ICO Global Communications Ltd. announced today that the testing of ICO G1 satellite In Orbit (IOT) and the innovative Ground Based Beam Forming (GBBF) system for the ICO Space Segment is now complete. In the press release, the company also announced its subsidiary, ICO Satellite Services G.P., has accepted the Space Segment from Space Systems/Loral.

Launched from Cape Canaveral, Florida on April 14, 2008, ICO G1 is the first satellite to feature a two-way GBBF system. Delivered and integrated at ICO’s gateway in North Las Vegas, GBBF delivers unparalleled flexibility to provide next-generation mobile satellite services. Bob Day, ICO senior vice president for space systems, commented, “ICO is well-positioned to use the most innovative commercial satellite ever deployed for delivering a wide range of nationwide interactive mobile services.”

Hughes Network Systems, LLC (NASDAQ:HUGH) was in charge of developing and implementing the high-speed signal conditioning and processing ground equipment that enables GBBF. Matthew Mohebbi, vice president and general manager of the Mobile Satellite business unit at Hughes, stated, “We are very pleased to reach this milestone with ICO. Hughes provided the RF terminals for the Ground Based Beam Forming system to Space Systems/Loral (SSL). We worked closely with ICO and SSL to complete over-the-air testing of ICO G1.”

During early trading, the stock hit $1.70, up 55% from yesterday’s close. The stock is trading at $1.40 as of 11:00 AM EST.