CD Radio wins satellite DARS license bidding.WASHINGTON--(BUSINESS WIRE)--April 2, 1997--CD Radio Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CDRD CDRD Centre for Drug Research and Development (Vancouver BC, Canada) CDRD Cutaneous Drug Reaction Database CDRD Contract Data Requirements Document ) announced today that it submitted a winning bid at the conclusion of bidding in the FCC's satellite digital audio radio service Digital Audio Radio Service or DARS refers to any type of digital radio service. In the United States it is the official FCC term for digital radio services. The most popular type of DARS in the U.S. ("DARS (1) (Digital Audio Radio Service) The FCC nomenclature for digital radio. DARS is the landline version that is implemented with the IBOC technology. Satellite DARS (S-DARS) is the satellite version (XM and Sirius). See DAB and satellite radio. ") licensing auction. CD Radio's bid was for $83,346,000. Twenty percent of the amount of the bid must be deposited within ten business days, and the balance is due ten business days after CD Radio's final application has been submitted and accepted by the FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. and petitions to deny the license are dismissed. This press release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 concerning the FCC licensing process and the Company's financing. Actual results or events may differ from those anticipated by the Company, as the result of a number of factors. These factors include, but are not limited to, changes in law or policy relating to satellite DARS licensing initiated by the FCC or Congress, and the potential for adverse developments with respect to the Company's final license application of petitions to deny the license. Further, decisions of the FCC are subject to judicial review. In addition, the Company's financing commitments are subject to a number of conditions, and there can be no assurance that the conditions will be satisfied or that the Company's financiers will honor their commitments. CD Radio is the world leader in the emerging satellite radio broadcasting industry. The Company is engaged in the development of a subscription based satellite radio system for the delivery of 30 channels of commercial-free, compact disc quality music to be broadcast directly to motorists throughout the United States. CONTACT: CD Radio David Margolese, 202-296-6192 |
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