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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. # # # |
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