PlanetSky and ProtoStar Announce Joint Transponder Lease Agreement

New Asian DTH Satellite Operator to Lease Capacity on Its First Satellite to Cyprus-Based Satellite Service Provider

Cyprus/San Francisco, November 1, 2007 -- ProtoStar Ltd., a Bermuda corporation, and PlanetSky Ltd. of Limassol, Cyprus announced a strategically-important anchor-customer lease agreement today for PlanetSky to secure C band capacity on ProtoStar’s first satellite, to be launched in May 2008.

The agreement provides PlanetSky with five 36MHz equivalent transponders for its rapidly-expanding global satellite systems that support GPRS and GSM broadband services, wireless, VoIP, broadcasting and radio transmissions 

In making the joint announcement, Philip Father, President and CEO of ProtoStar Ltd., and Gerasimos Bonanos, CEO of PlanetSky Ltd. emphasized how the agreement  allows PlanetSky to extend the reach of its media and entertainment services for its customer base further into Asia from Europe, the Middle East, and Africa.  For ProtoStar, the agreement extends its customer base into Europe and the Middle East from its Asian base in Singapore. 

“ProtoStar believes that PlanetSky offers a unique opportunity for us to work with an innovative, entrepreneurial organization that shares our objective of bringing new satellite-based value-added services into newly-expanding geographic markets”, Father said.

PlanetSky’s Bonanos added that “ProtoStar and its first satellite will allow us to become a significant anchor and strategic partner for future development in Asia and the Middle East while also meeting our expanding customer requirements”.

ProtoStar I is currently being manufactured at Space Systems/Loral in Palo Alto, CA, for a May 2008 launch on an Arianespace launch vehicle. ProtoStar is developing a satellite constellation of high-powered geostationary satellites that will provide a satellite network enabling robust DTH services in Asia.

About ProtoStar
ProtoStar, a Bermuda corporation with U.S. operations in San Francisco, CA. and Asian operations headquartered in Singapore, was formed to acquire and operate high-power geostationary satellites optimized for DTH satellite television in the Asia-Pacific region.  The firm is led by seasoned veterans from the satellite, direct-to-home television, telecommunications and finance industries.  For more information please visit: www.protostarsat.com
 
About PlanetSky
PlanetSky is a leading provider of satellite and telecommunication services. Centrally located in Limassol, Cyprus. At the crossroads of three continents, PlanetSky is perfectly positioned to serve customers in Europe, the Middle East, North Africa, Russia and the CIS States. For more information please visit:
www.planetsky.com