Highlights Kerrisdale Capital's Flawed Assertions and Mischaracterizations
Company to Host Conference Call Today at 4:30 p.m. EDT
COVINGTON, La., Oct. 9, 2014 (GLOBE NEWSWIRE) -- Globalstar, Inc. (NYSE MKT:GSAT) announced that it will make available a new investor presentation that outlines the Company's value proposition, long-term prospects and the industry landscape, as well as directly refutes Kerrisdale Capital's ("Kerrisdale") flawed assertions regarding the Company. The presentation will be made available on the Company's website at the commencement of the Globalstar conference call today, October 9, 2014 at 4:30 p.m. EDT.
"We remain as confident as ever in the strength of Globalstar's value proposition and competitive advantage, now and in the future," said Jay Monroe, Chairman and Chief Executive Officer of Globalstar. "This is a critical juncture in the communications industry, and Globalstar is well positioned with unique capabilities and assets to capture the opportunities of the constantly evolving landscape. We continue to benefit from a completed second-generation constellation, a strengthened balance sheet and liquidity position, substantial operating growth and achievement of significant milestones on the proceeding for our Terrestrial Low Power Service ("TLPS") with the Federal Communications Commission."
Highlights of Globalstar's presentation will include:
- Regulators and industry players agree: Wi-Fi congestion is real, intensifying and must be addressed now;
- The solution to Wi-Fi congestion includes 2.4 GHz, the primary band for Wi-Fi;
- The capabilities of 2.4 GHz cannot be replicated or mitigated by alternatives such as 5 GHz;
- Globalstar's TLPS is the only spectrum of its kind – a premium service, premium offering and premium experience;
- TLPS is a superior solution that can be efficiently and immediately deployed post Federal Communications Commission-approval; and
- TLPS has significant opportunities for partner engagement
Mr. Monroe continued, "Today's presentation reiterates what we at Globalstar have always known – that the facts are indisputably on our side. Kerrisdale's analysis lacks credibility and any real understanding of the fundamentals and current state of our industry. What is clear is that Kerrisdale stands alone in its views, which staunchly contradict the prevailing perspectives of regulators and major industry players. We stand united in our commitment to supporting our assets, strategy and ability to capitalize on significant future growth opportunities."
The Company's management team will discuss its presentation on a public conference call today, Thursday, October 9, 2014 at 4:30 p.m. EDT. The call will include prepared remarks followed by a question and answer session. Investors and the media are encouraged to listen to the call through the Investor Relations section of the Company's website at www.globalstar.com/investors. If you would like to participate in the live question and answer session following the Company's conference call, please dial 866-510-0707 (US and Canada), 617-597-5376 (International) and use the participant pass code 75944922.A replay of the call will be available for a limited time and can be accessed after 7:30 p.m. EDT on October 9, 2014. Dial: 888-286-8010 (US and Canada), 617-801-6888 (International) and pass code 83995346.
About Globalstar, Inc.
Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to government, 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. Globalstar 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.
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