Globalstar Inc. (NYSEMKT: GSAT) is leading the bulls late on Tuesday following news a strategic partnership. The company announced a strategic partnership to develop and certify satellite-based internet and voice communications products for the aviation market with Avidyne.
These new solutions, which will be exclusively provided by Avidyne to aircraft manufacturers and through Avidyne’s worldwide dealer network, will leverage Globalstar’s second-generation satellite network, boasting the fastest data speeds in the MSS industry.
Ultimately, these aircraft operators will have on-board access via satellite to low cost Internet access products and services with significantly higher data speeds on Globalstar’s new network for light to medium business and general aviation aircraft. Also these new products will offer more flexible and powerful methods to receive weather information using the full range of internet weather websites and aviation tablet applications.
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Dan Schwinn, President and CEO of Avidyne, commented on the partnership:
We are thrilled to join forces with Globalstar to bring innovative new communications solutions to the global aviation market. By leveraging their new Sat-Fi technology, second-generation satellite network and the ground infrastructure upgrades due to go live in the next few months, together we will provide increased aircraft connectivity for our customers at unrivaled value. I expect that mass adoption of airborne internet hotspots across the full range of GA and business aviation aircraft will spur a host of innovative mobile device and cloud based applications that will enhance aircraft safety and utility in ways we can’t currently imagine.
Jay Monroe, Chairman and CEO of Globalstar, added:
We are laser-focused on continuing to make Globalstar the market leader for the growing data communications needs around the world. This partnership represents another step forward in that endeavor as we find ways to adapt our technology to the needs of the aviation sector.
Shares of Globalstar were last trading up 15% at $1.22, with a consensus analyst price target of $5.50 and a 52-week trading range of $0.97 to $3.58.
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