RESTON, Va., May 17, 2004 (PRIMEZONE) -- Mobile Satellite Ventures (MSV) announced today that it has closed on additional optional funding rounds with its original investor group, which includes affiliates of Telcom Ventures and Columbia Capital, providing $21.3 million in new capital.
The funding occurred in two phases that closed over the past several months. The proceeds are being directed toward MSV's next-generation network development, including the first over-the-air trial of MSV's network transparency concept. This concept is central to MSV's patented ancillary terrestrial component (ATC) technology initiative as it involves the use of mainstream wireless protocols and standard wireless handsets, over MSV's existing satellite network, and an existing terrestrial network. The trial is anticipated for later this year.
"This additional investment in MSV demonstrates a belief by our existing investors in our next-generation mission and vision," said Alexander H. Good, MSV's vice chairman and CEO. "While our existing business is still cash flow positive, we are accelerating the technology and operations planning for next generation. MSV is in a strong position to be first to market with an ATC network. We are the only MSS operator, with customers and two GEO satellites in operation, in a position to file for a terrestrial ATC network with the FCC."
Eric Swank, MSV's chief financial officer, added, "The infusion of capital will allow us to accelerate our technology development and to move forward with a trial of our next-generation system by year end. We are actively engaged with potential operating and strategic partners who have expressed strong interest in participating in such trials."
MSV's next-generation vision of a hybrid wireless network incorporates powerful satellites working in unison with MSV's patented ATC technology to deliver transparent wireless connectivity, in cities and in rural areas, to end-users over standard wireless devices.
About MSV
Mobile Satellite Ventures is North America's premier provider of mobile satellite communications services. Delivering service since 1996, MSV offers customers a wide choice of wireless data, voice, fax and dispatch radio services via its two MSAT satellites. MSV provides superior capacity and reliability for customers across North America, northern South America, Central America, the Caribbean, Hawaii and in coastal waters.
MSV is dedicated to developing the next generation hybrid wireless network over North America that will utilize a powerful satellite constellation working in unison with MSV's patented ancillary terrestrial component (ATC) technology to deliver seamless wireless services to end-users over standard wireless devices.
The MSV investor group includes Telcom Ventures, Columbia Capital, Spectrum Equity, SkyTerra Communications, Motient, and TMI Communications.
MSV is headquartered in Reston VA with an office in Ottawa Ont. For more information, visit MSV online at www.msvlp.com.