CARACAS -- Venezuelan President Hugo Chavez celebrated on Thursday the first anniversary of Venesat-1 satellite's launch.

During the ceremony, Chavez confirmed the Venesat-1's operability, denying the rumors of its falling into the sea or running off the orbit.

The ceremony was held in the auditorium of CANTV, a state-owned telecom service company, which commenced its services through the Venesat-1in January.

Chavez said since the Venesat-1's launch 1,500 satellite receivers have been placed mainly at schools, and 16,000 more would be installed all over the country in the coming five years.

The Venesat-1 was made in China with an investment of 420 million U.S. dollars, including training, transfer of technology and construction of electrical substations.

To read full Xinhua story — Go Here Now.