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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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.