Analysts Release
19 November 1999
Y2K Compliance Updates
| The board of directors (the "Board") of APT Satellite Holdings Limited (the "Company") would like to clarify certain information regarding Y2K compliance as reported in press articles. |
The Board noted that there were press articles reporting that the Company was 80% Y2K compliant in October, 1999 and would like to clarify that as at 30th September 1999, the Company was in fact 85% Y2K compliant.
In addition, Hughes Space and Communications International, Inc. ("Hughes"), the vendor of APSTAR-I and APSTAR-IA, two of the Company's satellites, has obtained the required license to upgrade the software module in respect of the Tracking, Telemetry and Command Systems ("TT&C Systems") of the Satellite Control Centre for those two satellites. The new software module has been tested and verified by Hughes and is ready for installation. It is expected that the installation will commence in late November and will be completed in mid December, 1999. It is also expected that the TT&C Systems will fully conform to Y2K requirements no later than 31st December, 1999.
As reported in the announcement of the Company dated 14th October, 1999, in-orbit satellites are inherently immune from any Y2K problem as they do not require any onboard date dependent intelligent process. In addition, save for certain minor software of the TT&C Systems which are pending updating by the vendors, the Company's automation system and other important systems are Y2K compliant. Measures have also been taken by the Company to cater for any contingency which may arise during the high risk period in 1999 and 2000 identified by the relevant government authorities and the Company. Such measures include standby back ups by vendors and the setting up of a control centre by the Company to liaise with the control centres of the Office of Telecommunications Authority and the Television and Entertainment Licencing Authority.
In view of the measures mentioned above and the continuing efforts to solve the outstanding issues, it is anticipated that the coming of the year 2000 will not cause any risk or disruption to the operation of the Company's business.
For inquiries:
Contact: Brian LO, Asst to President/Company Secretary
Tel: (852) 29188013 Fax: (852) 25220419
Email: aptir@apstar.com
Website: www.apstar.com
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