NEW YORK, Jan. 7, 2010 (GLOBE NEWSWIRE) -- Loral Space & Communications Inc. (Nasdaq:LORL) today announced that it has entered into an agreement with Barrett Xplore Inc., Canada's largest rural broadband provider, to deliver high throughput satellite Ka-band capacity for broadband services in Canada. Under the agreement, Loral will lease up to 100 percent of the capacity that it owns on the ViaSat-1 satellite to Barrett Xplore for the expected life of the satellite. ViaSat-1 is currently under construction at Space Systems/Loral and is scheduled for launch in early 2011.
"ViaSat-1's high capacity Ka-band transponders and spot beam design provide Barrett Xplore with the core infrastructure component for its next-generation broadband over satellite capability," said Michael B. Targoff, chief executive officer of Loral Space & Communications. "We are pleased to help Barrett Xplore meet its goal of providing access to broadband for all rural Canadians. Loral has a strong commitment to satellite broadband services throughout the world, and we will continue to look for opportunities to support the growth of this evolving technology."
Barrett Xplore will use the Loral capacity, which will provide 15 Gbps throughput, to deliver a more robust customer experience with higher speeds and bandwidth capacities for accessing future bandwidth rich Internet applications.
"We are very pleased to be working with Loral to provide this additional capacity for rural Canadians on ViaSat-1," said John Maduri, CEO at Barrett Xplore. "With this satellite from Loral, we will continue to deliver on our commitment to provide rural Canadians with high-speed Internet access that enables them to fully participate in the global economy."
Loral is working closely with its affiliate, Telesat Canada, to provide Barrett Xplore with the services it needs, including satellite operations and gateway facility management. ViaSat, Inc., a producer of innovative satellite and other wireless communications systems, will provide the ground infrastructure needed for the ViaSat-1 satellite services.
About Barrett Xplore Inc.
Headquartered in Woodstock, New Brunswick, Barrett Xplore Inc. operates Xplornet Internet Services, Canada's largest rural broadband provider, with customers and dealers in every province and territory. Barrett Xplore aims to bridge the urban/rural digital divide by ensuring that every Canadian, regardless of where they live, has access to broadband, thereby enabling them to compete effectively in the global economy and gain access to essential government and educational services. For additional information, please visit www.xplornet.com.
About Loral Space & Communications Inc.
Loral Space & Communications is a satellite communications company. It is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including fixed satellite services, direct-to-home television, broadband communications, wireless telephony, weather monitoring and air traffic management. Loral also owns 64 percent of Telesat Canada, a global operator of telecommunications and direct broadcast satellites used to distribute video entertainment programming, broadband data, and provide access to Internet services and other value-added communications services. For more information, visit Loral's web site at www.loral.com. LORL-G
This document contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, the words "believes," "expects," "plans," "may," "will," "would," "could," "should," "anticipates," "estimates," "project," "intend" or "outlook" or other variations of these words or other similar expressions are intended to identify forward-looking statements and information. In addition, Loral Space & Communications Inc. 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 from time to time with the Securities and Exchange Commission, and press releases or oral statements made with the approval of an authorized executive officer of the company. Actual results may differ materially from anticipated results as a result of certain risks and uncertainties which are described as "Risk Factors" and in the "Commitments and Contingencies" note to our financial statements in the most recent Form 10-Q and in Loral's annual report on Form 10-K. The reader is specifically referred to these documents, as well as the company's other filings with the Securities and Exchange Commission. Risks and uncertainties include but are not limited to (1) risks associated with financial factors and our investment in Telesat Canada, including the global economic downturn, our history of losses, financial covenants in SS/L's credit agreement, the structure of our investment in Telesat, Telesat's leverage and volatility in Canadian/U.S. exchange rates; (2) risks associated with satellite manufacturing, including competition, contractual risks, creditworthiness of customers, performance of suppliers and management of our factory and personnel; (3) risks associated with satellite services, including dependence on large customers, launch delays and failures, in-orbit failures and competition; (4) regulatory risks, such as the effect of U.S. export control and economic sanction laws and U.S., Canadian and foreign government regulation of satellite services; and (5) other risks, including possible conflicts of interest with our significant shareholder, litigation and market risks. The foregoing list of important factors is not exclusive. Furthermore, Loral operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond Loral's control. Loral Enters Into Agreement With Barrett Xplore Inc.