SkyTerra and MSV Consolidate Ownership of Mobile Satellite Ventures

NEW YORK, Sept. 26, 2006/Satnews Daily/ — SkyTerra Communications, Inc. (OTCBB: SKYT) and Mobile Satellite Venture LP (MSV) announced on Monday that they have completed the closing of the previously announced transactions to consolidate the ownership and control of MSV.

They said the transactions, completed on Monday, makes SkyTerra owner of approximately 52 percent of the outstanding limited partnership interests of MSV and approximately 78 percent of the outstanding common stock of its general partner, each on a fully-diluted basis.

In a statement, SkyTerra said it may acquire additional limited partnership interests in MSV from Motient Corporation, which, if acquired, would result in SkyTerra owning approximately 70 percent of the limited partnership interests of MSV. I

SkyTerra issued approximately 39.6 million shares of its common stock to the other former partners in the joint venture, including 25.5 million shares of non-voting common stock to Motient.

MSV is developing a hybrid satellite-terrestrial communications network, which it expects will provide seamless, transparent and ubiquitous wireless coverage of the United States and Canada to conventional handsets.

Alexander H. Good, vice chairman, CEO and president of MSV, said the completion of the transaction is very positive for MSV - streamlining its ownership structure, better positioning the company to pursue strategic opportunities and relationships and improving its ability to access the capital markets.”

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