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September 11, 1998
Qualcomm to spinoff Leap; White heads new company
SAN DIEGO-Qualcomm Inc. announced a record date of Sept. 11 for the proposed spinoff of
Leap Wireless International Inc.
The board declared a one-share dividend of Leap for every four outstanding shares of Qualcomm.
The distribution of Leap is expected to occur around Sept. 23 to shareholders of record Sept. 11.
Qualcomm plans to transfer assets of about $260 million to Leap at the time of distribution, the
company said.
Harvey P. White, a co-founder and former president of Qualcomm, will become president, chief
executive officer and chairman of the board of Leap. White is the vice chairman of Qualcomm's
board of directors, but plans to resign that position prior to the distribution.
Once the distribution is completed, Leap will own, manage and operate joint-venture and equity
interests in Pegaso Telecomunicaciones S.a. de C.V., Mexico; Metrosyvaz Ltd. and Orrengrove
Investments Ltd., Russia; ChileSat Telefonia Personal S.A., Chile; Chase Telecommunications Inc.,
United States; Oz Phone Pty. Ltd., Australia; and other business in the development stage,
Qualcomm said.
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September 11, 1998 - rcrnews.com
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