Hyundai and U.S. AirWaves form strategic partnership for nationwide PCS network.MILPITAS, Calif.--(BUSINESS WIRE)--June 28, 1995--Hyundai Electronics America Wednesday announced it has formed a strategic partnership with U.S. AirWaves Inc. The agreement includes the opportunity for U.S. AirWaves to purchase PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. infrastructure equipment from Hyundai and for both companies to work together to build a nationwide Personal Communications Services See PCS. (PCS) network. The definitive agreement also includes a commitment by Hyundai Electronics America to invest $50 million in U.S. AirWaves. U.S. AirWaves is a recently formed wireless telecommunications company See telecom company. preparing to bid in the next round of 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. license auctions for PCS. U.S. AirWaves' initial funding and support has come from Kleiner Perkins Caufield & Byers, a 23-year-old venture fund that has been a founding investor in 10 of the Forbes 500 companies, including Compaq, Lotus, Intuit and Sun Microsystems. "There are tremendous business opportunities in the U.S. and abroad in the wireless telecommunications marketplace," stated Young Hwan Kim, president and 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. of Hyundai Electronics America. "We believe that U.S. AirWaves' business strategy along with its experienced management team provides the best vehicle for us to become a successful participant in the PCS wireless industry." "Hyundai Electronics is a leader in the international electronics industry, and we are excited about the opportunity to work with them as a strategic partner," said John E. DeFeo, president and CEO of U.S. AirWaves. "We are pleased that they have chosen us to help make new wireless communications services a reality." Led by President and CEO DeFeo, U.S. AirWaves is preparing to bid in the upcoming Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. auction of radio spectrum licenses for PCS as an "entrepreneurial-designated entity (DE)." Through a combination of owning spectrum and partnering with other entrepreneur groups, U.S. AirWaves plans to form a nationwide network providing customers the ability to transmit voice, data, video and fax easily and affordably to and from anywhere in the country. U.S. AirWaves' management team is one of the most experienced in the wireless communications industry. Formerly President and Chief Executive Officer of U S WEST NewVector Group Inc., DeFeo managed the company from a start-up to a cellular business expanded to 49 markets servicing nearly 1 million customers. DeFeo also spearheaded the initial development of the world's first PCS system, a joint venture with Cable and Wireless in London. Also on the team is Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Bill Dixon, who previously served as Vice President Operations/Engineering and Advanced Technology for U S WEST NewVector Group. In addition, the company's board of directors includes several recognized leaders in the wireless telecommunications industry. Hyundai Electronics America is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Hyundai Electronics Industries whose parent is the Hyundai Business Group, Seoul, Korea. Hyundai is a nearly $70 billion corporation involved in more than 40 business areas ranging from steel fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. , petrochemicals, engineering and construction to automobiles, finance, insurance and securities. Hyundai Electronics America currently has headquarters at 510 Cottonwood Drive, Milpitas. U.S. AirWaves is a wireless communications company preparing to build and operate a nationwide PCS network designed to provide high-quality, low-cost wireless voice and data services to consumers in the mass marketplace. U.S. AirWaves plans to introduce PCS services throughout the United States using digital Code Division Multiple Access (CDMA (Code Division Multiple Access) A method for transmitting simultaneous signals over a shared portion of the spectrum. The foremost application of CDMA is the digital cellular phone technology from QUALCOMM that operates in the 800 MHz band and 1.9 GHz PCS band. ) technology. CONTACT: U.S. AirWaves Inc. Pamela Portin, 206/990-1012 or Hyundai Electronics America Howard Hwang, 408/232-8205 |
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