San Jose, CA and Denver, CO , November 21, 2003 - Globalstar L.P. and Thermo Capital Partners announced today they have received court approval for their previously-announced plan for Thermo to acquire a majority interest in a reorganized Globalstar.

The proposed transaction would give Thermo an 81.25% ownership of a new company that would take control of Globalstar's assets and operations, in exchange for a cash investment of up to $43 million. The remaining 18.75% of the equity interests in the new company will be available to Globalstar for distribution to its creditors. Additionally, Globalstar's creditors will have the right to purchase additional equity interests in the new company for an aggregate ownership interest of up to 33.87%.

The Thermo transaction would supersede Globalstar's May 2003 agreement with ICO Global Communications (Holdings) Limited, under which ICO intended to acquire Globalstar.

Final documentation for the Thermo transaction is expected to be completed by December 2. Closing of the transaction will be subject to regulatory approval, which is expected to be obtained in early 2004, and the companies anticipate completing the Chapter 11 process shortly thereafter.

CJSC GlobalTel informs that the termination of the agreement with ICO Global Communications (Holdings) Limited and approval by the Court of new terms of the Globalstar acquisition by Thermo Capital Partners shall not affect the Company's activity.

CJSC GlobalTel's day-to-day business operations are continuing as usual, the services are being provided not only in the Russian territory, but in the whole service area, the subscribers base and sales keep growing. CJSC GlobalTel bears its responsibilities before its SPs, customers and all Russian business partners. In connection with the completion of the investor's selection and Thermo Capital's intention to further develop the Globalstar system, to update the equipment and to improve the services quality CJSC GlobalTel in 2004 will continue consolidating its positions in the Russian satellite telecommunications market. Meantime a number of interesting proposals for customers and dealers are being developed.

About Globalstar
Globalstar is the world's most widely-used global mobile satellite telecommunications service, offering both voice and data services from virtually anywhere in over 100 countries around the world. For more information, visit Globalstar's web site (www.globalstar.com).

About Thermo
Thermo Capital Partners is part of the Thermo Companies, based in New Orleans, LA, and Denver, CO, a highly successful group of privately-held companies focused on opportunities in the telecommunications, power generation, natural resources and real estate industry. For more information, visit the Thermo website (www.thermocompanies.com).