Mobile Satellite Ventures passed a critical design review milestone for its MSV-1 satellite that had been set by the International Bureau of the U.S. Federal Communications Commission (FCC), the company announced.

The approval means that MSV may reduce its bond amount by $750,000 to $1.5 million, MSV said.

MSV’s  two next-generation satellites, being manufactured by Boeing Co., are scheduled for launch in 2009 and 2010, respectively.