/C O R R E C T I O N -- Van Greenfield, Chairman of Globalstar LP Creditors Committee/ In the news release, Statement from Van Greenfield, Chairman of Globalstar LP Creditors Committee, Regarding Court Approval of Assets Sale and a Potential Higher Bid by Cogent Communications Group, Inc., issued yesterday, Nov. 24, by Van Greenfield, Chairman of Globalstar LP Creditors Committee over PR Newswire, the source should read "Van Greenfield, Chairman of Globalstar LP Creditors Committee" rather than "Globalstar, LP" as incorrectly transmitted by PR Newswire. Complete, corrected release follows: NEW YORK, Nov. 24 /PRNewswire/ -- Background Globalstar, LP, a satellite telephone company, received approval on November 20 in a court hearing before Judge Peter Walsh at the U.S. Bankruptcy Court in Wilmington, Delaware for a sale of its assets to Thermo Capital Partners LLC. The Court also granted a $1.9 million break-up fee and other bidder protections for Thermo. During the Court hearing, Cogent Communications Group, Inc. (American Stock Exchange Symbol COI) also indicated its desire to engage in a transaction. Cogent believes that its offer, based on the last 20 days average closing prices of Cogent stock, would include more than $100 million in fully registered, freely tradable Cogent stock to be distributed to Globalstar creditors. The Creditors Committee is in the midst of its due diligence on the proposed Cogent transaction and has no opinion on this valuation. Under the terms of the Thermo deal, Thermo will pay $43 million in cash and assume $10 million in debt in exchange for Globalstar's assets and an 81.25 percent stake in the new company. Globalstar will retain the remaining 18.75 percent to pay unsecured creditors. In addition, Globalstar's creditors will have the right to purchase additional equity interests in the reorganized company. It is expected that the parties to the Thermo transaction shall execute definitive documents by December 2, 2003. The possibility exists that some other party may make an offer to purchase substantially all of the assets of Globalstar. In such event, Globalstar and its Official Creditors Committee will review any such offer to determine whether it represents more value than the Thermo transaction. Statement by Van Greenfield, Chairman of the Official Committee of Unsecured Creditors for Globalstar, LP: "I am pleased with the outcome of the November 20 hearing before Judge Walsh in the U.S. Bankruptcy Court in Wilmington, Delaware. "The hearing established Thermo as the current highest and best offer for the primary assets of Globalstar. Cogent Communications also outlined a competing offer during courtroom proceedings. Consistent with its fiduciary duties, the Creditors Committee is actively evaluating this proposal and is conducting due diligence to make a final recommendation to the Court." This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements provide our expectations or forecasts of future events. Actual results could differ materially as a result of known or unknown risks and uncertainties and other factors, including Globalstar's ability to secure sufficient funding under credit facilities or from other sources, to restructure its debt, the acceleration of existing debt facilities and the exercise of remedies with respect thereto, and other risks, uncertainties and factors disclosed in the most recent report on Form 10-K and reports on Form 10-Q and Forms 8-K of Globalstar Telecommunications Ltd. and Globalstar, L.P. filed with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statement. DATASOURCE: Van Greenfield, Chairman of Globalstar LP Creditors Committee CONTACT: Amy Greenfield, Esq. of Van Prooyen Greenfield LLP, +1-212-717-9130, for Globalstar, LP

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