Iridium Satellite LLC today released the
following statement:

The U.S. Bankruptcy Court for the Southern District of New York today
approved the bid of Iridium Satellite LLC to purchase the operating assets of
Iridium LLC and its subsidiaries.

Under the agreement, Iridium Satellite LLC will purchase all of the
existing assets of Iridium LLC, including the satellite constellation, the
terrestrial network, Iridium real property and intellectual property owned by
Iridium LLC.

Iridium Satellite LLC will continue to provide commercial satellite
communications to the U.S. government and plans to re-launch affordable
satellite communications services to those industry segments that have a
particular need for satellite communications (government, military,
humanitarian, heavy industry, maritime, aviation, adventure) within 60 days.

The Chairman of Iridium Satellite is Dan Colussy, a veteran of the
aviation industry.
Colussy’s previous senior leadership positions include
Chairman, President and CEO of UNC; Chairman, President and CEO of Canadian
Pacific Airlines and President and COO of Pan American World Airways.

Iridium Satellite LLC has contracted with the Boeing Company to operate
and maintain the satellite constellation.

Motorola has agreed to continue to provide subscriber equipment on
commercially acceptable terms.