Globalstar Announces Delisting From NASDAQ Stock Market
COVINGTON, La., Dec. 20, 2012 (GLOBE NEWSWIRE) -- Globalstar, Inc.
(Nasdaq:GSAT), today announced that it received notice from the Listing
Qualifications Department of the NASDAQ Stock Market (NASDAQ) that
Globalstar's common stock will be delisted effective at the opening of
business on Friday, December 21, 2012. NASDAQ is taking this action due to the
Company's common stock trading below the minimum bid price of $1.00 in excess
of the period permitted by NASDAQ listing rules.
As Globalstar previously announced, in September, 2011, NASDAQ notified the
Company that its common stock was no longer in compliance with the minimum
$1.00 per share bid price requirement for continued listing. As a result of an
appeal initiated by the Company, the period for compliance was extended and
any delisting was deferred. Globalstar recently requested a further extension
of the compliance period and a deferral of delisting, which was declined by
NASDAQ in the notice received on December 19, 2012.
Effective Friday, December 21, 2012, the Company anticipates that its common
stock will trade over the counter (OTC) under its current symbol, GSAT.
Jay Monroe, Chairman and CEO of Globalstar, Inc., stated, "The board of
directors carefully deliberated, over an extended period of time, the
advantages and disadvantages of effecting a reverse stock split in order to
seek to regain compliance with NASDAQ's listing qualifications, and decided
that doing so was not in the Company's or its stockholders' best interests at
this time. We remain keenly focused on the execution of our satellite
communications and spectrum strategies to drive stockholder value, including
completing our fourth Second-Generation satellite launch. We fully intend to
seek listing on an accredited exchange as soon as it is feasible to do so."
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's web site
The Globalstar, Inc. logo is available at
Safe Harbor Language for Globalstar Releases
This press release contains statements such as, "We fully intend to seek
listing on an accredited exchange as soon as it is feasible to do so," that
may be considered to be "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on current expectations and assumptions that are subject
to risks and uncertainties which may cause actual results to differ materially
from the forward-looking statements. Forward-looking statements, such as the
statements regarding the Company's ability to develop and expand its business,
its anticipated capital spending (including for future satellite procurements
and launches), its ability to manage costs, its ability to exploit and respond
to technological innovation, the effects of laws and regulations (including
tax laws and regulations) and legal and regulatory changes, the opportunities
for strategic business combinations and the effects of consolidation in its
industry on the Company and its competitors, its anticipated future revenues,
its anticipated financial resources, its expectations about the future
launches and operational performance of its satellites (including their
projected operational lives), the expected strength of and growth prospects
for the Company's existing customers and the markets that it serve, commercial
acceptance of its new Simplex products, including its SPOT satellite GPS
messenger ^TM products, problems relating to the ground-based facilities
operated by the Company or its independent gateway operators, worldwide
economic, geopolitical and business conditions and risks associated with doing
business on a global basis and other statements contained in this release
regarding matters that are not historical facts, involve predictions.
Any forward-looking statements made in this press release speak as of the date
made and are not guarantees of future performance. Actual results or
developments may differ materially from the expectations expressed or implied
in the forward-looking statements, and Globalstar undertakes no obligation to
update any such statements. Additional information on factors that could
influence the Company's financial results is included in its filings with the
Securities and Exchange Commission, including its Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
CONTACT: Globalstar, Inc.
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