05/03/2005

Spacecom Completes $38 Million Initial Public Offering

Proceeds will be used to launch the AMOS 3 communications satellite
 
March 10th 2005
 
Tel Aviv, Israel, March 10th 2005, Spacecom Ltd. announced today that it completed its initial public offering when its shares and bonds began trading on the Tel Aviv Stock Exchange this morning. In this IPO Spacecom, operator of the AMOS satellite system raised approximately $38 million (U.S.) through the sale of 1.725 million shares of common stock priced at approximately $7.50 per share, 115 million convertible bonds, and 1.15 million options. A syndicate of 4 leading underwriters underwrote the offering. Spacecom stated that the primary proceeds of the IPO will be used to launch its next satellite AMOS-3, which will expand Spacecom's satellites' coverage and capabilities. AMOS-3 is planned to be launched in 2007and will have both Ku and Ka band transponders, with its fixed beams covering Europe, the Middle East and the US East Coast and will also have steerable beams. ``The successful completion of Spacecom's IPO represents a major step for the company to unlock value for our shareholders and our plan to fund Spacecom's continued rapid growth" said Mr. David Pollack, Spacecom's Managing Director and Chief Executive Officer, "We are very pleased to be able to realize such an outstanding return on the original investment made in Spacecom.''  Mr. Pollack added, ``We believe that Spacecom's IPO, which will fund AMOS- 3, will enhance its position as a significant satellite telecommunications service provider and increase its ability to provide satellite services to our customers".
 
Spacecom is the operator of the AMOS satellite system and offers broadcast and communications services in Europe, the Middle East and the United States. Spacecom is a joint venture of Eurocom, Israel Aircraft Industries, General Satellite Services Co. (GSSC) and Mer Services Group Ltd.

Corporate Contact

Itzik Shnaiberg
CFO
Tel: +972-54-4543131
Email: itzik@amos-spacecom.com