Globalstar Appoints Paul Jacobs As CEO

(RTTNews) - Globalstar Inc. (GSAT) said that it has appointed Paul Jacobs, founder and CEO of XCOM Labs and former CEO and Executive Chairman of Qualcomm, as chief executive officer of Globalstar, effective immediately. He succeeds David Kagan, who will retire as Globalstar's CEO.

Jacobs has also been appointed to Globalstar's Board of Directors.

In conjunction with Jacobs' appointment, Globalstar has also entered into a strategic perpetual licensing agreement for exclusive access to certain key XCOM technologies and personnel. The license covers a number of XCOM's novel technologies for wireless spectrum innovations, including XCOMP, XCOM's commercially available coordinated multipoint radio system.

Globalstar also gains exclusive access to XCOM's peer-to-peer connectivity technologies that could have applications across cellular and satellite devices.

Under the terms of the perpetual licensing agreement, the consideration for an upfront licensing fee and related costs will be approximately 60 million shares of Globalstar common stock.

Matt Grob, Chief Technology Officer of XCOM and former CTO of Qualcomm, has also joined Globalstar as Chief Technology Officer.