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New Iridium Satellite on solid footing after rebirth; ahead of revenue pace

News | 08/19/2002 4:00 am EDT

Satellite phone venture Iridium Satellite LLC has found itself on solid financial footing after about a year and a half of operations under new management, exceeding revenue targets and landing some significant deals. After purchasing the formerly Motorola Inc.-backed outfit for a mere US$25 million, targeting commercial users in remote areas has become the company’s key focus.

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