Reston, Va. - Preparing to launch trials of its new mobile interactive media service later this summer, ICO Global Communications said on Friday that it will raise $23.5 million by selling stock to a small group of institutional investors.

Under the arrangement, the company will sell 6.5 million shares, using the proceeds to support its current business activities.

ICO is developing a hybrid media system combining both satellite and terrestrial communications capabilities.

The company's forthcoming "ICO mim" service will include navigation, roadside assistance and mobile video, including 10-15 live channels of premium television content.

Related Links:
http://investor.ico.com/releasedetail.cfm?ReleaseID=314465

http://www.ico.com