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SPACE SYSTEMS/LORAL-BUILT SATELLITE FOR ASIASAT SUCCESSFULLY PERFORMS POST-LAUNCH MANEUVERS

Palo Alto, Calif. – August 12, 2009 — Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications (NASDAQ: LORL), and the leading provider of commercial satellites, today announced that AsiaSat 5, a satellite built for Asia Satellite Telecommunications Company Limited (AsiaSat), is performing post-launch maneuvers according to plan. The satellite was successfully launched yesterday from the Baikonur Space Center in Kazakhstan aboard an ILS Proton Breeze M launch vehicle provided by International Launch Services. Early this morning, the satellite’s solar array deployed on schedule, and tomorrow the satellite is scheduled to begin firing its main thruster in order to start maneuvering into geosynchronous orbit.

“The success of AsiaSat 5 is the result of many hours of dedication and hard work by both the AsiaSat and SS/L teams,” said John Celli, president and chief operating officer of Space Systems/Loral. “The satellite will contribute to AsiaSat’s continuous success, and help this premier satellite operator to strengthen and expand its services throughout the Asia-Pacific region.”

When on-orbit testing is completed, AsiaSat 5 will replace AsiaSat 2 at 100.5º East longitude, where it will provide video distribution, broadband networking, and other important communications services. Its global C-band beam will cover 53 countries spanning from Russia to New Zealand and from Japan to the Middle East and parts of Africa. The satellite also has two high-power fixed Ku-band beams over East Asia and South Asia, and a steerable Ku beam to address changing market demand in the region.

AsiaSat 5 is based on SS/L’s 1300 space-proven platform, which provides the flexibility to support a broad range of applications and technology advances. With the launch of AsiaSat 5, there are 57 Space Systems/Loral satellites currently on orbit.

About AsiaSat
AsiaSat, the leading regional satellite operator in Asia, serves over two-thirds of the world's population with its three satellites, AsiaSat 2 at 100.5º E, AsiaSat 3S at 105.5º E, and AsiaSat 4 at 122º E. The AsiaSat satellite system provides services to both the broadcast and telecommunications industries. Over 300 television and radio channels are now delivered by the company's satellites, reaching over 96 million households, with more than 360 million viewers across the Asia Pacific region. Many telecommunications customers use AsiaSat for services such as public telephone networks, private VSAT networks, and broadband multimedia services. It is a wholly-owned subsidiary of Asia Satellite Telecommunications Holdings Limited, a company listed on The Stock Exchange of Hong Kong Limited (SEHK: 1135). In March and June of this year, AsiaSat was selected the ‘Best Asian Satellite Carrier’ and the 'Satellite Service Provider of the Year in Asia Pacific’ respectively by Telecom Asia magazine and Frost & Sullivan. For more information, please visit www.asiasat.com.

About Space Systems/Loral
Based in Palo Alto, California, SS/L designs and builds satellites and spacecraft systems for commercial and government customers around the world. As the leading provider of commercial satellites, the company works closely with satellite operators to deliver spacecraft for a broad range of services including direct-to-home television, digital audio radio, broadband Internet, and digital multimedia broadcasting. With more power on orbit than any other satellite manufacturer, SS/L helps customers meet business objectives with advanced solutions based on space-proven heritage designs. For more information, visit www.ssloral.com.

About Loral Space & Communications
Loral Space & Communications is a satellite communications company. Through its Space Systems/Loral subsidiary, the company is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring, and air traffic management. Loral also owns 64 percent of Telesat, one of the world’s largest providers of satellite services. Telesat operates a fleet of telecommunications satellites used to broadcast video entertainment programming, distribute direct-to-home video and broadband data services, and other value-added communications services. For more information, visit Loral’s web site at www.loral.com. LORL-G

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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., Space Systems/Loral, Inc. or their 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 the financial statements in Loral’s most recent annual report on Form 10-K and subsequent 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 the global economic downturn, our history of losses and financial covenants in SS/L’s credit agreement; (2) risks associated with satellite manufacturing, including competition, contractual risks, creditworthiness of customers, performance of suppliers and management of our factory and personnel; (3) regulatory risks, such as the effect of U.S. export control and economic sanction laws; and (4) other risks, including litigation. The foregoing list of important factors is not exclusive. Furthermore, Loral and SS/L operate in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the control of Loral and SS/L.

 

Contact:

Wendy Lewis
Space Systems/Loral
650-852-5188
wendy.lewis@sslmda.com