How did it all begin?

The story behind the Iridium breakthrough is actually quite interesting.  The concept of wireless global communication was envisioned by Karen Bertiger, wife of Motorola executive Barry Bertiger, who, while in the Carribean was unable to place a phone call to the United States. Apparently, he was quite upset that the leader in cellular communications did not have a global system already underway.
 
 

In 1987, Bertiger met with Ken Peterson and Ray Leopold, two Motorola engineers, to discuss the construction, launching, and placement of low earth orbiting (LEO) satellites.  They designed the Iridium Gateway Concept, which coordinates satellites with ground station "gateways" allowing them to connect to existing telephone systems.Therefore, they were able to create a totally new communications system without disrupting the previous one - pretty smart.
 
 

In 1991, Iridium, Inc.  is established as a separate entity with the help of Motorola.  To check out the IPO, click here.  In the following year Motorola signed a US $3.37 Billion contract with Iridium, Inc.  for system development, construction, and delivery.  One of the major breakthroughs of the "project" is a dual mode phone which complements and enhances existing cellular systems.

In 1994, Iridium Inc. is forced to refinance for a second time successfully raising US $1.6 Billion.  If you would like to take a tour of Iridium's financials, click here. In the next year, the generic design for the 12 Gateways are contracted.  Those Gateways are located in the following areas:  Moscow; Mumbia, India; Rome; Seoul; Jeddah, Saudi Arabia; Arizona; Hawaii; Rio de Janeiro; Nagano; Taipei; Bangkok; Beijing. Needless to say, this project would encompass the entire globe.

By 1997 Iridium places 47 satellites into orbit and board members receive their first pager message by satellite.  Iridium becomes fully funded through commercial operations due to US $800 million debt financing. If you would like to see the current performance snapshot of Iridium on the Nasdaq, then click here then type IRIDF for the market symbol.
 
 

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