Exhibit 99.1
Motient Corporation Names New Members to Executive Team
October 3, 2006 - Lincolnshire, IL Motient Corporation (MNCP) announced today
the appointment of three new members of the executive team.
Robert H. Brumley was named President and CEO of Motient. Mr. Brumley brings
extensive domestic and international telecommunications, security and
transactional experience to his new role at Motient.
Neil L. Hazard was named Executive Vice President, Chief Financial Officer and
Treasurer. Mr. Hazard has over 30 years of finance and operations experience in
the telecommunications industry.
Jeffrey W. Epstein was named General Counsel and Secretary. Mr. Epstein will be
responsible for overseeing Motient's legal affairs.
Mr. Brumley is currently President and CEO of TerreStar Networks, Mr. Hazard is
currently Chief Financial Officer of TerreStar Networks and Mr. Epstein is
currently Associate General Counsel of TerreStar Networks. These appointments
are part of Motient's previously announced plan to create a clear path to value
for stockholders and are another step in creating the separation of MSV and
TerreStar into two independent publicly traded entities.
Commenting on the appointments, Raymond Steele, Chairman of Motient said, "These
individuals bring years of leadership in the communications industry and a
wealth of knowledge and operational experience. I know they will successfully
guide development of Motient's strategic plan and continue to bring value to our
shareholders."
Robert H. Brumley
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Mr. Brumley previously served as President & CEO of Pegasus Global, an
international firm he co-founded specializing in telecommunications, technology,
infrastructure development and aerospace/defense. He held senior executive
positions with global communications firms such as Deutsche Telekom and Bell
Atlantic International where he was responsible for Bell Atlantic's
international telecommunications transactions worldwide, including its
participation in Constellation Communications, Inc., a low earth orbit satellite
venture. Mr. Brumley served as a Presidential appointee of the Reagan
Administration. He also served on senior-level working groups of the National
Security, Domestic and Economic Policy Councils and chaired the Reagan
Administration policy group that privatized commercial space transportation
removing NASA from the burden of launching commercial satellite payloads on the
Space Shuttle [STS]. Mr. Brumley is a retired Lieutenant Colonel in the United
States Marine Corps Reserves.
Neil Hazard
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Prior to joining Motient, Mr. Hazard served as COO and CFO of publicly-held
Primus Telecommunications Group, completing the company's initial public
offering, subsequent high yield debt offerings, secondary equity offering, and
convertible debt offering, totaling over $1.5 billion in capital raised. He held
finance and product marketing roles with MCI Communications Corporation.
Additionally, he was CFO for Overseas Telecommunications, a start-up
international satellite telecommunications carrier, and Assistant Vice
President, Finance, for Hughes Network Systems. Mr. Hazard received a Bachelor
of Engineering Science degree from Johns Hopkins University, a Masters of
Science in Computer Systems Management from the University of Maryland, and an
MBA from Harvard University. He is a Certified Public Accountant and a Certified
Management Accountant.
Jeffrey Epstein
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Mr. Epstein previously served as Director, Assistant General Counsel,
Transactions, for Capital One Financial Corporation. He worked for Piper
Rudnick, LLP, and Kutak Rock, LLP, representing clients in various corporate and
securities matters. He served as a Staff Attorney in the United States
Securities and Exchange Commission's Division of Corporate Finance. Mr. Epstein
earned a Bachelor of Arts Degree in Business Administration from the University
of Florida, a J.D. from St. Thomas University School of Law, and an L.L.M. in
Securities and Financial Regulation from Georgetown University Law Center.
Mr. Christopher Downie who has served as the Motient's Chief Operating Officer
since March 2004 has resigned from his position with the Company but will
continue to serve as a consultant to the Company.
About Motient Corporation
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Motient is the controlling shareholder of TerreStar Networks Inc., a
development-phase satellite communications company, and a minority shareholder
of Mobile Satellite Ventures LP, an established satellite communications
company. TerreStar plans to build, own and operate North America's first
next-generation integrated mobile satellite and land-based tower communications
network that will provide ubiquitous wireless coverage to North America over
conventional wireless devices. For additional information on Motient, please
visit the company's website at www.motient.com.
About Terrestar Networks
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TerreStar plans to build, own and operate North America's first next-generation
integrated mobile satellite and terrestrial communications network that will
provide universal access and tailored applications throughout North America over
conventional wireless devices. With a first-to-market launch strategy in 2008,
TerreStar expects to be the first to offer customer-designed products and
applications over a fully optimized IP-enabled network. For more information,
visit TerreStar Networks on the web at www.terrestarnetworks.com.
Statement under the Private Securities Litigation Reform Act:
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This press release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to the strategy of
Motient, its plans, and the transactions described in this press release. Such
statements generally include words such as could, can, anticipate, believe,
expect, seek, pursue, proposed, potential and similar words and terms in
connection with future results. We assume no obligation to update or supplement
such forward-looking statements.