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

To: JGoren who wrote (8504)	11/30/1999 4:46:00 PM
From: Curbstone	Respond to of 29986

Globalstar to Sell $150M in Preferred Shares NEW YORK, Nov 30 (Reuters) - Globalstar Telecommunications Ltd. (NASDAQ: GSTRF) on Tuesday said it would sell $150 million of convertible preferred stock in an offering exempt from registration. Globalstar, which is building a satellite telephone company, said it would use the proceed to buy convertible preferred partnership Interests in Globalstar LP, which in turn will use those proceeds to continue deployment of the Globalstar mobile satellite-based telephone system and for general corporate purposes. The preferred stock will be offered only to qualified institutional buyers and to certain persons in offshore transactions.