COVINGTON, La., Nov. 8, 2013 (GLOBE NEWSWIRE) -- Globalstar, Inc. (OTCQB:GSAT) announced today that it has exercised the automatic conversion right contained in the terms of its 5.0% Convertible Senior Unsecured Notes, CUSIP number 378973 AC5 ("Securities"), which have an aggregate principal amount outstanding of $25,204,249.17. The Securities will be automatically converted into Globalstar Common Stock using the current Conversion Price of $0.50 and a "Make-Whole Premium" of 103 additional shares of Common Stock per $1,000 of Securities. This will result in the issuance of approximately 54 million shares. The conversion is effective on the Automatic Conversion Date of November 7, 2013. On or after the Automatic Conversion Date, interest on the Securities shall cease to accrue. Holders must surrender the Securities to the trustee for conversion. The trustee in this matter is U.S. Bank, National Association, located at Corporate Trust Department CN-OH-W6CT, 425 Walnut Street, Cincinnati, Ohio 45202. The shares of Common Stock are expected to be available for delivery to the holders on November 11, 2013.
About Globalstar, Inc.
Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial and recreational users in more than 120 countries around the world. The Company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Global customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications. Note that all SPOT products described in this or any Globalstar press release are the products of Spot LLC, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia. SPOT Connect is a trademark of Spot LLC.
For more information regarding Globalstar, please visit Globalstar.com.
CONTACT: L. Barbee Ponder General Counsel & Vice President Regulatory Affairs Phone: (985) 335-1503 Barbee.Ponder@Globalstar.com