InterDigital Shareholders Approve Proposals At Annual Meeting; Howard Goldberg, CEO, Reviews Key Accomplishments and Objectives
KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--June 5, 2001--InterDigital Communications Corporation (Nasdaq: IDCC), a leading developer and licensor of advanced wireless technologies, hosted its annual meeting of shareholders on June 4, 2001.
At the meeting, shareholders overwhelmingly approved the reelection of Robert S. Roath and Joseph S. Colson, Jr. as directors of the Company for a term of 3 years. Mr. Roath has been a director of the Company since May 1997. He was Chief Financial Officer and Senior Vice President on RJR Nabisco from April 1995 to April 1997.
Mr. Colson became a director of the Company in April 1998. He retired as President of International Regions & Professional Services at Lucent Technologies in April 1998, where he was responsible for sales of network systems products and services to global service providers.
InterDigital shareholders also ratified the selection of Arthur Andersen LLP as independent accountants for the year ending December 31, 2001. More than 93% of the shares voted were in favor of the two proposals.
InterDigital's Chairman of the Board Harry Campagna opened the official meeting. Mr. Campagna emphasized that InterDigital has formalized its strategic plan, solidified its management team, positioning it for long-term growth.
Howard Goldberg, President and Chief Executive Officer, reviewed the Company's accomplishments and described the future outlook. He stated, "We are pursuing a very attractive market opportunity driven by the growing demand for more information on the move. We intend to execute our strategic plan effectively by growing with the 3G market during the coming years.
"Our accomplishments in the past twelve months can be grouped into four categories: building relationships; accelerating our pace of innovation; strengthening our financial health; and building our team.
"First, we established and grew key strategic relationships. We continued to make very good progress in our Nokia program, under which we are developing high data rate W-CDMA technology. After two-and-a-half years working together, our relationship with Nokia is quite strong and we look forward to its future evolution and growth. In April, we entered into a long-term agreement with Infineon under which we will work together to develop software for third generation products. Infineon will use the jointly developed software by in its integrated circuits for standard 3G terminal products. We will also have access to Infineon's core technology libraries and production facilities to bring to market custom ASICs for specialized terminals and for the infrastructure market. And, we will work together to market the software.
"Second, we have accelerated our rate of innovation by creating new W-CDMA technology and filing applications for an increasing number of patents worldwide. As we build the base of intellectual property for the Company, we strengthen our position as an important contributor to third generation wireless standards.
"Third, we strengthened our financial health through improved cash flow. Last year was the second straight year we have reported growth in recurring royalties. Cash payments from 2G licensees, combined with the initial 3G licensing payment from Matsushita, have enhanced our cash position over $100 million as of April 30, 2001. We intend to manage our financial resources prudently to accommodate our investment in 3G technology platform development while retaining the strength necessary to execute on our long-term plan.
"Fourth, we made tremendous progress in building our team, doubling the size of the engineering organization and adding key people in staff positions.
In summary, Mr. Goldberg concluded, "Our focus now is clearly on execution. Our objective is to build the value of the Company by delivering innovative technology and product platforms for the advanced wireless market. I look forward to the day when InterDigital's wireless engine is driving millions of turbocharged 3G products, delivering to you and me Megabytes on the Move.
InterDigital develops and licenses advanced wireless technologies and products that drive voice and data communications. InterDigital offers solutions for mainstream wireless applications, which deliver cost and time-to-market advantages for its customers.
By leveraging its technology and intellectual property into third generation standards and products, InterDigital is maximizing its long-term revenue and earnings opportunities. For more information, please visit InterDigital's web site: www.interdigital.com. |
