Ford Motor Company to Offer Sirius Satellite Radio to New Car Buyers
NEW YORK, and DEARBORN, Mich., Oct 8, 2002 /PRNewswire-FirstCall via COMTEX/ -- Sirius Satellite Radio (Nasdaq: SIRI, quote, news, chart), the premier satellite radio broadcaster, and Ford Motor Company (NYSE: F, quote, news, chart) announced today a long-term agreement confirming their relationship. Ford, Lincoln, Mercury, Jaguar, Volvo and Land Rover have announced plans to begin offering Sirius satellite radio systems on an exclusive basis in select vehicles, with Sirius product launches planned for the 2003 calendar year. Mazda and Aston Martin are expected to announce their plans at a later date.
"We have been working in close cooperation with Sirius to provide a satellite radio solution that delivers high levels of quality and customer satisfaction. We believe that this is the most significant feature addition to the radio since the CD," said Cary Wilson, Director Electrical & Electronic Systems Engineering at Ford.
"We are very pleased that Ford is planning to install Sirius across a wide range of its vehicle lines," said Joseph P. Clayton, President and CEO of Sirius. "Sirius now has far-reaching dealer and factory programs in place with all of our key OEM constituents. We look forward to quickly ramping up these programs and turning these automotive customers into Sirius subscribers."
Separately, Sirius also announced the issuance to Ford Motor Company of a warrant to purchase up to 4,000,000 shares of its common stock at an exercise price of $3.00. This warrant replaces a similar warrant with an exercise price of $30.00. Vesting of this warrant is tied to installation of Sirius radios by Ford.
About Ford Motor Company
Ford Motor Company (NYSE: F, quote, news, chart) is the world's second largest automaker, with approximately 350,000 employees in more than 200 markets on six continents. Its automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Credit, Hertz and Quality Care. With world headquarters in Dearborn, Michigan, Ford Motor Company will officially observe its 100th anniversary on June 16, 2003. Additional information can be found on the company's web site at ford.com .
About Sirius
From its three satellites orbiting directly over the U.S., Sirius broadcasts 100 channels of digital quality radio throughout the continental United States for a monthly subscription fee of $12.95. Sirius delivers 60 original channels of completely commercial-free music in virtually every genre, and 40 world-class sports, news and entertainment channels. DaimlerChrysler has announced plans to offer Sirius radios in 16 models of Chrysler, Dodge and Jeep(R) vehicles beginning this fall. BMW has announced plans to offer Sirius radios as an accessory in its most popular models through BMW Centers across the country, including select BMW 3 Series, 5 Series, X5 vehicles and in MINI vehicles through MINI dealerships. Nissan is currently offering Sirius radios in the 2003 Nissan Pathfinder SUV and has announced plans to offer Sirius radios as an option this fall on numerous Infiniti and Nissan 2003 models. Future Audi and Volkswagen models will also offer Sirius. Kenwood, Panasonic, Clarion, Audiovox, and Jensen satellite receivers, including models that can adapt any car stereo to receive Sirius, are available at retailers such as Circuit City, Best Buy, Sears, Good Guys, Tweeter, Ultimate Electronics and Crutchfield.
Click on sirius.com to listen to Sirius live, or to find a Sirius retailer in your area.
SOURCE Sirius Satellite Radio
CONTACT: Jim Collins, Media and Investor Relations, +1-212-901-6422, jcollins@siriusradio.com, or Mindy Kramer, Media Relations, +1-212-584-5138, mkramer@siriusradio.com, or Cheryl Cramer, Investor Relations, +1-212-901-6466, ccramer@siriusradio.com, all of Sirius Satellite Radio; or Paul Wood, Public Affairs, Ford Motor Company, +1-313-621-2961, pwood1@ford.com /Logo: newscom.com URL: sirius.com |
