OverHorizon Gains Greek Satellite Spot

Mr. Nicos Nicolaides, the Minister of Communications and Works in Cyprus, addressed a press conference held to publicize the licensing of OverHorizon PLC to operate a satellite. The Greek Minister said, “Cyprus has always shown a keen interest in satellite communications. As you already know, together with Greece, we have authorized in 2001 one satellite system. Today, the Government is granting to OverHorizon (Cyprus) PLC the rights of use of the orbital resources that have been allotted to Cyprus in the Plan in Appendix 30B of the Radio Regulations of the International Telecommunication Union (ITU). As prescribed in the legal framework, we reached this decision following a very transparent and open process. Specifically, the first step of the process was to invite expressions of interest to commercially exploit these rights. Only OverHorizon responded to our call. As a result, after ensuring that OverHorizon has the financial means and the technical know how to implement the project, we entered into a negotiation phase where we agreed the terms and conditions of the license.”