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| 8-K - TERRESTAR CORP | a2121008k.htm |
Exhibit
99.1
TerreStar
Promotes Epstein and Loiacono
RESTON, VA, February 16, 2010
- TerreStar Corporation (NASDAQ: TSTR) today announced that Jeffrey W. Epstein
has added Chief Executive Officer duties to his position at TerreStar
Corporation and its subsidiaries, and will assume the title of President &
CEO, effectively immediately. Mr. Epstein has served as President of TerreStar
since April 2008.
"The
Board is pleased to recognize Jeff’s achievements and talents by promoting him
to Chief Executive Officer," said William Freeman, Chairman of the TerreStar
Board of Directors. "Since Jeff’s elevation to President in April
2008 he has shown that he has the vision and leadership to take TerreStar into
its next phase of growth – becoming the first fully operational integrated
satellite/terrestrial network provider."
The Board
of Directors also promoted Vincent Loiacono to Chief Financial Officer of
TerreStar Corporation and its subsidiaries, effectively
immediately. Mr. Loiacono has been TerreStar’s Chief Accounting
Officer since November 2008.
“Working
with Vince over the last year has demonstrated that he has the expertise and
commitment necessary for TerreStar’s Chief Financial Officer,” said Jeffrey
Epstein, President & CEO of TerreStar. “Vince will help us execute against a
sound corporate financial plan, creating long-term shareholder value as we
become operational and begin generating revenues.”
These
promotions follow a strong 2009 for TerreStar, including launching the world’s
largest, most powerful communications satellite and introducing the first
integrated satellite and cellular 3G smartphone. In 2010, TerreStar
remains focused on delivering next-generation mobile communications services to
help solve the critical communications challenges faced by government, emergency
responders, enterprises, and rural communities.
###
About
TerreStar Corporation
TerreStar
Corporation is the controlling shareholder of TerreStar Networks Inc. and
TerreStar Global Ltd. For additional information on TerreStar Corporation,
please visit the company's website at www.terrestar.com.
Statement
under the Private Securities Litigation Reform Act:
This
press release may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act, with respect to the strategy of
TerreStar Corporation, its plans, and the transactions described in this press
release. Such statements generally include words such as could, can, anticipate,
believe, expect, seek, pursue, proposed, potential and similar words and terms
in connection with future results. We assume no obligation to update or
supplement such forward-looking statements.
Media
Contact:
Kelly
Adams, TerreStar Networks
703.483.7966
Kelly.Adams@terrestar.com