Sunday, November 28, 2004

Iridium Announces Subscriber Growth, New Funding

Subscribers to the Iridium Satellite mobile telephone service grew by 29% for the nine months ended September 30, 2004 versus the comparable period in 2003. In July, the company exceeded the 100,000-subscriber mark for the first time. Iridium cited growth in vertical markets, including aviation and maritime applications. The Department of Defense has also exercised its contract option again this year. In related financing news, Iridium recently closed an agreement for a $65.5 million credit facility with Bank of America, which replaces a similar facility with Riggs Bank.

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