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XTAR TO PROVIDE X-BAND SERVICES
TO SPANISH MINISTRY OF DEFENSE
XTAR finalizes first contract for
commercial service on its XTAR-EUR satellite
WASHINGTON, D.C. - May 30, 2002 - XTAR,
a joint venture between Loral
Space & Communications (NYSE:LOR) and HISDESAT, S.A.,
today announced that it has finalized an agreement to lease
X-band capacity on its XTAR-EUR satellite to the Spanish Ministry
of Defense (SMOD).
Commencing with the XTAR-EUR satellite's in-service date
scheduled for late 2003, the SMOD will use 244 MHz of X-band
capacity on XTAR-EUR until HISDESAT's SpainSat satellite enters
service in 2004. At that time, the SMOD will have access to
the XTAR transponders to backup its capacity on SpainSat.
Both spacecraft are currently under construction at Space
Systems/Loral (SS/L), Palo Alto, Calif.
"This service contract is a significant milestone for
our newly formed company," said Bill Wright, president
of XTAR. "As government demand for satellite bandwidth
continues to grow, XTAR is uniquely positioned to augment
existing government communication capabilities swiftly and
efficiently."
The XTAR-EUR satellite, based on SS/L's space-proven 1300
platform, is designed to carry twelve wideband and high-power
X-band transponders. The satellite will feature multiple steerable
spot beams that allow it to follow its users as they travel
anywhere within the footprint of the satellite. XTAR-EUR is
designed to operate with existing and planned defense communications
terminals around the world.
HISDESAT's SpainSat satellite will carry thirteen X-band
and one Ka-band transponders when it enters service in the
second quarter of 2004. HISDESAT will lease five of SpainSat's
X-band transponders and the Ka-band transponder to the SMOD,
with the remaining eight X-band transponders and related steerable
spot beams to be leased by XTAR for defense customers in the
U.S. and in other allied governments. Together, the two satellites
will cover nearly two-thirds of the earth's surface, from
North America to Southeast Asia.
"With XTAR-EUR and SpainSat, HISDESAT and Loral will
be able to provide a unique, commercial X-band solution to
the Spanish Government, providing timely access to capacity
and cost-effective on-orbit redundancy," stated Jose
Maria Hoyos, CEO of Spanish company HISDESAT. "Together,
we look forward to serving the long term needs of Spain and
its allies in worldwide defense communications."
XTAR, LLC is a new defense satellite communications company
serving the communication needs of U.S., Spanish and allied
governments' operations. The company is a joint venture between
managing partner Loral and HISDESAT. XTAR is headquartered
in Washington, D.C., and has offices in Madrid, Spain and
Palo Alto, Calif.
The recently formed HISDESAT, S.A., headquartered in Madrid,
is owned jointly by Hispasat, S.A., the Spanish commercial
satellite services company, and the leaders of Spain's space
industries - EADS-CASA Espacio, INDRA, INSA and SENER. Hispasat
has been providing X-band services to the Spanish Ministry
of Defense since 1992 and with this new project, HISDESAT
will provide enhanced capabilities, including Ka-band, for
Spain's defense applications.
Loral Space & Communications
is a high technology company that concentrates primarily on
satellite-based services and satellite manufacturing, including
broadcast transponder leasing and value added services, domestic
and international corporate data networks, broadband data
transmission and Internet services.
# # #
This document contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. In addition, Loral Space & Communications
Ltd. or its representatives have made or may make forward-looking
statements, orally or in writing, which may be included in,
but are not limited to, various filings made by the company
with the Securities and Exchange Commission, press releases
or oral statements made with the approval of an authorized
executive officer of the company. Actual results could differ
materially from those projected or suggested in any forward-looking
statements as a result of a wide variety of factors and conditions.
These factors include those related to the filing, on July
15, 2003 by Loral and certain of its subsidiaries, of voluntary
petitions for reorganization under Chapter 11 of Title 11
of the United States Code in the United States District Court
for the Southern District of New York and parallel insolvency
proceedings in the Supreme Court of Bermuda in which certain
partners of KPMG were appointed as joint provisional liquidators.
Additional factors and conditions are also described in the
section of the company's annual report on Form 10-K for the
fiscal year ended December 31, 2002, entitled "Certain
Factors That May Affect Future Results," and the company's
other filings with the Securities and Exchange Commission.
The reader is specifically referred to these documents.
Contact:
John McCarthy
Loral Space & Communications
212-697-1105
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