Loral Continues Corporate Office Restructuring
Avi Katz Appointed as President
Treasurer Richard Mastoloni Steps Down, Continues to Serve in
Michael Targoff Continues to Serve as Consultant and Vice Chairman of
NEW YORK, NY -- (Marketwire) -- 12/14/12 -- Loral Space &
Communications Inc. (NASDAQ: LORL) today announced that its board of
directors has named Avi Katz, 53, to the role of president of the
company. Mr. Katz, who replaces Michael Targoff, was formerly the
company's senior vice president, general counsel and corporate
secretary. The appointment comes as a result of the previously
announced restructuring following last month's sale of the company's
manufacturing division. Mr. Katz will also continue in his role as
general counsel and secretary.
Commenting on this appointment, Michael Targoff, Loral's Vice
Chairman, said, "Mr. Katz has been an integral part of our senior
management team for many years and provided not only valuable legal
advice but business counsel as well. He has been a dedicated and
valued executive, and I am confident that in his new role he will
continue to make significant and meaningful contributions."
Continuing the phased departures of senior executive officers,
Richard Mastoloni will leave his role as senior vice president of
finance and treasurer. He will, however, continue to serve the
company as a consultant and will work with the board of directors and
Mr. Targoff on strategic matters relating primarily to Loral's
ownership interest in Telesat. John Stack, who served as assistant
treasurer of Loral for more than ten years, has been named treasurer.
Commenting on this change, Mr. Targoff said, "Since becoming a senior
officer and treasurer in 2002, at a time of significant commercial
and financial difficulty for Loral, Richard Mastoloni has been a key
member of the executive management team that navigated our operations
and a critical leader for me in the strategic and transformational
transactions that have so effectively grown shareholder value. We are
grateful for Mr. Mastoloni's contribution during his tenure at Loral
and are pleased that he expects to be available to assist the company
As previously announced, Mr. Targoff has stepped down from his role
l time chief executive officer and president. He remains vice
chairman of the board and will serve as a consultant to the board of
directors with primary responsibility for strategic matters relating
to Telesat and XTAR and oversight of the ViaSat lawsuit.
About Loral Space & Communications Inc.
Loral Space & Communications
is a satellite communications company. Loral 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 current Form 10-K and in Loral's quarterly reports on Form 10-Q.
The reader is specifically referred to these documents, as well as
the Company's other filings with the Securities and Exchange
Risks and uncertainties include but are not limited to (1) risks
associated with financial factors, including swings in the global
financial markets, increases in interest rates and access to capital;
(2) risks associated with satellite services, including dependence on
large customers, launch delays and failures, in-orbit failures and
competition; (3) regulatory risks, such as the effect of industry and
government regulations that affect Telesat; (4) litigation risks,
including patent litigation with ViaSat and (5) other risks,
including a possible initial public offering at Telesat that could
adversely affect the market for our common stock. 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.
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