Space Systems/Loral to Name Patrick DeWitt Chairman of the Board
DeWitt To Retire as CEO; President John Celli to Take Over Leadership Position
PALO ALTO, Calif., Oct 15, 2009 (GlobeNewswire via COMTEX News Network) -- Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications (Nasdaq:LORL) and the leading provider of commercial satellites, today announced that Patrick DeWitt will be appointed to the SS/L Board of Directors as its Chairman and will relinquish his duties as Chief Executive Officer at the end of the year. John Celli, the current President and Chief Operating Officer, will lead the company's day-to-day operations. "It has been an honor and a privilege to work with Pat DeWitt for so many years," said Mr. Celli. "He has been an exceptional leader and a dedicated mentor to me and to most of SS/L's managers. My job in taking on his role is made easier by the strong and dedicated team of engineers, scientists and technicians that he cultivated, and their passion for building the world's best
and most powerful satellites." Mr. DeWitt will retire after serving
with the company for 36 years. He will continue his involvement as Chairman of the Board, focusing his support on strategic initiatives. Beginning as a financial analyst, he went on to the lead the company through some of the industry's most difficult years. He demonstrated exceptional skill in navigating the company through a bankruptcy and bringing it back to the leadership position that it holds today. "I am proud to leave the company with the most enviable customer base, the largest backlog, the best product, the best reliability, and most importantly, the best employees in the satellite industry," said Mr. DeWitt. "John Celli was chosen as my successor because of his knowledge of the satellite business, his proven leadership, and the trust and confidence of our customers. He is prepared to lead the company to even greater successes." About Space Systems/Loral
Based in Palo Alto, California, SS/L designs and builds satellites and spacecraft systems for commercial and government customers around the world. As the leading provider of commercial satellites, the company works closely with satellite operators to deliver spacecraft for a broad range of services including direct-to-home television, digital audio radio, broadband Internet, and digital multimedia broadcasting. With more active transponders on three-axis controlled spacecraft than any other satellite manufacturer, SS/L helps customers meet business objectives with advanced solutions based on space-proven heritage designs. For more information, visit www.ssloral.com. About Loral Space & Communications Loral Space & Communications is a satellite communications company. Through its Space Systems/Loral subsidiary,
the company is a world-class leader in the design and
manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring, and air traffic management. Loral also owns 64 percent of Telesat, one of the world's largest providers of satellite services. Telesat operates a fleet of telecommunications satellites used to broadcast video entertainment programming, distribute direct-to-home video and broadband data 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., Space Systems/Loral, Inc. or their 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 the financial statements in Loral's most recent annual report on Form 10-K and subsequent 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 Commission. Risks and uncertainties include but are not limited to (1) risks associated with financial factors, including the global economic downturn, our history of losses and financial covenants in SS/L's credit agreement; (2) risks associated with satellite manufacturing, including competition, contractual risks, creditworthiness of customers, performance of suppliers and management of our factory and personnel; (3) regulatory risks, such as the effect of U.S. export control and economic sanction laws; and (4) other risks, including litigation. The foregoing list of important factors is not exclusive. Furthermore, Loral and SS/L operate in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the
control of Loral and SS/L. This news release was distributed by GlobeNewswire, www.globenewswire.com SOURCE: Loral Space & Communications, Inc. CONTACT: Space Systems/Loral
Wendy Lewis
+1 (650) 852-5188
(C) Copyright 2009 GlobeNewswire, Inc. All rights reserved.
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