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XTAR NAMES MIGUEL VALVERDE PRESIDENT FOR EUROPEAN
AND LATIN AMERICAN OPERATIONS, XTAR SERVICES
NEW YORK - November 28, 2001 - XTAR, a joint
venture of Loral Space &
Communications (NYSE: LOR) and Hisdesat, today announced
that retired General Miguel Valverde Gomez has been named
president for European and Latin American operations for XTAR
Services, XTAR's sales and marketing unit located in Madrid.
Mr. Valverde, 61, has served in numerous important program
management positions with the Spanish Air Force, and was most
recently director general of armaments and material (DIGAM)
at the Spanish Ministry of Defense (SMOD), where he was responsible
for the planning, directing, and controlling of all programs
and acquisitions within the SMOD.
During his distinguished 40-year career with the Spanish
Air Force (SAF), Mr. Valverde performed numerous duties as
a fighter pilot and strategic planner. During the Gulf War,
Mr. Valverde was Commander of Torrejon Air Base (Spain) and
the 12th Wing Commander of the SAF.
Mr. Valverde also gained extensive experience in the international
community through the development of bilateral relations with
more than 30 nations around the world, distinguishing himself
during significant NATO and other international assignments.
"General Valverde brings a wealth of experience to the
XTAR team based on solid operational, technical, and managerial
credentials," said Bill Wright, president, XTAR. "I
am looking forward to him taking a lead role in developing
XTAR's X-band services within Europe and Latin America."
XTAR, based in Washington, D.C., is a satellite operator
that will provide X-band satellite communications services
to government users in the United States, the Spanish Ministry
of Defense, and other friendly nations. The company's first
satellite, XTAR EUR is currently under construction at Space
Systems/Loral (SS/L), Palo Alto, Calif. and is scheduled
to enter service in 2003.
Hisdesat, S.A., is a new satellite services company comprised
of various Spanish partner companies, notably Hispasat, S.A.,
the existing Spanish commercial satellite communications company
and INSA, S.A., the satellite services company. Hisdesat will
operate the Spainsat satellite, which will primarily provide
communications for the Spanish government. Spainsat is currently
under construction at SS/L and is scheduled to enter service
in 2004.
Loral Space & Communications
is a high technology company that concentrates primarily on
satellite manufacturing and satellite-based services, including
broadcast transponder leasing and value added services, domestic
and international corporate data networks, broadband data
transmission, content 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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