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                                           Filed by ICO-Teledesic Global Limited
                           Pursuant to Rule 425 under the Securities Act of 1933
                                                   Commission File No: 333-46230
                                 Subject Companies: ICO-Teledesic Global Limited
                                New ICO Global Communications (Holdings) Limited
                                                           Teledesic Corporation


Media Contacts:
ICO-Teledesic Global
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    Bob Ratliffe    +1.425.828.8686; bobr@eriv.com
    Roger Nyhus     +1.206.915.3878; roger@nyhus.com

Ellipso
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    Laury Blakley   +1.202.466.4488, ex. 265; lblakley@ellipso.com

              ICO-TELEDESIC GLOBAL AND ELLIPSO AGREE TO COLLABORATE
                   TO HELP STABILIZE MOBILE SATELLITE INDUSTRY

KIRKLAND, Wash., and WASHINGTON - March 14, 2001 - In a bid to stabilize the
mobile satellite industry and bring advanced communications services to the
under-served, ICO-Teledesic Global Limited, a holding company that controls the
satellite assets of telecommunications pioneer Craig McCaw, and Ellipso Inc., a
mobile satellite communications company, today announced that they have reached
a definitive agreement to collaborate on building a successful mobile satellite
system.

ICO-Teledesic Global, through its affiliate New ICO, and Ellipso will
collaborate on technical, financial, business and regulatory issues related to
the deployment of spectrum-efficient satellite systems capable of providing a
broad array of telecommunications services on a global basis. The agreement
ultimately could lead to a strategic alliance and the merger of ICO-Teledesic
Global and Ellipso assets.

"The mobile satellite industry has failed spectacularly in delivering on its
promise to users," said McCaw, ICO-Teledesic Global's chairman. "Creative
changes in both the customer proposition and service-delivery philosophy are
clearly necessary to deliver on the potential. We continue to be compelled by
the scope of the market and the importance of providing services for the
under-served in the United States and around the world. We look forward to
pooling our talents and creativity with our peers in the industry to overcome
the challenges that have dragged down those who have launched before us."

By working together, ICO-Teledesic Global and Ellipso will be able to provide
ubiquitous voice and data services to all parts of the United States and the
world, including rural areas that have previously been denied a full range of
advanced wireless and wired telecommunications services because these markets
cannot be served economically by terrestrial means.

"By bringing together our combined resources and our collective talents during
this troubled period in the industry, we're working to prepare mobile satellite
services to meet the needs of future customers around the world and to bring a
rich, varied and affordable array of digital services to market as soon as
possible," said David Castiel, president and CEO of Ellipso.

Ellipso, Inc., headquartered in Washington, D.C., is developing the Ellipso
satellite-based global communications system that will provide low-cost and
high-quality digital voice and data services worldwide. Utilizing unique and
patented elliptical orbits, the Ellipso system will provide a full range of
advanced communications services to subscribers at prices significantly lower
than competing systems. The Ellipso project includes the participation of The
Boeing

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Company, the Harris Corporation and L-3 Communications. The Ellipso team
is also involved in the development of the Virtual Geo broadband satellite
system that will replicate the characteristics of satellites in geostationary
orbit, efficiently reusing valuable spectrum without interference.

ICO-Teledesic Global has proposed mergers of New ICO and Teledesic with
ICO-Teledesic Global. The mergers remain subject to shareholder and regulatory
approvals. New ICO, a private mobile satellite communications company based in
London, acquired the assets of ICO Global Communications (Holdings) Limited. The
business was renamed New ICO following the successful $1.2 billion McCaw-led
acquisition of the former ICO group, which was completed in May 2000. Building
on its core capabilities of high-quality, mobile voice services, New ICO will
also offer wireless Internet and other packet-data services. Boeing Satellite
Systems, the world's leading satellite systems provider, is building New ICO's
satellites. Separately, Teledesic is developing a global broadband satellite
communications network.

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