Key Developments For Globalstar, Inc.
Globalstar, Inc. (GSAT.O) (Nasdaq)
Globalstar, Inc. Announces Launch Of SMARTONE
Globalstar, Inc. announced that simplex data integrator Axonn LLC has launched SMARTONE, the Satellite Managed Asset Ready Tracker. SMARTONE is Axonn's newest global asset tracking solution that utilizes the highly reliable Globalstar Simplex data network and enables customers to track the location of their mobile assets virtually anywhere.
Globalstar, Inc. Announces Coface Backing For Proposed Financing
Globalstar, Inc. announced that Coface has agreed to provide a guaranty in support of a proposed $574 million credit facility to be extended by a syndicate of banks to Globalstar as borrower. Coface, the export credit agency acting on behalf of the French government, has advised Globalstar that it intends to provide long-term credit insurance to facilitate the proposed credit facility. The principal closing conditions include the conversion into equity at closing of senior secured term and revolving credit loans to Globalstar from its principal stockholder Thermo Funding Company LLC and the receipt by Globalstar of additional equity and contingent equity in an amount of approximately $100 million, most of which is expected to be provided by Thermo Funding.
Globalstar, Inc. Announces HTT Hybrid Satellite GSM Global Asset-Tracking Product
Globalstar, Inc. announced that Globalstar Independent Gateway Operator (IGO) Globalstar de Mexico has launched a multi-mode satellite asset tracking product. The new multi-mode hybrid tracking technology wireless device, or HTT, is capable of providing GPS-based asset tracking location coordinates and alert monitoring information from virtually anywhere.
Globalstar, Inc.'s SPOT LLC Expands SPOT Assist By Partnering With BoatU.S
SPOT LLC, a wholly owned subsidiary of Globalstar, Inc. announced it has signed an agreement with BoatU.S., the advocate for recreational boaters and BoatU.S. Towing Services. The agreement provides increased service options for SPOT Assist customers, targeted to improve boater communication using the SPOT Satellite GPS Messenger. SPOT Assist will now offer integrated on-the-water towing benefits in partnership with BoatU.S. The new on-water towing service option will be available using the recently announced SPOT Assist service
Globalstar, Inc.'s SPOT LLC Unveils SPOT Assist
SPOT LLC, a wholly owned subsidiary of Globalstar, Inc. announced SPOT Assist, a new roadside GPS safety service for its SPOT Satellite GPS Messenger. SPOT Assist offers roadside assistance that operates solely on satellite technology for virtually seamless coverage independent of cellular networks.
