Globalstar… A Moving Experience + Moving On Up…

[SatNews] Globalstar, Inc. (Nasdaq:GSAT), Louisiana Gov. Bobby Jindal and Louisiana Economic Development (LED) Secretary Stephen Moret have announced that Globalstar will be re-locating its corporate headquarters to Covington, LA. In addition, Globalstar’s product development center, the company’s international customer care operations, call center and other global business functions including finance, accounting, sales, marketing and corporate communications will move to Louisiana.

Globalstar expects to relocate and create close to 150 high value jobs in Covington by the end of 2011, increasing to 200 jobs by 2013 and a total of more than 490 by 2018.

Gov. Jindal said, “This announcement is a big win for Covington, the North Shore and our whole state. This is exactly the kind of company that we positioned Louisiana to secure when we created Louisiana FastStart in 2008 and enhanced our digital media incentive program in 2009. Since early 2008, leading companies have announced moves of their headquarters or other significant operations to Louisiana from a wide variety of states, including California, Georgia, Mississippi, Rhode Island, Virginia, Wisconsin, Illinois, Oregon and Texas. And we’re not stopping there. With our nation still enduring tough economic times and our state facing thousands of job losses associated with the federal deepwater drilling moratorium, our efforts to retain and attract jobs are more important than ever.”

“Today is a great day for Globalstar, our stockholders and employees, and we are proud to call Covington and the state of Louisiana our new home” added Peter Dalton, CEO, Globalstar, Inc. “Louisiana’s leading universities, including Loyola, LSU, Tulane and The University of New Orleans, plus the state’s reputation as a recreational sporting enthusiast’s paradise provide an ideal environment for recruiting highly skilled employees.”

Globalstar expects to take advantage of the State’s reimbursement of relocation costs plus a commercial lease subsidy for its new corporate headquarters and future tax credits associated with a host of State programs. The Company plans to maintain its network operations including its satellite and ground operations control centers in California.

Globalstar is also strengthening its senior management team by naming three new executives. Together with the current senior managers, these individuals are mandated to improve and accelerate the Company’s financial performance. Dirk J. Wild has joined the Company as Senior Vice President of Finance, and will assume the role of chief financial officer in mid-August. L. Barbee Ponder IV has been named General Counsel and Vice President of Regulatory Affairs for Globalstar, Inc. And Brian Beck has been named Vice President Product Development and Manufacturing for Globalstar, Inc.