BEDMINSTER, NJ - March 8, 2006 - Loral Skynet, a subsidiary of Loral Space & Communications (NASDAQ: LORL), today celebrated the 10-year anniversary of providing a wide range of satellite operators with professional services, including satellite control center operations, network architecture design, satellite construction oversight and regulatory assistance.

"Since the early days of the satellite industry, Loral Skynet has accumulated significant expertise in satellite operations and design, a valuable service that we market to other operators," said Patrick Brant, president of Loral Skynet. "Skynet has supported the operational development and oversight of some of the industry's leading operators, including Sirius Satellite Radio, XTAR and our first professional services customer EchoStar."

"EchoStar congratulates the Loral Skynet operations staff on 10 years of successful operations of our first and most important spacecraft, EchoStar I, a satellite that continues to serve 12 million DISH Network satellite television customers in the U.S.," said Shane Scott, EchoStar's vice president of spacecraft operations. "We appreciate Loral Skynet's contribution in helping EchoStar get its DBS business off the ground."

In addition to providing satellite control services to EchoStar for its EchoStar I satellite, Loral Skynet also operates the EchoStar 2, 5, 6 and 8 satellites.

Loral Skynet's team of world-class network architects, engineers, program managers and satellite operations professionals also has provided services to Sirius Satellite Radio and XTAR. For Sirius, Skynet designed a unique, hemispheric satellite ground control network with operation centers in New York; Utive, Panama and Quito, Ecuador. Skynet operates the XTAR-EUR satellite through a system that incorporates parallel terrestrial and VSAT connections from Skynet to the Canary Islands' Maspalomas ground station.

Loral Skynet's primary operations center is in Hawley, Pa., with its network operations center and back-up operations facility in Mt. Jackson, Va. From Hawley, Skynet currently provides operations for a number of satellites, including its own Telstar 12 and Telstar 14/Estrela do Sul satellites. Skynet's Telstar 18 satellite, positioned over Asia, is controlled through redundant VSAT and fiber connections interlinking Hawley and Mt. Jackson with Skynet's teleport in Kapolei, Hawaii, and APT Satellite's teleport in Hong Kong. Telstar 10, also positioned over Asia, is operated by APT from Hong Kong.

A pioneer in the satellite industry, Loral Skynet delivers the superior service quality and range of satellite solutions that have made it an industry leader for more than 40 years. Through the broad coverage of the Telstar satellite fleet, in combination with its hybrid VSAT/fiber global network infrastructure, Skynet meets the needs of companies around the world for broadcast and data network services, Internet access, IP and systems integration. Headquartered in Bedminster, New Jersey, Loral Skynet is dedicated to providing secure, high-quality connectivity and communications. For more information, visit the Loral Skynet web site at www.loralskynet.com.

In addition to being the parent company of Loral Skynet, Loral Space & Communications is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications through its Space Systems/Loral subsidiary.

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, press releases or oral statements made with the approval of an authorized executive officer of the company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions. Many of these factors and conditions are also described in the section of the annual report on Form 10-K for the fiscal year ended December 31, 2004 of Loral Space & Communications Ltd. (the predecessor registrant to the company) ("Ltd."), entitled "Commitments and Contingencies," and the company's and Ltd.'s other filings with the Securities and Exchange Commission. The reader is specifically referred to these documents.