AssureSat Buys Two Loral Satellites

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AssureSat Buys Two Loral Satellites

AssureSat, Inc., El Segundo, has awarded a contract to Space Systems/Loral, a subsidiary of Loral Space & Communications, to build two high-powered, specially designed satellites. AssureSat will launch the in-orbit backup protection service for the world's geostationary fixed satellite service (FSS) communications satellite operators. The two new satellites are scheduled to be launched in 2002.

An inoperative satellite can deprive the operator of revenue equal to two to five times the cost of a satellite. Satellite insurance can cover the cost of replacing lost hardware, meanwhile an in-orbit operational backup can provide a way for a satellite operator to retain customers, protecting both revenues and customer relationships. Once in orbit, the AssureSat satellites will be able to provide backup protection to most of the world’s geostationary satellite operators by quickly moving a satellite to appropriate orbital slots to take over the communications tasks of malfunctioning spacecraft or those whose launches have failed, thus insuring service for the operator's customers. Based upon historic satellite launch and in-orbit failure rates, an estimated average of two or three launch and one to two in-orbit failures occur annually, with few options for recovery.

The unique design of these spacecraft will allow them to operate on all three ITU region frequency plans, and the antennae will be steerable in flight to offer variable footprint coverage in both the C and Ku frequency bands. The AssureSat satellites will each carry 36 C-band transponders and 36 Ku-band transponders. Total satellite power will be 10 kW at end of life. Loral has begun limited production, with full production to begin upon AssureSat's completion of the required additional financing. The spacecraft will be based on Space System/Loral's three-axis, body-stabilized 1300 bus.

Under separate agreements, Loral Skynet, a fixed satellite services operator and also a subsidiary of Loral Space & Communications, will become an AssureSat customer once service becomes available, giving Skynet the ability to provide a back-up option to its many valuable customers. In addition, Loral Skynet will provide telemetry, tracking, and control for the AssureSat fleet from its Hawley, Pennsylvania, facility.

The satellite manufacturing agreement and the two Loral Skynet agreements are contingent upon AssureSat's completion of necessary financing. No further information on contracts terms and conditions have been released.

AssureSat, Inc., shareholders include Securitas Capital, a global equity investment company funded by Swiss Reinsurance Company and Credit Suisse Group, and SpaceVest, L.P., a venture capital fund which makes equity investments solely in the space industry.

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May 3, 2000