RESTON, Va., July 2 /PRNewswire/ -- Mobile communications
provider TerreStar Networks Inc. ("TerreStar"), a majority owned
subsidiary of TerreStar Corporation (Nasdaq: TSTR), announced
today it has renewed the in-orbit insurance on TerreStar-1, the
world's largest and most powerful commercial communications
satellite, for one additional year.
TerreStar also announced it expects to begin commercial roll out
of the TerreStar GENUS™, the world's first dual-mode
satellite-cellular smartphone, in September
2010.
"TerreStar-1 continues to exceed performance expectations, and I
am pleased with support we received from the insurance community,"
stated Jeffrey W. Epstein, president
and chief executive officer, TerreStar. "Further, while we have
delayed the launch of our GENUS™ handset, this additional time
ensures that when we launch service, the GENUS will truly
revolutionize mobile communications for first responders,
enterprise users, and those in areas where terrestrial networks are
unavailable."
About TerreStar Corporation
TerreStar Corporation is the controlling shareholder of
TerreStar Networks Inc. and TerreStar Global Ltd. For additional
information on TerreStar Corporation, please visit the company's
website at www.terrestar.com.
About TerreStar Networks Inc.
TerreStar Networks (www.terrestar.com), a majority owned
subsidiary of TerreStar Corporation (NASDAQ: TSTR), plans to offer
a reliable and secure satellite terrestrial mobile broadband
network that will provide voice, data and video services dedicated
to helping solve the critical communication and business continuity
challenges faced by government, emergency responders, enterprise
businesses and rural communities. TerreStar expects to offer
next generation mobile communications through a network of partners
and service providers to users who need "anywhere" coverage
throughout the United States and
Canada.
Statement under the Private Securities Litigation Reform
Act:
This press release may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act,
with respect to the strategy of TerreStar Corporation, its plans,
and the transactions described in this press release. Such
statements generally include words such as could, can, anticipate,
believe, expect, seek, pursue, proposed, potential and similar
words and terms in connection with future results. We assume no
obligation to update or supplement such forward-looking
statements.
Media
Contact:
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Kelly Adams,
TerreStar Networks
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703.483.7966
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Kelly.Adams@terrestar.com
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SOURCE TerreStar Networks Inc.