Press Releases  GLOBALSTAR ANNOUNCES $400 MILLION FINANCING Debt and equity fundraising secures capital for second-generation satellite constellation and fully funds the Company’s future business plan MILPITAS, Calif., April 24 2006 - Globalstar, Inc., a world leader in providing mobile satellite voice and data services to business, announced today that it has closed a $400 million debt and equity financing. The financing consists of $200 million of debt in the form of a five-year term loan and a four-year revolving credit facility, both underwritten by Wachovia Securities. The $200 million in equity capital is being invested by affiliates of the Thermo Companies. Minority shareholders in Globalstar will be provided an opportunity to participate in the equity financing. Globalstar intends to use the proceeds of the financing, as well as cash from its ongoing business, to fund the design and deployment of the company’s second-generation satellite constellation, upgrades to its ground segment and the launch of eight spare satellites for its current constellation in early 2007. The second generation satellite constellation will continue to provide Globalstar customers with industry leading voice quality as well as increased data speeds to both handheld and fixed subscriber equipment. Globalstar is already capable of providing ancillary terrestrial component service or ATC, which the FCC authorized it to provide in January. The second-generation satellite constellation will fully integrate ATC and ensure the company’s long-term capability to provide ATC and other integrated wireless multimedia satellite solutions. “This financing solidifies the funding for the future strategic growth of Globalstar. We can now implement our plans for the next generation satellite constellation and other initiatives that will better serve our customers and grow our wireless telecommunications businesses through the next decade and beyond” said Jay Monroe, Chairman and CEO of Globalstar, Inc. Mr. Monroe added, “the current environment for this type of financing is extraordinarily strong. This financing environment, combined with the company’s exceptional financial performance, has enabled us to fully fund our business plan at this time.” Horace Zona, Managing Director of Wachovia Securities said, “Globalstar represents an excellent credit, exhibiting growing revenue and profitability which is both substantial and expanding. Wachovia has a twenty year relationship with the Thermo Companies and looks forward to an expanding relationship with Globalstar.” Earlier this year, Globalstar LLC converted from a limited liability company into a corporation and is now known as Globalstar, Inc. Globalstar is mandated by its organizational documents to register its shares with the Securities and Exchange Commission prior to October 13th of this year. Over the past 24 months Globalstar has consolidated various operations in the Americas and Western Europe and opened a new satellite gateway ground station in Florida. It is also in the process of constructing an additional gateway in Alaska, which will open later this summer. With its independent gateway operator-partners, the company has significantly expanded its simplex data coverage by installing a number of new simplex data appliqués throughout the world. In addition to its spare satellite and second-generation constellation plan announcements, Globalstar has also reported the signing of a $140 million agreement with QUALCOMM to manufacture its current and next generation handset. In February the company disclosed that it had activated its 200,000th customer unit. About Globalstar, Inc. With over 200,000 activated satellite voice and data units, Globalstar offers high value, high quality satellite services to commercial and recreational users from virtually anywhere in more than 120 countries. The company's voice and data products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible 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 tracking, data monitoring and SCADA applications. For more information regarding Globalstar, please visit Globalstar's web site at www.globalstar.com About Wachovia Securities Wachovia Securities is the trade name for the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC, member NASD, NYSE, and SIPC and Wachovia Bank, NA. Wachovia Corporation is one of the nation’s largest diversified financial services companies providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia Corporation had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders' equity of $49.8 billion at March 31, 2006. For media information, please contact: Globalstar, Inc. Dean Hirasawa (408) 933-4006 dean.hirasawa@globalstar.com Copyright© 2010 Globalstar. All rights reserved.