Stratos to be Acquired by CIP Canada Investment Inc.



    BETHESDA, MD, March 19 /CNW/ - Stratos Global Corp. (TSX: SGB), the
leading provider of advanced mobile and fixed-site remote communications
solutions, today announced that it has entered into a definitive agreement to
be acquired by CIP Canada Investment Inc. ("CIP Canada"), a wholly owned
subsidiary of Communications Investment Partners Limited ("CIP"), a
professional investment company with a focus on satellite services. Until at
least April 2009, an independent Canadian trust established by CIP Canada will
hold the Stratos shares and exercise sole voting control over Stratos.
    Under the terms of the agreement, CIP Canada would acquire beneficial
ownership of 100 percent of Stratos Global ("Stratos") through a Plan of
Arrangement under the Canada Business Corporations Act for a cash purchase
price of C$6.40 per share. The purchase price represents a premium of
7 percent compared with the closing price of Stratos shares on March 8 (the
"unaffected price"), the day before an article appeared in The Globe & Mail
highlighting the possibility of a sale of Stratos. The premium is 15 percent
compared with the most recent 30-day average through March 8 and 25 percent
compared with the 90-day average through that date. The total transaction
value, including the assumption of net debt, is US$576 million at current
exchange rates.
    The transaction will be indirectly financed by a wholly owned subsidiary
of Inmarsat plc, Inmarsat Finance III Limited ("Inmarsat Finance"). There is
no financing condition to the obligations of CIP Canada to consummate the
transaction. Arrangements and plans are in place from third parties and
Inmarsat Finance to address any debt refinancing requirements at Stratos.
Inmarsat Finance will have a call option exercisable beginning in April 2009,
and expiring in December 2010, to acquire 100 percent of Stratos from CIP, but
will not have any legal ownership in, or managerial control of Stratos.
    "After careful consideration, the Stratos Board of Directors unanimously
concluded that this is the right transaction for Stratos' shareholders,
customers, partners, and employees," said Charles Bissegger, Stratos' chairman
of the Board of Directors. "This transaction will allow Stratos to remain as
an independent company executing its strategy through April 2009, and will
promote stability of our business in the post-April 2009 period when our
existing distribution agreements with Inmarsat come up for renewal," added
James Parm, Stratos' president and chief executive officer.
    Following closing, Stratos will continue to have a Board of Directors
comprised of a majority of independent, non-executive directors, and key
management is expected to remain with Stratos. None of the directors will be
selected by or affiliated with Inmarsat or CIP.
    The Plan of Arrangement will require approval by an Ontario court and by
66-2/3 percent of votes cast at a special meeting of Stratos shareholders. A
Stratos Management Proxy Circular detailing the terms of the transaction and
the date of the special shareholders meeting is expected to be mailed to
Stratos shareholders in late April 2007. The transaction will also be subject
to customary conditions and regulatory approvals, including any applicable
clearances under competition laws and the Federal Communications Commission.
The transaction is expected to close in the third quarter of 2007.
    Bear, Stearns & Co. Inc. acted as financial advisor to the Special
Committee of the Board of Directors of Stratos and RBC Capital Markets acted
as financial advisor to Stratos. Both firms provided fairness opinions to the
Board of Directors indicating that the cash consideration to be received in
the transaction is fair from a financial point of view to Stratos
shareholders.

    Analyst Conference Call
    A conference call with analysts to discuss this transaction will be held
at 10:00 am EDT on Monday, March 19, 2007. To access the conference call,
please dial 1-800-732-6179. A live audio webcast of the call will be available
online at:
    www.newswire.ca/en/webcast/viewEvent.cgi?eventID=1774960. A replay of the
conference call also will be available through Monday, March 26. To access the
replay, please call 1-877-289-8525 and use access code 21223796 followed by
the number sign.

    About Stratos
    Stratos Corporation (www.stratosglobal.com) is a publicly traded company
(TSX: SGB) and the leading global provider of a wide range of advanced mobile
and fixed-site remote communications solutions for users operating beyond the
reach of traditional networks. With its owned-and-operated infrastructure and
extensive portfolio of industry-leading satellite and microwave technologies,
including Inmarsat, Iridium, Globalstar, MSAT, VSAT, and others, Stratos
serves the voice and high-speed data connectivity requirements of a diverse
array of markets, including government, military, energy, industrial,
maritime, aeronautical, enterprise, media, and recreational users throughout
the world.

    About CIP
    Communications Investment Partners Limited ("CIP") is a professional
investment company incorporated in 2006. The directors of CIP collectively
have more than 50 years of experience as directors of and advisors to
satellite services companies in both the mobile satellite and fixed satellite
services sectors.

    Caution Concerning Forward-Looking Statements
    This document contains statements and information about potential future
circumstances and developments. Such statements and information are qualified
by the inherent risks and uncertainties surrounding future expectations
generally and may differ materially from Stratos Corporation's actual future
results. For additional information with respect to these risks and
uncertainties, reference should be made to the Corporation's continuous
disclosure materials filed with Canadian securities regulatory authorities,
including the risk factors described in our annual information form and to the
prospectus contained in the Corporation's registration statement filed with
the U.S. Securities and Exchange Commission on Form F-4. Stratos Corporation
disclaims any intention or obligation to update or revise any forward-looking
statements or information, whether as a result of new information, future
events, or otherwise.

    %SEDAR: 00003648E




For further information:

For further information: Investor Contact: Alfred Giammarino, Executive
Vice President & CFO, (301) 968-1926, alfred.giammarino@stratosglobal.com; Sue
Keith, Marketing Communications, (703) 980-9802, sue.keith@stratosglobal.com

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STRATOS GLOBAL CORPORATION

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