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

To: E'Lane who wrote (2501)	12/5/1999 5:12:00 PM
From: E'Lane	Read Replies (1) \| Respond to of 2693

foxmarketwire.com McCaw telecom company eyes Iridium in bid to go global sooner 6.53 p.m. ET (2253 GMT) September 29, 1999 KIRKLAND, Wash. ? Teledesic LLC may speed up plans to provide wireless Internet access via satellite by investing in Iridium, the satellite phone company mired in bankruptcy court. Iridium's network of 66 low-orbit satellites could be used to provide limited Internet services until Teledesic's planned 288-satellite system is fully operational. Teledesic, founded by Microsoft Chairman Bill Gates and cellular phone pioneer Craig McCaw, revealed earlier this week that it is looking for ways to enter the satellite communications market before its broadband system is introduced in 2004. "The market conditions that exist today ... have created a time where it's prudent for us to explore some opportunities that exist out there,' Teledesic spokesman Roger Nyhus said Monday. While there was no specific mention of Iridium, industry analysts say Teledesic co-founder Craig McCaw might take advantage of Iridium's dire straits. "McCaw is an opportunist,' said Bob Egan, director of mobile and wireless research for the Gartner Group. "Iridium is saddled with debt. Given that Craig is an entrepreneur and could begin to generate some revenue and brand awareness ... it might be seen as an opportunity.' Analysts also noted that Motorola, Iridium's lead investor with a 19 percent stake, is also the prime contractor for the Teledesic system. If McCaw steps in to help Iridium, it could strengthen Teledesic's relationship with Motorola and provide some operational experience in the satellite business, Egan said. Teledesic's has raised more than $1.5 billion for its satellite system. Other large investors include Saudi Prince Alwaleed Bin Talal and Boeing Co.