Company’s Nominees Overwhelmingly Reelected to Board
Fort Lee, NJ, May 6, 2009 – ORBCOMM Inc. (Nasdaq: ORBC), a global satellite data communications company focused on two-way Machine-to-Machine (M2M) communications, today announced that based on proxies submitted to the Company at its Annual Meeting held today in Herndon, Virginia, the Company’s shareholders have elected, by an overwhelming margin, both of ORBCOMM’s nominees—Jerome B. Eisenberg and Marco Fuchs—to its Board of Directors, with each nominee receiving over 98% of the votes cast for directors at the meeting.
On May 5, 2009, the Company was advised that in connection with the withdrawal of its nominees, Steven Chrust and Michael Miron, a group of dissident shareholders seeking representation on the Board had also withdrawn its non-binding proposal to declassify the Board. As a matter of good corporate governance and because shareholders were given the opportunity to consider and vote on this proposal, ORBCOMM presented it at the Annual Meeting. Based on the proxies submitted, the proposal to declassify ORBCOMM’s Board was not passed.
Marc Eisenberg, ORBCOMM’s Chief Executive Officer, said, “We are pleased with the overwhelming support for our Directors from our shareholders. While this proxy contest consumed a considerable amount of our time and money, and the dissidents’ proposals were misguided, ill-informed and self-serving, we believe that we will benefit from the opportunity we have had to discuss our insights and strategic plans with a broad range of our investors. We look forward to incorporating what we have learned in our discussions with shareholders. Our Board and management team can now turn our undivided attention to delivering strong performance and growing our business for shareholders.”
About ORBCOMM Inc.
ORBCOMM is a leading global satellite data communications company, focused on Machine-to-Machine (M2M) communications. Its customers include Caterpillar Inc., Doosan Infracore America, General Electric, Hitachi Construction Machinery, Hyundai Heavy Industries, Komatsu Ltd., Manitowoc Crane Companies, Inc, and Volvo Construction Equipment among other industry leaders. By means of a global network of low-earth orbit (LEO) satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The Company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a network control center in Dulles, Virginia. For more information, visit www.orbcomm.com.
Certain statements discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to our plans, objectives and expectations for future events and include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Such forward-looking statements, including those concerning the Company’s expectations, are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from the results, projected, expected or implied by the forward-looking statements, some of which are beyond the Company’s control, that may cause the Company’s actual results, performance or achievements, or industry results, to be materially different 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: the impact of global recession and continued worldwide credit and capital constraints; substantial losses we have incurred and expect to continue to incur; demand for and market acceptance of our products and services and the applications developed by our resellers; loss or decline or slowdown in the growth in business from the Asset Intelligence division of General Electric Company (“GE” or “General Electric” or “AI”), other value-added resellers or VARs and international value-added resellers or IVARs; loss or decline or slowdown in growth in business of any of the specific industry sectors the Company serves, such as transportation, heavy equipment, fixed assets and maritime; litigation proceedings; technological changes, pricing pressures and other competitive factors; the inability of our international resellers to develop markets outside the United States; market acceptance and success of our Automatic Identification System (“AIS”) business; the in-orbit satellite failure of the Coast Guard demonstration or the quick-launch satellites, satellite launch and construction delays and cost overruns and in-orbit satellite failures or reduced performance; the failure of our system or reductions in levels of service due to technological malfunctions or deficiencies or other events; our inability to renew or expand our satellite constellation; political, legal regulatory, government administrative and economic conditions and developments in the United States and other countries and territories in which we operate; and changes in our business strategy; and the other risks described in our filings with the Securities and Exchange Commission. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.