Globalstar Inc (NYSEMKT:GSAT) shares were flat on Wednesday at $1.41 then advanced 0.71% in after-hours trading to $1.42. The company has a market cap of $1.38B at 981.63 million shares outstanding. Share prices have been trading in a 52-week range of $0.63 to $3.00.
Globalstar Inc is a company that provides mobile satellite services, including voice and data communications services globally through satellite. In particular, it provides wireless communications services in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters.
The company provides various communications services through satellite, which include two-way voice communication and data transmissions (Duplex) using mobile or fixed devices, and one-way data transmissions (Simplex) using a mobile or fixed device that transmits its location and other information to a central monitoring station, which includes certain SPOT and Simplex products. It also offers voice and data communication services over its network of in-orbit satellites and its active ground stations (gateways), as well as hardware and software designs to develop specific applications operating over its network.
In a press release, Globalstar Inc announced that it intends to form a partnership with fellow leading provider of mobile satellite and voice data communications services, Inmarsat. Under this partnership, the companies will cross-sell their respective products and services in order to increase their global reach. This also aims to provide additional service options for the growing and diverse needs of the companies’ expanding international customer bases.
This strategic partnership with Inmarsat will allow us to enhance our product offerings and provide transformative communications services to more people worldwide,” said Jay Monroe, Chairman and Chief Executive Office of Globalstar Inc. “We are looking forward to the positive impact we can make together and are optimistic about what the future holds with this groundbreaking partnership.”
The companies have yet to come up with a formal agreement as Inmarsat and Globalstar Inc both have and operate their own satellite constellations, with Globalstar using a new low-earth orbiting (LEO) type that launched in 2013, and Inmarsat using geostationary (GEO) satellites, which entered global commercial service at the end of 2015.
This partnership will bring significant benefits to both Globalstar’s and Inmarsat’s customers, allowing them to access a wider range of satellite products from anywhere on the globe. As a key partnership, it will have an impact that is mutually beneficial to both organizations, and we are excited to work with Globalstar to develop the relationship,” commented Paul Gudonis, President of Inmarsat Enterprise.
Inmarsat is a company that provides reliable voice and high-speed data communications to governments, enterprises and other organizations, with a range of services that can be used on land, at sea or in the air. Inmarsat operates in more than 60 locations around the world, with a presence in the major ports and centres of commerce on every continent.
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