BETHESDA, Md., Dec. 3 /PRNewswire/ --
    - Total Subscribers Up 37% Over Year Earlier Quarter
    - Net Subscriber Additions Up 28% Over Year Earlier Quarter, Up 47% Year
      to Date
    - Revenue Up 19% Over Year Earlier Quarter, Up 26% Year to Date
    - Operational EBITDA Up 23% Over Year Earlier Quarter, Up 44% Year to Date
    - Net Income Up 8% Over Year Earlier Quarter, Up 51% Year to Date
    - GHQ Transaction Moving Forward

Iridium Satellite LLC (Iridium) today announced financial results for the quarter ended September 30, 2008. Third quarter results included reaching 309,000 subscribers, revenue of $88.2 million, Operational EBITDA of $29.0 million and net income of $16.9 million.

As of September 30, 2008, Iridium had approximately 309,000 subscribers worldwide, an increase of 37% over the September 30, 2007 total of approximately 225,000. Net subscriber additions increased 47% in the first nine months of 2008 compared to the same period in 2007.

Revenue in the third quarter of 2008 was $88.2 million compared to $74.2 million in the third quarter 2007, an increase of 19%. Revenue in the first nine months of 2008 was $244.2 million, a 26% increase over $193.6 million for the comparable period in 2007.

Iridium experienced growth in revenue in all of its vertical segments: land-based, maritime, aviation, machine-to-machine (M2M) and government. Notably, the company's M2M revenue increased 104%, while M2M subscribers grew 131% compared to the third quarter of 2007.

Third quarter Operational EBITDA was $29.0 million, a 23% increase compared to $23.7 million for the same period of the prior year. Operational EBITDA for the first nine months of 2008 was $83.2 million, a 44% increase compared to Operational EBITDA of $57.8 million for the same period in 2007. Operational EBITDA is defined below under 'Non-GAAP Financial Matters.'

Net income increased 8% during the third quarter 2008 to $16.9 million from $15.7 million in the third quarter 2007. Through the first nine months of 2008, Iridium posted $52.3 million in net income, a 51% increase over the comparable period in 2007.

'Our third quarter results support our position as the fastest-growing voice and data mobile satellite services (MSS) company,' said Matt Desch, Iridium Satellite chairman and CEO. 'Our unique position as the only MSS provider to offer truly global coverage has always differentiated Iridium and, once again, has driven healthy growth in network usage and subscriber additions this quarter.'

In October 2008, the company completed the commercialization of Iridium OpenPort(TM), its new, enhanced bandwidth satellite communication service for the maritime market with multiple phone lines, IP connectivity and customizable data speeds up to 128 kilobits per second. Also in October 2008, Iridium launched its next-generation satellite phone, the Iridium 9555, the company's smallest, most powerful handset, which offers a more hand-friendly form factor, an intuitive user interface, and new features and capabilities. This is the first new handset that Iridium has released in four years.

'Iridium OpenPort is a lower-cost voice and data communications device that competes with Inmarsat's maritime service, offering a unique value proposition,' said Desch. 'In addition, the Iridium 9555 delivers the reliable, secure, real-time, mission-critical communications service that Iridium users have come to expect and using the only communications network providing truly global coverage. With the launch of these two new Iridium products, we not only add substantially to Iridium's product portfolio, but we also offer important innovations to the market that we believe will have significant impact on the way businesses use MSS services and the benefits they can derive from those services.'

On September 23, 2008, the company announced a planned combination with GHL Acquisition Corp. (Amex: GHQ). The closing of this transaction is subject to customary closing conditions, including approval by the shareholders of GHQ and the U.S.