WorldSpace, Inc. ("WorldSpace") announced today that the asset purchase
agreement providing for the sale of substantially all of its assets to
Yenura Pte. Ltd. ("Yenura") had been terminated by WorldSpace's debtor
in possession lenders ("DIP Lenders"). The DIP Lenders exercised their
right to terminate the Yenura purchase agreement after Yenura had
defaulted in the payment of certain amounts payable thereunder and had
failed to remedy such defaults within applicable cure periods.
WorldSpace is in discussions with its creditor constituents regarding,
and is reviewing, its strategic alternatives in light of the
notification of the Yenura purchase agreement termination.
About 1worldspace™
Based in the Washington, DC metropolitan area, 1worldspace™ satellites
cover two-thirds of the earth and enable the Company to offer a wide
range of innovative services for consumers, enterprises and governments,
including distance learning, alert delivery, data delivery, and disaster
readiness and response systems. 1worldspace™ is a pioneer of
satellite-based digital radio services. For more information, visit www.1worldspace.com
Forward-looking Statements
This press release may contain certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on management's current expectations or
beliefs about future events and financial, political and social trends
and assumptions it has made based on information currently available to
it. The Company cannot assure that any expectations, forecasts or
assumptions made by management in preparing these forward-looking
statements will prove accurate, or that any projections will be
realized. Such forward-looking statements may be affected by inaccurate
assumptions or by known or unknown risks or uncertainties. Actual
results may vary materially from those expressed or implied by the
statements herein. For factors that could cause actual results to vary,
perhaps materially, from these forward-looking statements, please refer
to the Company's Form 10-K, filed with the Securities and Exchange
Commission, and other subsequent filings. Forward-looking statements
contained herein speak only as of the date of this release. The Company
does not undertake any obligation to update or revise publicly any
forward-looking statements, whether to reflect new information, future
events or otherwise.
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