Satmex Receives Insurance Payment from Claim of Loss of the Solidaridad 1 Satellite
MEXICO CITY, Jan. 22 /PRNewswire/ -- Satelites Mexicanos, S.A. de C.V. (Satmex) announced last week in Mexico that it had received full payment under the claim presented as a result of the total loss of the Solidaridad 1 satellite, which occurred on August 27, 2000. The company also announced that the funds would be largely dedicated to the construction and launch of the replacement satellite, Satmex 6. "We now have the resources necessary to finance the construction and launch of the new satellite within the expected period. This confirms our commitment to all of Satmex's stakeholders, including our clients, the Mexican authorities, as well as the financial community," noted Lauro Gonzalez, CEO of Satmex. Satmex is a leading Mexican satellite operator in the Americas that leases C and Ku band capacity on the Solidaridad 2 and Satmex 5 geostationary satellites. Through its business partners in the NAFTA region and Latin America, Satmex delivers over 170 DTH channels to thousands of households, as well as news and entertainment to approximately 500 million viewers throughout the continent. Satmex provides high-speed connectivity to ISPs and digital broadcast services providers (DBS). Everyday, millions of long distance telephone calls are transmitted by the Satmex fleet. Distance learning, rural telephony and telemedicine, among others, are delivered through the Satmex satellites, contributing to the development of rural regions, the integration of Latin America and the rest of the continent, as well as more efficient communications in the world's largest cities. Satmex is a member of the Loral Global Alliance, offering its customers the advantages of a worldwide network of satellite capacity currently available on the Solidaridad 2 and Satmex 5 satellites, the eight-satellite Telstar fleet, on the just launched Europe*Star 1 and on planned Brazil satellites. Through this Alliance, Satmex provides global satellite solutions, focusing on the needs and requirements of the Americas. For more information, please visit the Satmex web site at http://www.satmex.com. Principia is a leading Mexican telecommunications company that is majority owned by the Autrey family and Mr. Lauro Gonzalez. In 1997, Principia and Loral Space & Communications were selected to acquire 75 percent of Satmex in connection with the privatization of Mexico's fixed satellite services. In association with Loral Space & Communications and Vodafone AirTouch Communications, Principia founded Globalstar de Mexico in 1996. Loral Space & Communications (NYSE: LOR) is a high technology company that concentrates on satellite manufacturing and satellite-based services, including broadcast transponder leasing and value added services, domestic and international corporate data networks, global wireless telephony, broadband data transmission and content services, Internet services and international direct-to-home satellite services. For more information, visit Loral's web site at http://www.loral.com.
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