UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
___________________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act 1934
Date of
Report (Date of earliest event reported): October 18, 2010
GLOBALSTAR,
INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
001-33117
|
41-2116508
|
|
(State
or Other Jurisdiction of Incorporation
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
461 South Milpitas Blvd. Milpitas,
California 95035
(Address
of Principal Executive
Offices) (Zip
Code)
Registrant’s
telephone number, including area code: (408) 933-4000
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
£
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
£
|
Soliciting
material pursuant Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
£
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d.2(b))
|
|
£
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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|
Item
3.01.
|
Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard;
Transfer of Listing.
|
As
previously reported, on September 21, 2010, Kenneth E. Jones notified
Globalstar, Inc. that he was resigning from the Board of Directors (the "Board")
effective October 1, 2010. Mr. Jones had been a member of the Board's Audit
Committee. As a result of Mr. Jones's resignation, Globalstar received a notice
from Nasdaq on October 18, 2010 stating that the company was deficient in
meeting the requirement of Listing Rule 5605, which requires that the audit
committee of a Nasdaq listed company be comprised of at least three independent
directors, subject to a cure period. The Board intends to appoint a
new independent director to the Board and the Audit Committee prior to the
expiration of the cure period, which is the earlier of the company’s next annual
stockholders meeting or October 1, 2011.
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Item
8.01
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Other
Information.
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Initial
Second-Generation Satellite Launch
On October 19, 2010, six new
second-generation Globalstar satellites were launched successfully from the
Baikonur Cosmodrome in Kazakhstan, using the Soyuz launch
vehicle. Globalstar has initiated satellite in-orbit testing, and the
performance of all six spacecraft is nominal at this time. Additional
information concerning the launch is included in the press release filed as
Exhibit 99.1.
|
Item
9.01
|
Financial
Statements and
Exhibits.
|
(d)
Exhibits.
99.1 Press
release dated October 20, 2010
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
| GLOBALSTAR. INC. | |||
|
|
/s/ Peter J. Dalton | ||
| Peter J. Dalton | |||
| Chief Executive Officer | |||
Date:
October 20, 2010
Exhibit
99.1
NEWS
For
Immediate Release
GLOBALSTAR
ANNOUNCES SUCCESSFUL LAUNCH OF SIX NEW SECOND-GENERATION SATELLITES
New
constellation will position the company for growth by restoring industry leading
voice and duplex data services while it further expands its award-winning
SPOT-branded consumer product line
Covington,
LA. -- (October 20, 2010) – Globalstar, Inc. (NASDAQ:GSAT), a leading
provider of mobile satellite voice and data services to businesses, government,
and individuals today announced that six new second-generation Globalstar
satellites were successfully launched from the Baikonur Cosmodrome in
Kazakhstan, using the Soyuz launch vehicle.
The
Globalstar satellites were launched from the Baikonur Cosmodrome in Kazakhstan
on Tuesday, October 19th at 11:11 p.m. local time (5:11 p.m. UTC and 1:11 p.m.
EDT), using the Soyuz-Fregat version of the Soyuz launch
vehicle. This is the 1762nd successful launch of the Soyuz family
launch vehicle.
Launch
services provider Arianespace confirmed that the upper stage accurately injected
the six-satellite dispenser into the targeted low earth orbit of approximately
920 km. Globalstar reports that all six satellites have been
successfully acquired following separation of the Fregat Upper Stage and release
from the satellite dispenser. Globalstar has initiated satellite
in-orbit testing and the performance of all six spacecraft is nominal at this
time.
“After
more than four and a half years of concentrated effort we are extremely pleased
to announce the successful inaugural launch of our second-generation
constellation satellites,” said Tony Navarra, President of Global Operations for
Globalstar, Inc. “It is with great enthusiasm and excitement that we
begin initiating our second-generation satellite operations and look forward to
the future services the constellation will support. With all six
satellites now safely in orbit we congratulate and applaud all of our Globalstar
employees world-wide and thank launch provider Arianespace as well as our
satellite contractor Thales Alenia Space for this launch success.”
Peter
Dalton, CEO of Globalstar, Inc., added, “Once fully deployed we expect our
satellite constellation will reliably provide the world’s finest quality mobile
satellite voice and fastest mobile satellite handset data services in the
industry. With a fifteen year design life, the new satellite
constellation will secure our space segment beyond 2025. Combined
with our affordable and award-winning suite of consumer retail SPOT products,
Globalstar will be positioned to offer the world’s most extensive lineup of high
quality mobile satellite services to the broadest range of commercial and retail
consumer customers around the globe.”
Globalstar
signed a contract with satellite manufacturer Thales Alenia Space in late 2006
for the design, manufacture and delivery of its second-generation constellation
satellites. A total of four launches of six satellites each will be
conducted by launch services provider Arianespace using the highly reliable
Soyuz launch vehicle. Globalstar plans to integrate the 24 new
second-generation satellites with the eight first-generation satellites that
were launched in 2007, to form a 32 satellite constellation.
Once the
first six new Globalstar satellites become operational, service availability and
reliability improvements will benefit those customers who use the Company’s
voice and Duplex data services. With each subsequent launch, these
customers can expect a progressive return to the high quality system access and
data session performance metrics customers enjoyed before 2007.
The new
satellites are designed to support Globalstar’s current lineup of voice, Duplex
and Simplex data products and services including the Company’s lineup of SPOT
retail consumer products. The advanced constellation combined with
the Company’s next-generation ground network, expected to be installed by 2012,
is also designed to provide Globalstar customers with enhanced future services
featuring increased data speeds of up to 256 kbps in a flexible Internet
protocol multimedia subsystem (IMS) configuration. Products and
services supported are expected to include: push-to-talk and multicasting,
advanced messaging capabilities such as multimedia messaging or MMS,
geo-location services, multi-band and multi-mode handsets, and data devices with
GPS integration.
About
Globalstar, Inc.
With over
400,000 subscribers, Globalstar is a leading provider of mobile satellite voice
and data services. Globalstar offers these services to commercial
customers and recreational consumers with coverage in more than 120 countries
around the world. The Company's products include mobile and fixed satellite
telephones, simplex and duplex satellite data modems, the SPOT Satellite GPS
Messenger™ and flexible airtime service packages. Many land based and maritime
industries benefit from Globalstar with increased productivity from remote areas
beyond cellular and landline service. Global customer segments include: oil and
gas, government, mining, forestry, commercial fishing, utilities, military,
transportation, heavy construction, emergency preparedness, and business
continuity as well as individual recreational users. Globalstar data solutions
are ideal for various asset and personal tracking, data monitoring and SCADA
applications.
For more
information regarding Globalstar, please visit Globalstar's web site at www.globalstar.com
###
For
further media
information:
Globalstar,
Inc.
Dean
Hirasawa
(408)
933-4006
Dean.hirasawa@globalstar.com
Skyya
Communications
Susan
Donahue
(646)
454-9378
Susan.donahue@skyya.com
Safe
Harbor Language for Globalstar Releases
This
press release contains certain statements such as, “The advanced constellation
combined with the Company’s next-generation ground network, expected to be
installed by 2012, is also designed to provide Globalstar customers with
enhanced future services,” that are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are subject to a number of assumptions, risks and uncertainties, many
of which are beyond our control, including demand for our products and services,
including commercial acceptance of our new Simplex products, including the SPOT
Satellite GPS Messenger; problems relating to the ground-based facilities
operated by us or by independent gateway operators; the pace and effects of
industry consolidation; changes in technology; our ability to continue to
attract and retain qualified personnel; worldwide economic, geopolitical and
business conditions and risks associated with doing business on a global basis;
and legal, regulatory, and tax developments, including changes in domestic and
international government regulation.
Any
forward-looking statements made in this press release speak as of the date made
and are not guarantees of future performance. Actual results or developments may
differ materially from the expectations expressed or implied in the
forward-looking statements, and we undertake no obligation to update any such
statements. Additional information on factors that could influence our financial
results is included in our filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K.
Photo
Release
Globalstar
Successfully Launches Six New Satellites into Orbit
Caption –
A Soyuz launch vehicle carrying six new Globalstar second-generation satellites
successfully lifts off from the Baikonur Cosmodrome in
Kazakhstan. The satellites are used to provide mobile satellite voice
and data services to commercial customers and retail consumers around the world.
(Photo courtesy of
Arianespace)