David Margolese Steps Down as Sirius CEO.
In-Vehicle Testing Expanding to Six Additional Markets
Commercial Launch Update Scheduled for November 14th
NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Oct. 16 /PRNewswire/ --
Sirius Satellite Radio
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"Over the years, we have worked diligently to establish a foundation which would allow Sirius to become a world-class company," said David Margolese. "Sirius is now strong enough to achieve this and the time has come for me to pass the baton. It has been a privilege working this past decade with all of our wonderful people who literally are about to transform the face of radio."
The Board of Directors made the following statement: "The Board warmly thanks David for his great vision, leadership and dedication in creating both Sirius and the satellite radio industry; as Chairman, we will continue to benefit from David's strategic thinking. An intensive search for a new CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. is being conducted by the Board, with the help of Spencer Stuart, and is well under way. Our new CEO will complete Sirius' final transition from a development stage enterprise to an exciting entertainment company that will revolutionize rev·o·lu·tion·ize
tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es
1. To bring about a radical change in: Television has revolutionized news coverage.
2. radio. The Board has great confidence in the ability of our senior management to execute our plan while we complete this important search for a new CEO."
Sirius also announced today that at the end of this month it will expand in-vehicle testing of its service to six additional markets. This vehicle testing is designed to complete the evaluation of all aspects of the company's product and transmission, distribution and system capabilities, including retail sales support, installation, subscriber management and billing, customer service and communications. This phase is the final element of Sirius' comprehensive test program, after which the company expects to determine its commercial launch date, which had previously been scheduled for year-end. Sirius will update investors on the status of its commercial launch on a public conference call on Wednesday, November 14th. Conference call details will be announced separately.
As of September 30, 2001, Sirius had cash on hand, including restricted investments, of $392 million, sufficient funds to operate well into the fourth quarter '02.
From its unique tri-satellite system orbiting directly over the U.S., Sirius (http://www.siriusradio.com) will broadcast up to 100 channels of digital quality radio to motorists throughout the continental United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. for a monthly subscription fee of $12.95. Sirius will deliver 50 channels of 100% commercial-free music in virtually every genre, and up to 50 channels of news, sports, talk, comedy and children's programming. Sirius has exclusive alliances to install AM/FM/SAT radios in Ford, Chrysler, BMW BMW
in full Bayerische Motoren Werke AG
German automaker. Founded as an aircraft engine manufacturer in 1916, the company assumed the name Bayerische Motoren Werke and became known for its high-speed motorcycles in the 1920s. , Mercedes, Jaguar, Volvo and Jeep(R) vehicles. Kenwood, Panasonic, Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. and Jensen satellite radios, including models that can adapt any car stereo to receive Sirius, as well as home and portable products, will also be available at retailers such as Circuit City and Best Buy.
Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance with respect to Sirius Satellite Radio Inc. are not historical facts and may be "forward-looking statements," 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, and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2000. Among the key factors that have a direct bearing on our results of operations are the unavailability of radios capable of receiving our service and our dependence upon third parties to manufacture and distribute them; the potential risk of delay in implementing our business plan; the unproven market for our service; and our need for additional financing.
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