Rule changes will promote new investment and innovation
OTTAWA, CANADA, March 4, 2010 – Telesat, the world’s fourth largest fixed satellite services operator, expressed support today for the Canadian government’s Throne Speech and Budget commitment to remove foreign ownership restrictions on Canadian satellite operators. By providing Canadian operators with access to new sources of capital and the ability to diversify their shareholder base, the policy will foster investment and innovation in this important industry.
While Canada’s satellite communications market has been fully open to foreign operators for more than ten years, Canadian satellite companies remain subject to ownership restrictions. This places them at a substantial disadvantage to larger foreign competitors in today’s highly competitive global market.
“Telesat strongly supports the government’s decision to remove the foreign investment restrictions for our industry”, said Dan Goldberg, Telesat’s President and CEO. “Although Telesat has invested billions of dollars in its satellite fleet to date, we need to continue to increase our scale in an industry where size confers key competitive advantages. By removing the investment restrictions, Telesat will be a more effective global competitor and able to invest in new and advanced technologies for the benefit of all Canadians.”
About Telesat (www.telesat.com)
Headquartered in Ottawa, Canada, with offices and facilities around the world, Telesat is the fourth largest fixed satellite services operator. The company provides reliable and secure satellite-delivered communications solutions to broadcast, telecom, corporate and government customers. Telesat has a global state-of-the-art fleet of 12 satellites, with two more under construction, and manages the operations of 13 additional satellites for third parties. Telesat is privately held. Its principal shareholders are Canada’s Public Sector Pension Investment Board and Loral Space & Communications Inc. (NASDAQ: LORL).
For further information:
Vanessa Brûlé, Telesat, +1 613 748-8700 ext. 2407 (email@example.com)
Forward-Looking Statements Safe Harbor
This news release contains statements that are not based on historical fact and are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words “scheduled for”, “planned”, “will”, “believe”, or “expected” or other variations of these words or other similar expressions are intended to identify forward-looking statements and information. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements as a result of known and unknown risks and uncertainties. Detailed information about some of the known risks and uncertainties is included in the “Risk Factors” section of Telesat Canada’s Form 20-F for the period ended December 31, 2009, filed with the United States Securities and Exchange Commission (SEC) on March 3, 2010. This filing can be obtained on the SEC’s website at http://www.sec.gov. Known risks and uncertainties include but are not limited to: risks associated with operating satellites and providing satellite services, including satellite construction or launch delays, launch failures, in-orbit failures or impaired satellite performance and risks associated with domestic and foreign government regulation. The foregoing list of important factors is not exclusive. The information contained in this news release reflects Telesat’s beliefs, assumptions, intentions, plans and expectations as of the date of this news release. Telesat disclaims any obligation or undertaking to update or revise the information herein.
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