GHL
Acquisition Corp. Announces Stockholder Approval of Acquisition of Iridium
Holdings LLC
NEW YORK,
September 23, 2009 – 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.