[SatNews] Globalstar, Inc. (Nasdaq:GSAT) is considering candidates for the Company's Board of Directors to fill a vacancy following the previously announced resignation of Ken Jones on October 1, 2010.
The resignation was for personal reasons and did
not involve any disagreement between Mr. Jones and the Company's management, auditors or other members of the Board. Mr. Jones served on the Audit Committee of Globalstar's Board. As a result of Mr. Jones' resignation, Globalstar no longer has an Audit Committee comprised of at least three independent directors, as required by NASDAQ listing rules. The Company, however, is permitted under the rules to avail itself of a grace period to appoint a new director. Globalstar, Inc. Executive Chairman Jay Monroe stated, "We wish to make
it abundantly clear that Globalstar is not required to fill the Audit Committee vacancy until the Company conducts its annual meeting, which is currently scheduled for May, 2011. We fully expect to appoint a new independent director to the Board and the Audit Committee prior to that time ensuring that Globalstar is in full compliance with NASDAQ listing requirements."