GHL Acquisition Corp. Announces Stockholder Approval of Acquisition of Iridium Holdings LLC
September 23 2009 - 7:06PM
PR Newswire (US)
NEW YORK, Sept. 23 /PRNewswire-FirstCall/ -- GHL Acquisition Corp.
("GHL Acquisition") (NYX: GHQ, GHQ.WS and GHQ.U) announced today
that its stockholders have voted to approve its acquisition of
Iridium Holdings LLC ("Iridium"). The stockholders of GHL
Acquisition also approved all of the other proposals which came
before the special meeting of the stockholders held today. Holders
of 9,214,167 shares voted against the acquisition of Iridium and
have submitted valid elections to seek redemption of their shares
of common stock. The acquisition of Iridium is expected to close on
September 29, 2009, subject to the satisfaction of customary
closing conditions. "We are very pleased with the outcome of the
vote, and look forward to welcoming all our new shareholders to the
combined company," said Scott L. Bok, chairman of GHL Acquisition.
About GHL Acquisition Corp. GHL Acquisition is a special purpose
acquisition company launched in February 2008 in an initial public
offering raising $400 million of gross proceeds. Founded by
Greenhill & Co., GHL Acquisition was formed for the purpose of
acquiring, or acquiring control of, through a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination, one or more businesses or assets. It
currently has no operating businesses. About Iridium Holdings LLC
Iridium Holdings is the only provider of mobile satellite
communications services offering 100% global coverage. Iridium
Holdings' constellation operates in a low-earth orbit and its
satellite network provides communication services to regions of the
world where existing wireless or wireline networks do not exist or
are impaired, and regions where the telecommunications
infrastructure has been affected by political conflicts or natural
disasters. Iridium Holdings offers voice and data communications
services to the U.S. and foreign governments, businesses,
non-governmental organizations and consumers via its constellation
of 66 in-orbit satellites, seven in-orbit spares and related ground
infrastructure. Iridium Holdings' commercial end-user base includes
the emergency services, maritime, government, utilities, oil and
gas, mining, leisure, forestry, construction and transportation
markets. Iridium Holdings' products and related applications are
installed in unmanned aerial vehicles, helicopters, commercial
aircrafts, marine vessels, and ground vehicles. The company is
headquartered in Bethesda, MD, and is currently privately held.
Forward-Looking Statements and Other Disclosure This press release
contains, and GHL Acquisition's management may make, certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The words "anticipates,"
"may," "can," "believes," "expects," "projects," "intends,"
"likely," "will," "to be" and other expressions that are
predictions of or indicate future events, trends or prospects
identify forward-looking statements. These forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of GHL Acquisition to differ materially from any
future results, performance or achievements expressed or implied by
such forward-looking statements. These risks and uncertainties
include, but are not limited to, uncertainties regarding the timing
of the closing of the transactions with Iridium referred to above,
whether the closing conditions will be satisfied, as well as
industry, market and economic conditions, and competitive, legal,
governmental and technological factors. There is no assurance that
GHL Acquisition's expectations will be realized. If one or more of
these risks or uncertainties materialize, or if GHL Acquisition's
underlying assumptions prove incorrect, actual results may vary
materially from those expected, estimated or projected. GHL
Acquisition's forward-looking statements speak only as of the date
of this press release or as of the date they are made, and, except
as required by law, GHL Acquisition undertakes no obligation to
update forward-looking statements. Contacts: James Babski Liz
DeCastro GHL Acquisition Corp. Iridium +1-212-372-4180
+1-301-571-6257 DATASOURCE: GHL Acquisition Corp. CONTACT: James
Babski of GHL Acquisition Corp., +1-212-372-4180, ; or Liz DeCastro
of Iridium, +1-301-571-6257,
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