ICO Reports Progress on Launch of North American Satellite
Placement of Launch and In-Orbit Insurance Complete
Satellite Testing Complete, Launch Date Set
Rocket Booster Is In Place at Cape Canaveral
ICO Reports Progress on Launch of North American Satellite
Placement of Launch and In-Orbit Insurance Complete
Satellite Testing
Complete, Launch Date Set
Rocket Booster Is In Place at Cape Canaveral
RESTON, Va., (Business Wire) February 19, 2008 – ICO Global Communications
(Holdings) Limited (ICO) (NASDAQ: ICOG) today provided an update on
progress towards launching its North American geosynchronous satellite,
ICO G1. ICO will be trialing a fully interactive mobile video, navigation
and emergency assistance service to be known as ICO mim™ (mobile
interactive media) later this year.
ICO has procured launch and
in-orbit insurance coverage for up to $344 million during the launch phase
and up to $278 million during the in-orbit phase. "ICO is pleased with the
insurance policies and the terms and conditions for coverage," commented
David Bagley, ICO's senior vice president of corporate development. "The
insurance community responded well to our needs despite turbulence in the
satellite insurance markets last year. ICO was able to achieve coverage at
a price of approximately $44 million, which is in line with our publicly
stated estimates."
Preparations continue for the launch of ICO
G1 from Cape Canaveral, Florida. Space Systems/Loral has completed testing
ICO G1 in the Compact Antenna Test Range (CATR) and the spacecraft is
being finalized in preparation for shipment to the Cape the week of
February 25th. ICO's launch provider, Lockheed Martin Commercial Launch
Services, has provided a range date for the launch of April 14, 2008.
"We
are looking forward to our upcoming launch," reports Bob Day, ICO's senior
vice president of space systems. "Loral has done a great job thoroughly
testing the satellite and our Atlas V launch vehicle is already on the
stand in the vertical integration facility (VIF) near the launch pad."
ICO
will host a short conference call today, Tuesday February 19 at 11:00 am
Eastern Time to provide an update on these matters:
Call in number:
888-203-1112 Passcode: 2966190
A replay
will be available after the call for 30 days.
About ICO
ICO
Global Communications (Holdings) Limited is a satellite communications
company developing an advanced next-generation hybrid media system,
combining both satellite and terrestrial communications capabilities. ICO
is deploying a mobile interactive media service known as ICO mim™. ICO mim
will combine ICO's unique interactive satellite capability with nationwide
coverage to deliver a new level of navigation, enhanced roadside
assistance and the ultimate mobile video experience, including 10-15 live
channels of premium television content. ICO is based in Reston, Virginia.
For more information, visit www.ico.com.
Safe Harbor Statement
This
press release contains forward-looking statements, including statements
regarding the timing of the shipment and launch of ICO's G1 satellite, as
well ICO's plans to offer and the composition of its ICO mim™ service. The
forward-looking statements involve risks and uncertainties that could
cause actual results to differ materially from our expected results,
including the potential for further launch delays. More information about
risks is contained in ICO's most recent Annual Report on Form 10-K and its
other filings with the U.S. Securities and Exchange Commission. The
forward-looking statements in this press release speak as of the date
hereof, and ICO undertakes no obligation to revise or update any
forward-looking statements for any reason.
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