Qualcomm up on news of regulatory ok on phones
Reuters Story - October 06, 1999 12:24
SAN DIEGO, Oct. 6 (Reuters) - Shares in Qualcomm Inc. shot up nearly 10 percent Wednesday after the maker of satellite-based telephones said regulators had approved their use on four continents.
Qualcomm shares were up $11.75 at $205.50 in early afternoon trading on the Nasdaq Stock Exchange Wednesday.
Qualcomm said its handheld and fixed telephones, designed for use on the Globalstar L.P. satellite-based communications system, have won approvals from the United States Federal Communications Commission and the British Approvals Board for Telecommunications, European Community, which regulates telecommunications in the European Union.
Qualcomm also received approval from Industry Canada, with pending applications in both Brazil and South Korea.
Qualcomm said it also completed registration of its Globalstar satellite phone products under the International Telecommunications Union. This is a critical step in ensuring the products will be recognized by more than 130 countries and across the borders of countries participating in the union.
"Achieving these milestones is a significant step for both Qualcomm and Globalstar L.P.," said Jerry Beckwith, president, Qualcomm Wireless Systems. "These approvals bring us closer to worldwide acceptance, an important milestone for the Globalstar system."
Globalstar, led by founding partner Loral Space & Communications, is a partnership of the world's leading telecommunications service providers and equipment manufacturers.
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