite phone services, said it would begin service in Mexico in January, after receiving a government operating permit on Wednesday. Globalstar de Mexico Executive President Lauro Gonzalez told a news conference the company had invested $60 million in the country and projected some 10,000 users by the end of next year. Globalstar de Mexico was founded in 1996 and is a joint venture of privately held Mexican company Principia, Loral Space & Communications (NYSE:LOR - news) and Britain's Vodafone AirTouch Plc (quote from Yahoo! UK & Ireland: VOD.L). Global satellite phone company Globalstar Telecommunications Ltd, which launched its first operations in several countries in October, offers telephones that operate like cellular phones when they are in range of a cellular system, and switch to satellite when out of cellular range. New York-based Globalstar Telecommunications has 44 satellites in orbit and hopes to have 40-50 countries in service by the middle of next year. Gonzalez said Globalstar de Mexico was in talks with several Mexican cellular telephone businesses to set up marketing partnerships. He said Globalstar did not plan to set up an exclusive relationship with any one cellular provider. Globalstar de Mexico would charge $2 a minute for national calls, he said but did not provide rates for international calls. Crippling debts have forced Globalstar Telecommunications' satellite phone rivals Iridium LLC (NasdaqNM:IRIQ - news) -- which has a permit to operate in Mexico -- and ICO Global Communications (NasdaqSC:ICOGF - news) to file for bankruptcy protection. --------------------------------------------------------------------------------