WASHINGTON, DC, August 17, 1998 -- Ellipso, Inc. today appointed Manish Thakur to the position of Chief Financial Officer. He reports directly to David Castiel, President and Chief Executive Officer of Ellipso, Inc. Mr. Thakur will be responsible for financial planning, public and private placements, global partnering strategy, investment advising and the accounting and purchasing functions for Ellipso, Inc.

"As with any company in the growing stage, the CFO position is absolutely vital. With the Ellipso system preparing to offer service in 2001, a strong CFO is needed to ensure that we meet our funding needs and partner with the best investors and service providers." said Dr. Castiel. "Manish has a wealth of experience and contacts in the telecommunication and satellite communications areas, and is a perfect choice for Ellipso's CFO."

Mr. Thakur joins Ellipso, Inc. from Merrill Lynch & Co, where he was Vice President - Global Communications Group. He has spent the last six years building Merrill Lynch's international telecommunications franchise, particularly in the markets of Asia and Eastern Europe. In recent years he has focused on the emerging space and satellite finance areas, completing equity, high yield and strategic transactions for numerous satellite companies, including various global and regional mobile satellite service telecommunications systems.

Prior to Merrill Lynch, Mr. Thakur was an International Officer at The Hong Kong and Shanghai Banking Corporation. He holds a MBA in Finance from the Columbia University Graduate School of Business, and a BSc in Economics from the University of London. A New York city resident, Mr. Thakur is relocating to the Washington D.C. area.

Ellipso, Inc., a private company headquartered in Washington, D.C., is currently designing and constructing the Ellipso™ satellite-based global communications system that will provide low cost and high quality digital voice and data services worldwide. Utilizing unique and patented elliptical orbits, the Ellipso™ system will provide voice, data, facsimile, paging and geolocational services to subscribers around the world at prices significantly lower than competing systems. The Ellipso™ project includes the participation of The Boeing Company, the system integrator and space segment prime contractor; the Harris Corporation, manufacturer of the Ellipso™ spacecraft's communication payload; Lockheed Martin Management & Data Systems, developer and manufacturer of the Ellipso™ ground segment; and L-3 Communications, provider of the digital communications technology.