Aviation News Item: 01042

17th Aug 2009

Source: fly-corporate.com

In regard to the Federal Communications Commission (FCC) approval of the combining of the two companies,GHL Acquisition Corp. and Iridium Holdings LLC issued the following statement.

"We are pleased that the FCC has approved our transaction," said Scott Bok, CEO of GHL Acquisition. "With all regulatory approvals in hand, GHL Acquisition plans to hold a special meeting of its stockholders to seek approval for the transaction on 23 September 2009. We are enthusiastic about bringing this to a close and are very pleased that Iridium continues to demonstrate why it is a strong investment for our shareholders."

"The FCC's approval moves Iridium one step closer to concluding this transaction and to strengthening our business for the future," added Matt Desch, CEO of Iridium. "This is good news for us, our partners and our customers, and helps advance our plans to build our next-generation satellite constellation, Iridium NEXT."

On 23 September 2008, GHL Acquisition and Iridium announced that GHL Acquisition would combine with Iridium in a transaction that furthers Iridium's plans to build Iridium NEXT and would result in Iridium becoming a publicly traded company. In connection with the transaction, on 29 July 2009, GHL Acquisition announced further progress toward its combination with Iridium with a warrant restructuring whereby GHL Acquisition entered into agreements with certain warrant holders.

Stockholders of record as of 27 August 2009 will be able to attend and vote at the special stockholder meeting. A definitive proxy statement is expected to be mailed to stockholders of GHL Acquisition around 31 August 2009.

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