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Technology Stocks : MONI - Marconi Nasdaq ADR

MONI 0.00346

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Nov 7 9:30 AM EST

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To: ms.smartest.person who wrote (40)	12/14/2000 2:34:11 AM
From: ms.smartest.person	Read Replies (1) of 129

Marconi and LG Electronics Sign a Mobile Phone Joint Venture By Flavia Jackson London, Dec. 11 (Bloomberg) -- Marconi Plc and LG Electronics Inc. of South Korea have entered a mobile phone partnership that will give the U.K.'s largest phone-equipment maker access to the so-called third generation networks. The two companies agreed to jointly develop and market a Universal Mobile Telecommunications Systems network called Asynchronous IMT-2000. The agreement was signed between Aldo Olivari, the chief executive of Marconi's Genoa, Italy based mobile unit and Man-Soo Park, vice president of LG Electronics' mobile communications division. Seoul-based LG Electronics, the world's second-largest cathode ray tube maker, has been developing the network since 1997. Under the agreement the partners will share the intellectual property rights, which means both companies can sell the system under their own brand names. Marconi and LG Electronics expect to complete the system by the first-half of next year to meet demand from Korean phone operators. The agreement allows Marconi to make UMTS-compatible mobile phones at a lower cost and gives LG Electronics a foothold in the mobile network market. ``With the correct business model Marconi will enable mobile operators to roll out 3G networks and systems quickly and at a significantly lower cost than is currently anticipated,'' said Olivari in a statement distributed through the U.K.'s Regulatory News Service. Marconi's shares rose as much as 44 pence, or 5.6 percent, to 831p. The stock has declined 24.5 percent this year. quote.bloomberg.com

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