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Intelsat Approves Spin-off
Salvador - March 29, 1998 - The Intelsat Meeting of Signatories has unanimously endorsed recommendations forwarded to it by the 122nd Board of Governors to create a spin-off company, totally separate from Intelsat and temporarily known as INC.

Three Intelsat decision-making bodies are involved in this process, and now two have already endorsed INC's creation. Today's unanimous decision by the Meeting of Signatories will be forwarded with a recommendation for approval to the 22nd Assembly of Parties meeting here March 30 through April 1.

``Today's decision represents an important milestone in the creation of INC. Approval by the Assembly next week will mean we will have successfully created a new entrant in the satellite communications marketplace, and done so with competitive safeguards, allowing all companies to compete on a level playing field,'' said Irving Goldstein, Director General and CEO, in announcing today's unanimous decision.

Intelsat owns and operates a global communications satellite system. With 1997 revenues of more than US$960 million, the Intelsat system provides voice/data and video services to over 200 countries and territories via satellite.

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