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TELESAT COMPLETES TRANSFER OF ITS INTERESTS IN TELSTAR 10/APSTAR 2R BACK TO APT
Jul 09, 2009 (AsiaPulse via COMTEX) --
MEDIA RELEASE PR35351
(Full text of statement. Contact details below.)
Telesat completes transfer of its interests in Telstar 10
Apstar 2r back to APT Satellite Company
Longtime Asian satellite operator has now assumed full
commercial control of Telstar 10/Apstar 2R
OTTAWA, CANADA and APT SATELLITE, HONG KONG, July 9 /CNW-AsiaNet/ -- Telesat Canada, the world's fourth largest
fixed satellite services operator, and APT Satellite Company
Limited, a wholly-owned subsidiary of APT Satellite Holdings
Limited, announced today that they have closed a transaction
pursuant to which Telesat has transferred its leasehold
interests in Telstar 10 to APT, along with certain customer
contracts related to the satellite. As announced on June 1,
2009, the total price was approximately US$69 million.
"The transfer of our interests in Telstar 10 to APT makes
strong strategic sense for a number of reasons, including APT's
long-standing responsibility for the satellite's operation, the
complex regulatory environment associated with the satellite,
and the upcoming requirement to replace Telstar 10," said Dan
Goldberg, President and CEO of Telesat.
APT and Telesat have assured current users of Telstar 10
that they will continue to receive the same high quality
services they have enjoyed to date, and both companies will
endeavor to ensure a seamless and smooth transition for their
customers.
"The satellite, also known as Apstar 2R, is one of the
leading satellites in the Asian market," said Cheng Guangren,
Executive Director and President of APT. "This agreement is the
right strategic move for our company given APT's growth plans
and the attractive base of customers who rely on Apstar 2R. We
look forward to serving them in the years to come and working
with them to expand our presence in Asia and other satellite
service markets."
About Telesat (www.telesat.com)
Headquartered in Ottawa, Canada, with offices and facilities
around the world, Telesat is the fourth-largest fixed satellite
services operator. The company provides reliable and secure
satellite-delivered communications solutions to broadcast,
telecom, corporate and government customers. Telesat has a
global state-of-the-art fleet of 11 satellites with another
satellite under construction, and manages the operations of 13
additional satellites for third parties. Telesat is privately
held. Its principal shareholders are Canada's Public Sector
Pension Investment Board and Loral Space & Communications Inc.
(NASDAQ: LORL).
As announced previously, Telesat continues to be in
discussions regarding the potential sale of its interests in
another of its international satellites. However, Telesat
cannot at this time assess the probability of concluding any
further transaction under discussion or under what terms,
including price, the satellite may be sold.
About APT (www.apstar.com)
APT SATELLITE HOLDINGS LIMITED (the "Group") is listed on
The Stock Exchange of Hong Kong Limited. Having started its
operation in 1992, the Group provides high-quality services in
satellite transponders, satellite communications and
broadcasting services for the broadcasting and
telecommunications sectors in Asia Pacific, Europe and the
United States. The Group currently operates the APSTAR systems,
including Apstar 5, Apstar 6, and Apstar 2R, through its own
Satellite Control Center in Tai Po, Hong Kong. In line with its
business development strategies, the Group also provides
satellite broadcasting services and telecommunications services
to customers.
(Stock code: 1045)
SOURCE:: Telesat Canada; Telesat Holding Inc.
CONTACT: Vanessa Brl, Telesat,
(613) 748-8700 ext. 2407,
(vbrule(at)telesat.com);
Dr. Brian Lo,
APT Satellite Holdings Limited,
Tel: + 852 2600 2100,
(brianlo(at)apstar.com)/
rw
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