Globalstar Inc (NYSEMKT:GSAT) shares were flat on Wednesday then picked up 0.71% in after-hours trading. Share prices have been trading in a 52-week range of $0.63 to $3.00. The company has a market cap of $1.38 billion at 981.63 million shares outstanding.
In a press release this week, Globalstar Inc shared that they intend to form a new partnership with Inmarsat to cross-sell their respective products and services, increasing their global reach. Although the companies have yet to formalize the partnership, they shared that it aims to provide additional service options for the growing and diverse needs of the companies’ expanding international customer bases.
“This strategic partnership with Inmarsat will allow us to enhance our product offerings and provide transformative communications services to more people worldwide,” said Jay Monroe, Chairman and Chief Executive Office of Globalstar. “We are looking forward to the positive impact we can make together and are optimistic about what the future holds with this groundbreaking partnership.”
“This partnership will bring significant benefits to both Globalstar’s and Inmarsat’s customers, allowing them to access a wider range of satellite products from anywhere on the globe. As a key partnership, it will have an impact that is mutually beneficial to both organizations, and we are excited to work with Globalstar to develop the relationship,” said Paul Gudonis, President of Inmarsat Enterprise.
Globalstar Inc is a company that provides mobile satellite services, including voice and data communications services globally through satellite. It provides wireless communications services in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters.
Globalstar Inc provides various communications services through satellite, which include two-way voice communication and data transmissions (Duplex) using mobile or fixed devices, and one-way data transmissions (Simplex) using a mobile or fixed device that transmits its location and other information to a central monitoring station, which includes certain SPOT and Simplex products. It offers voice and data communication services over its network of in-orbit satellites and its active ground stations (gateways). It also offers hardware and software designs to develop specific applications operating over its network.
Meanwhile, Inmarsat has been providing reliable voice and high-speed data communications to governments, enterprises and other organizations, with a range of services that can be used on land, at sea or in the air. Inmarsat operates in more than 60 locations around the world.