MOBILE COMMUNICATIONS HOLDINGS, INC. APPOINTS MERRILL LYNCH AS FINANCIAL ADVISOR
WASHINGTON, D.C., March 3, 1998 -- Mobile Communications Holdings, Inc. (MCHI) today appointed Merrill Lynch & Co. Inc., a leading global financial advisory company, as its financial advisor for the Ellipso™ satellite-based telecommunications system.
Merrill Lynch will provide MCHI with general financial advisory services regarding the Ellipso project, including advice on the selection of additional strategic partners, public and private debt or equity investments and other business transactions contemplated by the company.
MCHI selected Merrill Lynch as its advisor because of its global capabilities and experience in raising capital and providing financial advisory services to telecommunications and satellite companies.
"Merrill Lynch brings unparalleled worldwide financial expertise to MCHI," said David Castiel, President and Chief Executive Officer of MCHI. "We are pleased that Merrill Lynch, with its substantial global resources, will be a part of the Ellipso team as we continue to bring on additional global investors and strategic partners, and develop the infrastructure needed to meet our business milestones."
Under license from the Federal Communications Commission, MCHI, headquartered in Washington, DC, is building the Ellipso satellite-based communications system that will provide low-cost, high-quality mobile and fixed voice and data services worldwide beginning in the year 2000. The Ellipso project includes major participation by Orbital Science Corporation, Lockheed Martin Management & Data Systems, Harris Corporation, Israel Aircraft Industries, Spectrum Astro Inc., L-3 Communications and Draper Laboratory. Additional Ellipso shareholders include Aon Corporation, Spectrum Network Systems of Australia, and trade union- and civic organization-backed Vula Communications of South Africa. For more information on Ellipso, visit our web site: http://www.ellipso.com.
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