Statement from Van Greenfield, Chairman of Globalstar LP Creditors Committee

CONSTELLATIONS

Statement from Chairman of Globalstar LP Creditors Committee

there are many ways to lose billions in space

New York - Nov 25, 2003
Globalstar, LP, a satellite telephone company, received approval on November 20 in a court hearing before Judge Peter Walsh at the U.S. Bankruptcy Court in Wilmington, Delaware for a sale of its assets to Thermo Capital Partners LLC. The Court also granted a $1.9 million break-up fee and other bidder protections for Thermo.

During the Court hearing, Cogent Communications Group, Inc. (American Stock Exchange Symbol COI) also indicated its desire to engage in a transaction.

Cogent believes that its offer, based on the last 20 days average closing prices of Cogent stock, would include more than $100 million in fully registered, freely tradable Cogent stock to be distributed to Globalstar creditors. The Creditors Committee is in the midst of its due diligence on the proposed Cogent transaction and has no opinion on this valuation.

Under the terms of the Thermo deal, Thermo will pay $43 million in cash and assume $10 million in debt in exchange for Globalstar's assets and an 81.25 percent stake in the new company. Globalstar will retain the remaining 18.75 percent to pay unsecured creditors.

In addition, Globalstar's creditors will have the right to purchase additional equity interests in the reorganized company. It is expected that the parties to the Thermo transaction shall execute definitive documents by December 2, 2003.

The possibility exists that some other party may make an offer to purchase substantially all of the assets of Globalstar. In such event, Globalstar and its Official Creditors Committee will review any such offer to determine whether it represents more value than the Thermo transaction.

Statement by Van Greenfield, Chairman of the Official Committee of Unsecured Creditors for Globalstar, LP: "I am pleased with the outcome of the November 20 hearing before Judge Walsh in the U.S. Bankruptcy Court in Wilmington, Delaware.

"The hearing established Thermo as the current highest and best offer for the primary assets of Globalstar. Cogent Communications also outlined a competing offer during courtroom proceedings. Consistent with its fiduciary duties, the Creditors Committee is actively evaluating this proposal and is conducting due diligence to make a final recommendation to the Court."

CONSTELLATIONS

Globalstar Extends Data Monitoring Service to the Middle East

San Jose - Oct 01, 2003
Globalstar, the world's most widely-used handheld satellite phone service, today announced that it has extended preliminary availability of its low-cost data monitoring service to parts of the Middle East, with full commercial availability expected there by the end of this year. This follows the successful introduction of this popular service earlier this year across the U.S. and Canada.

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