ASIAN investors are being sought for a US$2 billion satellite-based global telecommunications network that will enable subscribers to receive calls anywhere in the world with pocket telephones.
TRW and Teleglobe have announced a joint venture for the Odyssey service but will be seeking Asian support for funding, distribution, production and assistance in developing markets.
Marc Leroux, president of Teleglobe World Mobility, said: 'Asia is a prime market target. We are looking for investors who will help us to open doors into local markets. We do not understand the Hong Kong or Asian markets and need partners who will be able to play major roles.' The 12-satellite system will enable the transmission of voice, fax and paging services to subscribers world-wide.
The service will be launched in four years with six satellites and the remainder will be in orbit within another year.
Rather than replace existing networks, the company sees itself as complementing traditional land-based systems.
'Our typical user would have a huge territory to cover [by phone] but does not want to pay outrageous prices.' These would be, for example, workers in remote locations, such as oil rigs, or in countries without sophisticated telephone networks, particularly China and India, who needed a link to international networks.
Mr Leroux said: 'Alternatively, people might like to pay more for added value to their existing system. They might use the service in a limited way but know it is available.' TRW and Teleglobe, which will be the founding partners and managers, are planning to raise around 15 per cent of the capital. The remainder will come from offering equity stakes with the balance a combination of debt and vendor financing.