SkyTerra Communications, Inc. Stockholders Approve Merger with Harbinger

22 March 2010

At a Special Meeting today SkyTerra (OTCBB:SKYT) stockholders voted to approve the merger agreement for SkyTerra to be acquired by a new corporation formed and indirectly wholly-owned by Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P.

The transaction is expected to close as soon as practicable following the satisfaction of all the conditions to closing, including receipt of requisite Federal Communications Commission approval.

Approximately 91 percent of the outstanding shares were voted in favor of the merger agreement. The merger was also approved by approximately 82 percent of the shares other than shares owned by Harbinger, its affiliates, any director or officer of SkyTerra and any of their respective affiliates and the Escrowed Shares (as defined in the merger agreement). Therefore, all required stockholder approvals have been obtained. SkyTerra stockholders of record at the close of business on Thursday, Jan. 21, 2010, were provided notice of the special meeting and were entitled to vote on the merger.

Under the terms of the agreement, the new corporation will pay $5.00 in cash per share for each of SkyTerra’s outstanding shares of common stock not held by Harbinger or its affiliates. The purchase price represents a premium of approximately 56 percent over the average closing price of SkyTerra’s common stock for the 30 days ended Sept. 22, 2009, the last day before the announcement of the proposed transaction.