Stratos Board Approves Increased Offer Price for Acquisition by CIP Canada
Offer price raised to C$7.00 per share; a 9.4 percent increase to the original offer price
BETHESDA, MD, June 11 / -- Stratos Global Corporation ("Stratos" or the "Corporation") today announced that its Board of Directors unanimously approved an increased cash purchase price of C$7.00 per share for the proposed acquisition of Stratos by CIP Canada Investment Inc. ("CIP Canada"). This represents a 9.4 percent increase compared to the original offer price of C$6.40 per share and a 5.9 percent increase compared to the most recent closing price of Stratos shares on June 8, 2007.
"We are pleased that CIP Canada decided to increase its offer price following discussions initiated by Stratos with certain of our major shareholders," said Charles Bissegger, Stratos' chairman of the Board of Directors. "We continue to believe this is the right transaction for Stratos and we recommend that all shareholders vote in favor of the plan of arrangement."
As announced earlier today, completed proxies can now be submitted up until the 2:00 p.m. Eastern Daylight Time start of the Annual and Special Meeting of Shareholders on Tuesday, June 12, 2007. The meeting will be held in the Northern Lights Ballroom at the Renaissance Toronto Hotel Downtown, One Blue Jays Way, Toronto Canada.
Shareholders who have already submitted proxies and would like to change their vote or require assistance in completing their proxy should contact Georgeson Shareholder Communications Canada Inc. at its North American toll free number of 1-866-682-6144.
About Stratos
Stratos (TSX: SGB), with over a century of service, is the world's trusted leader for vital communications, offering the most powerful and extensive portfolio of remote communications products, including mobile and fixed satellite and microwave services. Stratos' more than 20,000 customers use its services on seven continents and across the world's oceans. Stratos serves U.S. and international government, military, first responder, NGO, oil and gas, industrial, maritime, aeronautical, enterprise, and media users. For more information visit www.stratosglobal.com.
Source: Stratos Global Corporation
CONTACT:Investor Contact: Alfred Giammarino, Executive Vice President & CFO, (301) 968-1926, alfred.giammarino@stratosglobal.com
