Loral Continues Corporate Office Restructuring
NEW YORK, NY -- (Marketwire) -- 12/14/12 -- Loral Space & Communications Inc. (NASDAQ: LORL) today announced that its board of directors has named Avi Katz, 53, to the role of president of the company. Mr. Katz, who replaces Michael Targoff, was formerly the company's senior vice president, general counsel and corporate secretary. The appointment comes as a result of the previously announced restructuring following last month's sale of the company's manufacturing division. Mr. Katz will also continue in his role as general counsel and secretary.
Commenting on this appointment, Michael Targoff, Loral's Vice Chairman, said, "Mr. Katz has been an integral part of our senior management team for many years and provided not only valuable legal advice but business counsel as well. He has been a dedicated and valued executive, and I am confident that in his new role he will continue to make significant and meaningful contributions."
Continuing the phased departures of senior executive officers, Richard Mastoloni will leave his role as senior vice president of finance and treasurer. He will, however, continue to serve the company as a consultant and will work with the board of directors and Mr. Targoff on strategic matters relating primarily to Loral's ownership interest in Telesat. John Stack, who served as assistant treasurer of Loral for more than ten years, has been named treasurer.
Commenting on this change, Mr. Targoff said, "Since becoming a senior officer and treasurer in 2002, at a time of significant commercial and financial difficulty for Loral, Richard Mastoloni has been a key member of the executive management team that navigated our operations and a critical leader for me in the strategic and transformational transactions that have so effectively grown shareholder value. We are grateful for Mr. Mastoloni's contribution during his tenure at Loral and are pleased that he expects to be available to assist the company moving forward."
As previously announced, Mr. Targoff has stepped down from his role as full time chief executive officer and president. He remains vice chairman of the board and will serve as a consultant to the board of directors with primary responsibility for strategic matters relating to Telesat and XTAR and oversight of the ViaSat lawsuit.
About Loral Space & Communications Inc.
Loral Space & Communications is a satellite communications company. Loral owns 64 percent of Telesat Canada, a global operator of telecommunications and direct broadcast satellites used to distribute video entertainment programming, broadband data, and provide access to Internet services and other value-added communications services. For more information, visit Loral's web site at www.loral.com. LORL-G
This document contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, the words "believes," "expects," "plans," "may," "will," "would," "could," "should," "anticipates," "estimates," "project," "intend" or "outlook" or other variations of these words or other similar expressions are intended to identify forward-looking statements and information. In addition, Loral Space & Communications Inc. or its representatives have made or may make forward-looking statements, orally or in writing, which may be included in, but are not limited to, various filings made from time to time with the Securities and Exchange Commission, and press releases or oral statements made with the approval of an authorized executive officer of the company. Actual results may differ materially from anticipated results as a result of certain risks and uncertainties which are described as "Risk Factors" and in the "Commitments and Contingencies" note to our financial statements in the current Form 10-K and in Loral's quarterly reports on Form 10-Q. The reader is specifically referred to these documents, as well as the Company's other filings with the Securities and Exchange Commission.
Risks and uncertainties include but are not limited to (1) risks associated with financial factors, including swings in the global financial markets, increases in interest rates and access to capital; (2) risks associated with satellite services, including dependence on large customers, launch delays and failures, in-orbit failures and competition; (3) regulatory risks, such as the effect of industry and government regulations that affect Telesat; (4) litigation risks, including patent litigation with ViaSat and (5) other risks, including a possible initial public offering at Telesat that could adversely affect the market for our common stock. The foregoing list of important factors is not exclusive. Furthermore, Loral operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond Loral's control.
Source: Loral Space & Communications