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Globalstar, Inc.
today issued the following statement in response to Kerrisdale Capital's
latest misguided attempt to manipulate the Company's stock price:
Terrestrial Low Power Service ("TLPS") represents a differentiated, premium,
and immediate solution to global broadband and Wi-Fi congestion, and we are
confident in our ability to capitalize on this opportunity for our
stakeholders and the public at large. Indeed, Globalstar has completed
real-world testing designed to measure the relative speed and distance from
an access point through TLPS. This testing was completed utilizing more than
3,000 discrete data points to show the relative difference in coverage from
a TLPS access point versus an access point utilizing conventional Wi-Fi
channels. While Globalstar conducted real-world testing, Kerrisdale
attempted to support its claims via a simulation and materially
mischaracterized the intent of Globalstar's testing.
Kerrisdale's most recent claims further demonstrate its lack of
understanding of our business and industry, as well as its willingness to
manipulate information to advance its self-serving agenda. It is clear that
this is yet another attempt by a short-seller to drive Globalstar's stock
price down for its own short term financial gain – at the expense of all
Globalstar stockholders.
Kerrisdale continues to mislead by:
* Presenting pseudo-technical arguments and unnamed sources to support its
claims related to Globalstar's testing programs. In fact, on today's
conference call, Kerrisdale did not produce a single expert to speak in
support of its technical assumptions.
* Relying on faulty and contrived simulations, in contrast to the real-world
tests conducted by Globalstar.
* Mischaracterizing or failing to technically understand that the single
access point in Globalstar's tests was used to demonstrate the field test
environment and not an intended deployment scheme.
* Setting its devices to antiquated modes, highlighting its unfamiliarity
with Wi-Fi. Industry professionals agree that the performance of Wi-Fi
devices using 802.11n is severely degraded by nearby devices using
802.11b, a mode which is meant to support legacy devices using a much
older standard. Yet in its tests, Kerrisdale chose to set channel 14
devices to operate in 802.11b mode while setting channel 11 devices in
802.11n mode.
We remain confident in the value of the Company's spectrum assets. We look
forward to the Federal Communications Commission adopting its proposed rules
in the near future and thereby making TLPS a reality.
Globalstar has launched a new page on its website
(www.globalstar.com/thefacts) that sets the record straight about the Company
and its future opportunities.
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