GLOBALSTAR FINALIZES EQUITY INVESTMENT IN TRAFFICCAST
Source: Globalstar, Inc.
Covington, LA. -- (April 19, 2011) - Globalstar, Inc. (NASDAQ:GSAT), a leading provider of mobile satellite voice and data services to businesses, government, and individuals today announced that it has completed an equity investment in TrafficCast International, Inc., a leading provider of travel time forecasting and traffic information based on advanced digital traffic data.
TrafficCast provides business and government customers with accurate real-time and on demand mobile traffic information and travel-time forecasts by analyzing GPS-based tracking and other data from expressways and major arterials as well as information from secondary and tertiary roadways, weather conditions, roadway incidents and events, construction, and historical traffic patterns.
"Today's announcement continues to demonstrate our interest in investing in providers of innovative mobile device technology solutions and TrafficCast, as a leader in the digital transportation sector, is an ideal addition to our investment portfolio," said Jay Monroe, Executive Chairman of Globalstar, Inc. "Just over a year ago we finalized our acquisition of mobile device manufacturer Axonn and with this new investment we continue to look at additional ways of further leveraging the Axonn acquisition and the deployment of our second-generation satellite network. With Globalstar, TrafficCast can now provide low cost, ubiquitous coverage and global support services for their customers, even when those customers are far beyond the range of terrestrial wireless communications."
"We are delighted to have a partner in Globalstar and access to their experience and expertise in mobile solutions and location-based services," said Al McGowan, CEO of TrafficCast. "Globalstar brings unique capabilities to our BlueTOADTM product family and will enable us to deliver critical information to public safety agencies and consumers when it is most needed where terrestrial data networks may not be effective."
With increasing congestion facing an estimated 100 million drivers in the United States alone, TrafficCast envisions an increased demand for advanced traffic flow data and travel information for a range of applications supporting mobile services, navigation, web portals, media, enterprise and the public sector. Over 10 years, TrafficCast has researched and developed the largest traffic data platform in the industry referencing historical and real-time traffic for over 450,000 miles of roadways in the United States.
About Globalstar, Inc.
With over 425,000 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 MessengerTM 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
About TrafficCast International, Inc.
TrafficCast is the leader in travel time forecasting and traffic information, developing technology, applications and content based on advanced digital traffic data, serving broadcast and interactive media, mobile, enterprise and public sector markets. TrafficCast BlueTOADTM integrates innovative technologies to monitor travel times, road speeds and route behaviors through detection of Bluetooth signals, with installations across the country. The company is based in Madison, Wisconsin, with offices in Chicago, Philadelphia, Atlanta and Shanghai. For more information, see www.trafficcast.com
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This press release contains certain statements such as, "XX," 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.
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