Worldspace (MM) (NASDAQ:WRSP)
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From Jun 2019 to Jun 2024
WORLDSPACE® Satellite Radio (NASDAQ:WRSP),
one of the world leaders in satellite-based digital radio services,
announced today that it has agreed with each of the four holders of the
Company's amended and restated secured notes (the "Bridge Loan Notes")
and second amended and restated convertible notes (the "Convertible
Notes") to defer until July 9, 2008 the Company's obligation to pay
$19.86 million in principal amount of the Bridge Loan Notes including
accrued but unpaid interest due on the Bridge Loan Notes and Convertible
Notes that was scheduled to be paid on June 30, 2008. In connection with
this agreed deferral, each of the note holders will receive a pro rata
portion of an aggregate of 1.5 million new Company warrants exercisable
for shares of the Class A Common Stock of the Company. The warrants will
be exercisable at $1.55 per share, and will be exercisable for a 5 year
period from the date of issuance. WORLDSPACE has further agreed to grant
registration rights reasonably acceptable to the holders with respect to
the shares underlying these new warrants, which will have identical
terms to the warrants that were issued to the holders on June 13, 2008
in connection with the previously announced deferral agreement. Interest
on all of the holders’ existing Bridge Loan
Notes and Convertible Notes will continue to accrue until paid in full.
About WORLDSPACE®
Satellite Radio
Based in the Washington, DC metropolitan area, WorldSpace, Inc. (Nasdaq:
WRSP) is the world's only global media and entertainment company
positioned to offer a satellite radio experience to consumers in more
than 130 countries with five billion people, driving 300 million cars.
The Company's two- satellite network covers two-thirds of the earth's
population with six beams. Each beam is capable of delivering up to 80
channels of high quality digital audio and multimedia programming
directly to WORLDSPACE(R) satellite radios anytime and virtually
anywhere in its coverage areas.
WORLDSPACE is finalizing preparations to launch Europe's first
subscription-based mobile satellite radio and data service beginning
with Italy in 2009, and followed by other European and Middle Eastern
countries including Germany and the UAE. Upon service launch,
subscribers will have access to a wide range of exclusive content
available in national languages, including commercial-free music as well
as news, sports, talk and other entertainment content (40-50 channels at
service maturity). WORLDSPACE also expects to offer unique data services
including real-time traffic information and navigation for automobile
commuters, weather forecasts, and personalized content such as music
downloads directly from the satellite.
WORLDSPACE is a pioneer of satellite-based digital radio services (DARS)
and was instrumental in the development of the technology infrastructure
used today by XM Satellite Radio. For more info, please visit http://www.WORLDSPACE.com
or http://www.worldspace-europe.com
Forward-looking Statements
This press release may contain certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on management's current expectations or
beliefs about future events and financial, political and social trends
and assumptions it has made based on information currently available to
it. The Company cannot assure that any expectations, forecasts or
assumptions made by management in preparing these forward-looking
statements will prove accurate, or that any projections will be
realized. Such forward-looking statements may be affected by inaccurate
assumptions or by known or unknown risks or uncertainties. Actual
results may vary materially from those expressed or implied by the
statements herein. For factors that could cause actual results to vary,
perhaps materially, from these forward-looking statements, please refer
to the Company's Form 10-K, filed with the Securities and Exchange
Commission, and other subsequent filings. Forward-looking statements
contained herein speak only as of the date of this release. The Company
does not undertake any obligation to update or revise publicly any
forward-looking statements, whether to reflect new information, future
events or otherwise.