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Technology Stocks : General Magic
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To: dgurgel who wrote (9696)8/6/2001 8:30:53 PM
From: Souze  Read Replies (1) of 10081
 
A bit more detail on the recent contract with OnStar, taken from an 8K filed today by GMGC with the SEC:

Pursuant to this arrangement, the Company expects to receive additional revenue aggregating approximately $5.8 million per year, payable monthly for the term of the agreement, in exchange for making available to OnStar a set number of dedicated personnel to address OnStar's development, maintenance and support requirements for the OnStar Virtual Advisor service. The term of this agreement is for one year and is renewable for additional one-year terms upon OnStar's written request for renewal to the Company at least 120 days prior to the expiration of any term. The agreement may be terminated by either the Company or OnStar for cause if ........
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