San Jose, CA , April 14, 2004 - Globalstar, the world's most widely-used handheld satellite phone service, today announced the completion of its financial restructuring following the formal acquisition of its main business operations and assets by Thermo Capital Partners LLC. In concluding this process, the new owners of Globalstar also announced a number of additional corporate initiatives and commitments, intended not only to ensure Globalstar's long-term financial stability but also to foster far greater growth and expansion for the company than ever before.

As expected following its preliminary acquisition agreement in December 2003, Thermo now owns 81.25% of a newly-formed Globalstar company in exchange for an investment of $43 million, with the remainder of the equity to be distributed to the creditors of the original Globalstar company - Globalstar, L.P. (GLP). With this acquisition, Globalstar's main business has now effectively exited from the bankruptcy process.

"Today is unquestionably a major turning point for Globalstar," said Jim Lynch, managing director of Thermo. "Despite its slow start, Globalstar - now in its fifth year of uninterrupted service - is by far the best positioned, with the best technology, to take advantage of the opportunities in the mobile satellite market, by increasing our attention on Globalstar's customers and their communication needs."

Thermo today also announced several new business initiatives and strategies, aimed at ramping up the company's growth in the months and years ahead. These include:

-Spare satellite launch plans: Planning has now begun to prepare the eight spare satellites that Globalstar is currently holding in ground storage for launch into orbit, possibly in late 2005 or early 2006.

-Introduction of New Products and Services: Globalstar will resume or accelerate several product development programs that had been slowed down or suspended during the company's restructuring. Globalstar expects the first new product - fax capability - to be introduced commercially later this month.

-Expansion of Data Offerings: Building on Globalstar's existing portfolio of data services and technology, the company has now begun offering data services tailored for specific industries, such as maritime, homeland security, oil and gas extraction and transport, and more. At the same time, new data services are also under development, with a new data compression service scheduled for commercial launch in the weeks ahead.

-Alaskan Gateway Planning: Thermo has approved work to proceed on site selection for a new Globalstar gateway in Alaska, intended to serve virtually the entire state of Alaska as well as offshore regions in the North Pacific and Bering Strait where commercial cargo and fishing vessels have shown strong interest in the company's service.

Underlying these initiatives is a new business plan that Globalstar and Thermo have been developing over the past several months, centering on re-aligning the company's resources to bring greater emphasis on addressing customer needs, particularly in the company's key markets such as oil and gas, maritime, defense, and transportation. Furthermore, Globalstar has already recruited new professional staff who will bring new expertise and skills to the company's sales and marketing departments and will be hiring additional professionals to further augment its sales efforts.

Thermo Capital Partners LLC is a private investment group with over 20 years of experience in managing and developing businesses in the fields of telecommunications, energy, real estate and more. The company is distinguished from most private investment firms in that it has consistently invested in businesses for the long-term and has taken an active role in the organization and management of each business, aiming at maximizing growth and return-on-investment. Thermo expects Globalstar to record at least 70% year-over-year growth in 2004 and to be operationally profitable by the fourth quarter of this year.

"Thermo has a solid record of identifying high-potential businesses and helping them through financial restructurings, turning one business after another into successful, growing enterprises," said Tony Navarra, president of Globalstar. "We are extremely happy to be working with Thermo, and we are already benefiting from their expertise and experience."

Details of the Acquisition Agreement: In December 2003, Thermo entered into a preliminary agreement to acquire Globalstar, subject to a number of conditions, including regulatory approval and the successful completion of several settlement and technical agreements. Regulatory approval was granted in early March, and the U.S. Bankruptcy Court approved the last of the required agreements on March 31, allowing Thermo to formally conclude the acquisition announced today.

The acquisition process centered around the establishment of a new Globalstar company which subsequently assumed ownership of essentially all of the assets and business operations formerly owned by GLP. Employees of GLP and its worldwide subsidiaries have also been transferred to the new company. As a result, GLP no longer has any significant operations and is expected to be wound up in the weeks ahead.

Globalstar service will continue to be marketed and sold under the Globalstar name, and the company's service provider partners around the world will continue to support customers as usual, with newer products and services expected to be introduced in the future.