ICO Global Communications (Holdings) Limited (ICO), incorporated in March 2000, is a next-generation mobile satellite service (MSS) operator. The Company is authorized to operate a medium earth orbit (MEO) satellite system globally pursuant to regulations promulgated by the United Kingdom and by the International Telecommunication Union (ITU), an international organization within the United Nations system. It is also authorized to offer MSS services throughout the United States using a geostationary earth orbit (GEO) satellite. The Company's United States operations are conducted through it's over 99%-owned subsidiary, ICO North America, Inc. (ICO North America), and its subsidiaries. ICO, through ICO North America, has an agreement with Space Systems/Loral, Inc. (Loral) to design, develop, manufacture, test and deliver one GEO communications satellite and to develop, test and implement certain ground-based systems related to the operation of the satellite. ICO was incorporated to purchase the assets and assume certain liabilities of ICO Global Communications (Holdings) Limited (Old ICO), a Bermuda corporation, on its emergence from Chapter 11 bankruptcy. ICO subsequently merged with ICO Global Limited (IGL), effective November 28, 2001. ICO and IGL were under the common control of Eagle River Investments LLC (Eagle River) prior to their merger. ICO is a development stage company and for the remainder of 2006 and 2007, plans to continue the development of its MSS/ATC System. These activities will include the continuation of construction of GEO satellite by its contractor, Space Systems/Loral, Inc., and the associated ground systems. The Company procured launch services on an Atlas V launch vehicle for its GEO satellite, with a launch period commencing on May 31, 2007. The Company's MSS/ATC System is being designed to utilize the 20 megahertz of nationwide spectrum in the two-gigahertz band that the Federal Communications Commission (FCC) has assigned to the Company. The MSS/ATC System is being designed to be capable of supporting a full set of mass-market service offerings to urban and rural United States customers, including voice, video, Internet and telematics (vehicle tracking), while addressing growing national security and public safety service needs by providing a service offering to supplement existing terrestrial networks. The GEO satellite architecture is flexible and is expected to be compatible with existing radio protocols, including wideband code division multiple access (W-CDMA), global system for mobile communications (GSM), CDMA and optical frequency division multiplexing (OFDM), and to be able to support communications with handsets similar in size to existing cellular phones. The Company is authorized to operate a MEO satellite system globally outside of the United States (with the exception of two Middle Eastern countries) in the two-gigahertz band pursuant to regulations promulgated by the United Kingdom and by the ITU. It has in orbit one MEO satellite, which provides data gathering services. The Company has 10 additional MEO satellites in storage, most of which are in advanced stages of completion. It is using one gateway ground station equipped with five antennas, located in the United States, to monitor the MEO satellite in orbit.

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