NEW YORK - June 29, 2006 - Loral Space & Communications Inc. (NASDAQ:LORL) announced today that it has promoted Patrick DeWitt to chief executive officer of Loral's satellite manufacturing subsidiary, Space Systems/Loral (SS/L). John Celli has been promoted to president and chief operating officer of SS/L.
Mr. DeWitt, 60, was most recently president of SS/L, where he has led the company through one of its most successful periods in the company's history. Since 2003, SS/L has booked 12 new commercial satellite awards, more than any other satellite manufacturer. He has held senior management positions with SS/L and its predecessor companies since 1973. Mr. DeWitt earned his degree in business administration from San Jose State University.
"Pat DeWitt successfully led SS/L through a difficult period in the satellite manufacturing industry, marked by an adverse economic environment, strong competition and ever-evolving technologies," said Michael B. Targoff, chief executive officer, Loral Space & Communications. "In his new role as CEO, I'm confident Pat will keep leading SS/L to continued successful growth."
John Celli, previously executive vice president of the company, will succeed Mr. DeWitt as president of SS/L.
With nearly 30 years of experience, Mr. Celli, 57, is a veteran of the satellite industry. Starting in 2001, Celli served as SS/L's senior vice president of engineering, manufacturing and test operations, where he was responsible for the development, manufacturing, testing and procurement for all SS/L satellites, as well as managing the company's materiel, information systems and facilities organizations. He originally joined the company in 1981 as an antenna mechanical engineer and has held increasingly important roles with the company. Before joining SS/L, Mr. Celli held various engineering and project management roles with the Space and Ground Systems division of Alenia S.P.A. In addition, from 1975 to 1980 he taught mechanical engineering at the University of Rome. Mr. Celli holds a master's degree in mechanical engineering from the University of Rome.
Space Systems/Loral is a premier designer, manufacturer, and integrator of powerful satellites and satellite systems. SS/L also provides a range of related services that include mission control operations and procurement of launch services. Based in Palo Alto, Calif., the company has an international base of commercial and governmental customers whose applications include broadband digital communications, direct-to-home broadcast, defense communications, environmental monitoring, and air traffic control. SS/L satellites have amassed more than 1,300 years of reliable on-orbit service. SS/L is ISO 9001:2000 certified. For more information, visit www.ssloral.com.
Loral Space & Communications is a satellite communications company. In addition to Space Systems/Loral, through its Skynet subsidiary Loral owns and operates a fleet of telecommunications satellites used to broadcast video entertainment programming, and for broadband data transmission, Internet services and other value-added communications services. For more information, visit Loral's web site at www.loral.com.
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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 described under the caption "Risk Factors" in each of the company's annual report on Form 10-K for the fiscal year ended December 31, 2005 and its quarterly reports on Form 10-Q for subsequent periods. The reader is specifically referred to these documents, as well as the company's other filings with the Securities and Exchange Commission.
