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Ken Riley Universal Space Network (949) 476-3432

Tyler Beardsley JANSON Communications (703) 393-2500

USN Announces Combined Equity and Debt Financing of $18M

NEWPORT BEACH, CA (Feb 11 2008) - Universal Space Network, Inc. (USN), a leading provider of outsourced space operations and ground control and communications services, announced today that it has closed a $13M equity financing round and a $5M debt facility. The proceeds will pave the way for future growth and will be used near term for a planned acquisition and expansion of the company's ground station network. The equity round was completed with existing shareholders led by Warburg Pincus, the global private equity firm, Swedish Space Corporation and Pistol Creek. In addition, the Frost Group, LLC and the Cycad Group, LLC increased their ownership positions in USN. Comerica Bank provided the debt financing. Near Earth LLC served as financial advisor to USN for these transactions.

"The completion of this financing round and associated acquisition will help our company continue on its aggressive growth plan," said Bruce R. McCaw, USN Founding Director. "After several years of market development, USN is now providing commercial ground network Telemetry Tracking and Command (TT&C) services to most of the global space industry. From a financial perspective, we are particularly pleased with the long-term nature of our TT&C services contracts, which provide a strong foundation of recurring cash flows for continued growth."

Joe Rothenberg, USN's President and Chief Customer Service Officer linked today's announcement to the company's future growth strategy, by saying, "Our customers are pleased because USN can provide them enhanced levels of quality and reliability in TT&C services at a net lower cost. Our customers know they can rely on our shared infrastructure when they need it, instead of building and maintaining their own. The seven-fold increase in our TT&C services volume over the last three years shows that our outsourced space operations services business model works. This financing enables USN to continue to meet our customers expanding needs."

Hoyt Davidson, CEO of Near Earth LLC, added: "As an investment bank and advisory firm with a strong specialization in the commercial space industry, we are thrilled to have worked with the USN team in the implementation of its growth plans, and we look forward to continuing to do so with similar success."

To facilitate continued growth in the TT&C business sector, USN is also expanding its ground station network with additional S- and X-band antenna systems in Hawaii and Australia. Tom Ingersoll, USN's Chief Executive Officer, commented: "Hawaii and Australia are important strategic locations for commercial launches as well as civil space exploration programs like NASA's Lunar Reconnaissance Orbiter and DoD systems. USN continues to lead the charge in developing multi-use ground stations to the benefit of both our government and commercial customers. We are very excited about our latest expansions and look forward to continued growth and added space operations services."

About Universal Space Network

Universal Space Network, Inc. (USN) is a leader in space operations for telemetry, tracking and command (TT&C) services. Offering responsive, reliable and cost-effective solutions to the global government and commercial space community, USN provides unparalleled coverage through a seamless network of worldwide satellite tracking and communications assets. These assets include both those owned by USN and those of our collaborative partners. Together with its partner Swedish Space Corporation, USN is also part of the PrioraNet global network. The company has offices in Newport Beach, CA., and Horsham, PA. For more information, please visit www.uspacenetwork.com.

About Near Earth LLC

Near Earth is a specialized investment bank that brings the highest quality senior-level attention to companies in the greater commercial satellite/space, telecom, media, entertainment, and technology industries. Near Earth provides a full range of capital raising, advisory and consulting services to companies and their Boards. Near Earth also provides financial advisory services, valuation, structuring, and due diligence support to private equity, hedge and distressed debt funds. For more information please visit www.nearearthllc.com.