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TELEDESIC GETS OK FOR LEO PROJECT

KIRKLAND, Wash.-Teledesic Corp. said it received approval for its low-earth-orbit satellite project from the Federal Communications Commission. The company plans to launch 840 LEO satellites to offer high-speed access to services such as the Internet or corporate local area networks.

The project’s main backers, Bill Gates and Craig McCaw said the FCC approval means it can now start raising money for the $9 billion project.

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