Globalstar Canada Satellite Co. Acquires Shares of Globalstar Canada Holding Co. From Shaw Communications
stockhouse.com  SAN JOSE, CALIFORNIA and CALGARY, ALBERTA, May 7, 2003 (CCNMatthews via COMTEX) -- Globalstar Canada Satellite Co., the provider of Globalstar satellite telephone service in Canada, has acquired all shares of Globalstar Canada Holding Co. that were previously owned by Canadian Satellite Communications Inc., a Shaw Communications Inc. company (TSX:SJR.B, NYSE:SJR).
Globalstar Canada Holding Co. oversees Globalstar's gateways and related technical operations in Canada. This acquisition was made as part of Globalstar's ongoing restructuring process, aimed at consolidating its businesses in different geographies and reducing its overall cost of operations.
Globalstar provides high-quality satellite voice and data communications and has become the world's most widely used handheld satellite phone service. Today's transaction is expected to bring further efficiencies to its operations across North America, allowing the company to provide superior customer service.
About Shaw Communications
Shaw Communications Inc. is a diversified Canadian communications company whose core business is providing broadband cable television, Internet and satellite direct-to-home ('DTH') services to approximately 2.9 million customers. Shaw is traded on the Toronto and New York stock exchanges (Symbol: TSX - SJR.B, NYSE - SJR). Additional information can be found on the Internet at www.shaw.ca.
About Globalstar
Globalstar is a leading provider of global mobile satellite telecommunications services, offering both voice and data services from virtually anywhere in over 100 countries around the world. For more information, visit Globalstar's web site at www.globalstar.com or Globalstar Canada at www.globalstar.ca.
Shaw Ventures Ltd.Mike AbramPresident(403) 750-4500Website: www.shaw.caorGlobalstarHugh BlackTrillium Public Relations(416) 322-3030 x 229orGlobalstar LPMac Jeffery(408) 933-4434Website: www.globalstar.com www.globalstar.ca NEWS RELEASE TRANSMITTED BY CCNMatthews
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The agreement does not modify the composition of the capital of the Globalstar of Brazil, that continues in the hands of the Loral and the EADS, space arm of the Daimler-Chrysler. E the sinergia with ICO goes to guarantee better services for our customers.
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