Wednesday December 6, 8:00 pm Eastern Time
Press Release
QUALCOMM and Hansol Form Korean Strategic
Investment Fund
Commitment will Support Development of CDMA Products and the Wireless Internet
SAN DIEGO--(BUSINESS WIRE)--Dec. 6, 2000--QUALCOMM Incorporated (Nasdaq: QCOM - news), pioneer and world
leader of Code Division Multiple Access (CDMA) digital wireless technology, today announced the formation of an approximately $60
million Korean partnership fund with Hansol i Ventures Co., Ltd., a subsidiary of Hansol, to invest in Korean startup companies engaged
in the development of CDMA products to support the adoption of CDMA and drive usage of the wireless Internet.
Hansol iV will serve as the general partner for the fund and be responsible for managing the partnership and its investments. The fund's
investment strategy will focus on enabling companies engaged in the development of new and innovative products, applications or
services utilizing or applicable to CDMA technology, and receiving attractive financial returns. QUALCOMM will be a limited partner
and the largest investor in the fund. The remaining investors are Small and Medium Business Administration of Korea and Korean
Teacher's Pension Fund.
``As a result of its early adoption of CDMA technology, Korea possesses a large pool of strong technical and marketing talent in
CDMA,'' said Jeff Jacobs, senior vice president of business development, QUALCOMM. ``Additionally, Korea's entrepreneurial culture
is fostering the growth of a number of promising startup companies focused on the development of advanced CDMA devices and
applications. We expect to see this number increase as third-generation CDMA technology is deployed worldwide. Through our
partnership with Hansol iV, we will support the Korean government's efforts to promote Korea's venture industry and enhance the
success of the fund's portfolio companies. In turn, these companies will contribute to the growth of CDMA worldwide.''
``Hansol and QUALCOMM are pleased to establish this fund which represents the largest venture fund in Korea,'' said Mr. Dong-Man
Cho, vice chairman, Hansol Group. ``Through our combined efforts, we look forward to supporting innovative startup companies
positioned to deliver exciting new CDMA products and applications.'' |
