National, December 27, 1999 -- XM Satellite Radio today announced that it will feature the all-new, 2000 model Mitsubishi Motors' Eclipse sports coupe in its Consumer Electronics Show booth in Las Vegas, January 6 to 9. The all-new Eclipse will be equipped with a prototype AM/FM/XM audio system made by Mitsubishi Electronic Automotive America, which recently signed an XM-capable radio manufacturing agreement with XM Radio. In addition, Mitsubishi Motors is exploring the use of XM Radio technology in its other automotive product lines.
"We are excited to partner with Mitsubishi in this dual product demonstration," said Dan Murphy, XM's Vice President of Retail Sales and Marketing. "Mitsubishi Motors is known for its quality, innovation and implementation of cutting-edge technology. We are particularly impressed with the company's focus on the needs of its customers as is demonstrated in the new Eclipse, which has been a leading import brand sports coupe in the USA. We believe that XM and Eclipse customers have a great deal in common. They are young, enthusiastic and put a premium on the quality of their cars and car sound systems."
"Market research indicates that XM programming will have a strong appeal among 20 to 30 year olds, the Eclipse's target buyer," added Mike Krebs, Director, Product Strategy for Mitsubishi Motor Sales of America, Inc. (MMSA). "Eclipse is a halo vehicle for us, and to stay ahead of our competition, we investigate and incorporate advanced technologies, such as satellite radio as quickly as possible."
Mitsubishi Motor Sales of America, Inc., was established in 1982 by Mitsubishi Motors Corporation, Tokyo, and markets a full line of vehicles, including coupes, convertibles, sedans and sport utility vehicles.
XM Satellite Radio is developing a new band of radio, targeted to launch in early 2001. XM will create up to 100 channels of digital-quality music, news, sports, talk and children's programming, which will be uplinked to XM's powerful satellites and transmitted directly to vehicle, home and portable radios from coast to coast for a monthly subscription fee of $9.95. XM is backed by a group of industry-leading strategic investors, including General Motors, Clear Channel Communications and DIRECTV, the leading car, radio and satellite companies in the US. In addition, Alpine, Clarion, Delphi Delco, Mitsubishi Electronic Automotive America, Motorola, Pioneer and Sharp are among the consumer electronics firms that will design, manufacture and market XM-ready radios.
In October 1999, XM Satellite Radio (NASDAQ:XMSR) completed a successful public offering on the Nasdaq Stock Market. American Mobile Satellite Corporation (NASDAQ:SKYC) holds controlling interest in the company. XM's other investors include industry leaders Clear Channel Communications Inc.; DIRECTV, Inc., a unit of Hughes Electronics Corporation; the General Motors Corporation; and a private investment group comprised of Columbia Capital, Telcom Ventures L.L.C., and Madison Dearborn Partners, which together invested $250 million in the company in July 1999. XM Satellite Radio obtained one of only two satellite digital audio radio service (SDARS) licenses from the Federal Communications Commission in October 1997. Alpine, Clarion, Delphi-Delco, Mitsubishi Electronics Automotive America, Motorola, Pioneer and Sharp have announced that they will manufacture and market XM-capable radios. First there was AM, then FM and soon...XM Satellite Radio. For more information, please visit XM's new website: www.xmradio.com
Factors that could cause forward-looking statements (including projections and business trends) in this document to differ materially from actual results are detailed from time to time in XM's filings with the Securities and Exchange Commission.