ENGLEWOOD, Colo., Oct. 25, 2019 /PRNewswire/ -- EchoStar Corporation (NASDAQ:SATS) ("EchoStar") today announced that its subsidiary, EchoStar Global L.L.C. has acquired Helios Wire Corporation ("Helios"), a satellite-enabled IoT connectivity company headquartered in Vancouver, Canada. The acquisition includes Helios' Australian subsidiaries Sirion Holdings Pty Ltd. and Sirion Global Pty Ltd. ("Sirion Global").
Sirion Global holds global spectrum rights for S-band Mobile Satellite Service (MSS), administered by Australia, and has been working to develop solutions for high volume asset tracking and monitoring applications by satellite.
"This acquisition advances our strategy and further lays the foundation for a global S-band solution for the future," said Anders Johnson, Chief Strategy Officer, EchoStar. "Our aim is to develop S-band technologies that will dramatically reduce the cost of satellite IoT, including machine-to-machine (M2M) communications, public protection and disaster relief (PPDR) and other end-to-end services worldwide."
Johnson continued: "Over time, EchoStar products and services will be integrated into the new global, hybrid networks that leverage multiple satellites and terrestrial technologies. This acquisition of Helios and Sirion Global positions us closer to realizing that vision."
"Helios' shareholders are pleased to have concluded the sale of Helios and the Sirion subsidiaries to EchoStar," said Raghu Das, co-founder and Chief Operating Officer, Helios. "EchoStar has a wealth of S-band experience in the United States and Europe and is the perfect operator to take this project forward and accelerate the build-out of the Sirion constellation and deployment of global IoT services."
"We are confident that the transaction will provide economic and communications benefits to Australia, Sirion's home jurisdiction, and around the world," said Peter Ruderman, co-founder of Helios. "We thank the Australia Communications and Media Authority and other Australian authorities for the support they have given Sirion over many years."
The acquisition occurred by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia).
EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite communication solutions. Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its Hughes Network Systems and EchoStar Satellite Services business segments. For more information, visit www.echostar.com. Follow @EchoStar on Twitter.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "estimate," "expect," "intend," "project," "plans," and similar expressions and the use of future dates are intended to identify forward looking statements. Although management believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. The forward looking statements may include those regarding any matter set forth in this document or any of the exhibits incorporated herein. These forward looking statements involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such forward looking statements. Such factors include, but are not limited to, the possibility that a transaction will not be completed, failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to a potential transaction, adverse effects on the market price of DISH's common stock, adverse effects on the market price of EchoStar's common stock and on EchoStar's operating results for any reason, including, without limitation, because of a failure to complete a transaction, failure to realize the expected benefits of a transaction, significant transaction costs and/or unknown liabilities, any lawsuits filed in connection with a transaction and general economic and business conditions that affect EchoStar or DISH following the transaction. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. These statements are subject to certain risks, uncertainties, and assumptions. For additional information on these and other factors that could affect EchoStar's forward looking statements, see EchoStar's filings with the SEC, including EchoStar's most recently filed Annual Report on Form 10-K for the year ended December 31, 2018 and subsequent Quarterly Reports on Form 10-Q and other documents EchoStar files with the SEC from time to time. The forward looking statements speak only as of the date made, and EchoStar expressly disclaims any obligation to update these forward-looking statements.
View original content to download multimedia:http://www.prnewswire.com/news-releases/echostar-acquires-helios-wire-corporation-300945263.html
SOURCE EchoStar Corporation
EchoStar Media Relations, Sharyn Nerenberg, +1 (301) 428-7124, email@example.com