MCLEAN, Va., April 16, 2019 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM) announced today the signing of their Public Services Agreement (PSA) with the International Mobile Satellite Organization (IMSO), which details the conditions for IMSO to act as regulator and maintain oversight of Iridium's Global Maritime Distress and Safety System (GMDSS) services.
The signing of this agreement is a key step towards IMSO issuing Iridium a Letter of Compliance, stating that the company is ready to begin providing its GMDSS service.
The GMDSS is a safety-of-life system created by the International Maritime Organization (IMO) designed to rescue mariners in distress while at sea. It is comprised of satellite communications systems feeding distress information into a network of rescue coordination centers around the world that orchestrate related search and rescue efforts.
In May of 2018, the IMO adopted a "Statement of Recognition," stating that the Iridium® network met the requirements needed to provide GMDSS service. For decades, only one company was allowed to provide satellite GMDSS service, limiting coverage reach, capability and choice. With Iridium, mariners will for the first time in history have a choice in equipment and service provider while also now reaching 100 percent of the world's oceans, helping protect mariners no matter where they sail.
"Iridium is on target to complete development of its GMDSS system before the end of 2019, and our first terminal, in development by Lars Thrane, can be installed by any vessel as soon as it's type approved," said Bryan Hartin, executive vice president, Iridium. "However, SOLAS Convention (Safety of Life At Sea) class vessels will need to wait until 2020 for that Iridium terminal to meet its mandated GMDSS carriage requirement, which is when the needed amendments made to the SOLAS Convention take effect. All non-SOLAS class vessels can begin using the service as soon as it is available, and anyone will be able to begin use of the new terminal for general communications needs."
Hartin, continued, "We're proud of our work, in close collaboration with IMSO, to add Iridium to this critically important service and appreciate all the hard work and guidance provided by IMSO to help make sure we will be officially ready to go." Iridium's progress towards implementing all required steps to provide GMDSS service will be reported to the IMO during the Maritime Safety Committee's meeting in London this coming June. The first terminal planned for certification, the Lars Thrane LT-3100S, is also on schedule to be type-approved in 2019. Several additional Iridium GMDSS terminals are planned to be available in the future.
For more information about Iridium, visit: www.iridium.com
About Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. The company has recently completed its next-generation satellite network and launched its new specialty broadband service, Iridium CertusSM. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services and partner solutions, visit www.iridium.com.
Forward Looking Statements
Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company has based these statements on its current expectations and the information currently available to us. Forward-looking statements in this press release include statements regarding the timing of introduction, capabilities and benefits of new products and services enabled by the Iridium constellation, including GMDSS service. Forward-looking statements can be identified by the words "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely," "will," "to be" and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium 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 development and functionality of Iridium services, and the company's ability to maintain the health, capacity and content of its satellite constellation, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission (the "SEC") on February 28, 2019, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium's expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium's underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium's forward-looking statements speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.
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