Teledesic and New ICO Break Off Merger Plans

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Teledesic and New ICO Break Off Merger Plans

More Information:

Teledesic and New ICO have broken off plans to merge. New ICO and ICO-Teledesic Global, a holding company that owns New ICO and Teledesic, had filed with the Securities and Exchange Commission in September 2000 to register new shares to be distributed after a merger was complete. That filing was withdrawn March 16.

Roger Nyhus, spokesman for ICO-Teldesic Global, said both companies' business models have evolved since last year’s filing, making a merger less viable, however a future merger has not been ruled out. “We're really not elaborating at this stage because ultimately the decision rests in the hands of the boards. This is just one step in the process,” Nyhus said.

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March 26, 2001