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IRIDIUM TRIES FOR FUNDING FROM COUNTRIES’ INVESTORS

WASHINGTON-Countries worldwide are invited to invest in Iridium Inc., an international consortium planning to introduce global satellite communications.

The Iridium Global Ownership Program will facilitate direct ownership in the project, said Iridium’s board of investors. From each country, an entity selected by the national government and a regional Iridium group will be eligible for a direct Iridium stake. The investment initially will be valued at $275,000 per country, 275 shares at $1,000 per share. Ownership by a broad range of local parties is the best means to ensure Iridium’s success as a global venture, the board said.

In September, Iridium withdrew a proposed $300 million offering of high-yield junk bonds, as interested investors perceived higher risk in the project than return value.

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