<PAGE> 1
FOR IMMEDIATE RELEASE
ORBCOMM APPOINTS DONALDSON, LUFKIN &
JENRETTE AS FINANCIAL ADVISOR
Dulles, VA, August 15, 2000 - ORBCOMM Global, L.P. (ORBCOMM) announced today
that it has engaged Donaldson, Lufkin & Jenrette Securities Corporation (DLJ) to
act as its financial advisor. Under the terms of the engagement, DLJ will, among
other things, assist ORBCOMM in exploring recapitalization alternatives with
respect to its $170 million 14% Senior Notes due 2004 with Revenue Participation
Interest (the "Notes").
In addition, ORBCOMM announced that it is not making the interest payment
scheduled to be paid today on the Notes. The interest payment is subject to an
automatic 30-day grace period. ORBCOMM anticipates that DLJ will assist ORBCOMM
in its negotiations with the holders of the Notes.
ORBCOMM continues to implement its previously announced revised sales and
marketing strategy in which the company is focusing on its top-tier customers in
a number of key industries.
# # #
This release contains forward-looking statements, including statements regarding
ORBCOMM's expected commercial operations. These forward-looking statements are
based on a number of assumptions and ORBCOMM's actual results and operations may
be materially different from those expressed or implied by such statements. For
a description of factors that may cause ORBCOMM's results to differ materially
from those expressed or implied by such forward-looking statements, please
consult the Securities and Exchange Act filings of ORBCOMM Global, L.P.
FOR MORE EDITORIAL INFORMATION, PLEASE CONTACT:
ORBCOMM
Michelle Ferris
(703) 433-6991
[email protected]
3
