Telesat Statement on Creditor Litigation

OTTAWA, Ontario, Jan. 21, 2026 (GLOBE NEWSWIRE) -- Telesat (Nasdaq and TSX: TSAT), one of the world’s largest and most innovative satellite operators, confirms that certain creditors holding portions of the company’s legacy GEO (Geostationary Earth Orbit) debt have filed lawsuits in both New York and Ontario regarding the equity distribution in September 2025 of the Telesat Lightspeed business.

The lawsuits, filed at the direction of a group of distressed debt hedge funds, are without merit. The equity distribution at issue followed a robust governance process and was accomplished in strict accordance with relevant debt agreements and applicable law. Telesat intends to defend itself vigorously. Telesat and its stakeholders are firmly committed to supporting the company’s customers, advancing the Telesat Lightspeed program, and creating long-term value.

About Telesat

Backed by a legacy of engineering excellence, reliability and industry-leading customer service, Telesat (Nasdaq and TSX: TSAT) is one of the largest and most innovative global satellite operators. Telesat works collaboratively with its customers to deliver critical connectivity solutions that tackle the world’s most complex communications challenges, providing powerful advantages that improve their operations and drive profitable growth.

Continuously innovating to meet the connectivity demands of the future, Telesat Lightspeed, the company’s state-of-the-art Low Earth Orbit (LEO) satellite network, has been optimized to meet the rigorous requirements of telecom, government, maritime and aeronautical customers. Telesat Lightspeed will redefine global satellite connectivity with ubiquitous, affordable, high capacity, secure and resilient links with fibre-like speeds. For updates on Telesat, follow us on LinkedIn, X, or visit www.telesat.com.

Media Contact:
Lynette Simmons
[e-mail]

Investor Relations Contact:
James Ratcliffe
[phone]
[e-mail]

Forward-Looking Statements Safe Harbor

This news release contains statements that are not based on historical fact and are “forward-looking statements’’ and “forward looking information” within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. When used herein, statements which are not historical in nature, or which contain the words “will,” “advancing,” “creating,” “intends” or similar expressions, are forward-looking statements. In addition, Telesat or its representatives have made or may make forward-looking statements, provide forward looking information, orally or in writing, which may be included in, but are not limited to, various filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities, and news releases or oral statements made with the approval of an authorized executive officer of Telesat. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements and forward-looking information as a result of known and unknown risks and uncertainties. All statements made in this release are made only as of the date set forth at the beginning of this release. Telesat undertakes no obligation to update the statements made in this news release in the event facts or circumstances subsequently change after the date of this news release.