Washington D.C., November 02, 1999 -- XM Satellite Radio (NASDAQ:XMSR) announced today two additions to its Board of Directors, Thomas J. Donohue and Nathaniel A. Davis. Mr. Donohue is President and Chief Executive Officer of the US Chamber of Commerce, the world's largest business federation. Mr. Davis is Executive Vice President of Nextel Communications, a leader in nationwide switching and wireless communications and information technology systems. The announcement was made by Hugh Panero, President and CEO of XM Satellite Radio.
"We are thrilled to have Nate Davis and Tom Donohue on our Board of Directors," said Mr. Panero. "They are seasoned business executives with invaluable experience. They are a terrific addition to an already impressive Board."
As CEO of the US Chamber since 1997, Mr. Donohue is a leading advocate for the nation's business community. He is, and has been, active in national policy and non-profit operations for 30 years. From July 1984 through September 1997, Mr. Donohue served as President and Chief Executive Officer of the American Trucking Association. He serves on the board of directors of Union Pacific Corporation, Sunrise Assisted Living Corporation, Marymount University and the Hudson Institute.
Mr. Davis has been a leader in the telecommunications industry for more than 25 years and is currently Executive Vice President at Nextel. From August 1986 through November 1998, Mr. Davis served in a variety of senior engineering and finance roles at MCI, most recently as Senior Vice President and Chief Financial Officer of MCI Telecommunications. Previously, he held various management positions with AT&T. Mr. Davis also serves on the board of directors and audit committee of the Capital Management Corporation.
Messrs. Donohue and Davis, both independent XM Board members, join XM's prestigious Board of Directors, which includes Gary Parsons, XM's Chairman and Chairman of American Mobile; Hugh Panero, XM's President and CEO; Randall T. Mays, Executive Vice President and CFO of Clear Channel Communications; Randy S. Segal, American Mobile's Senior Vice President, General Counsel and Secretary; Jack Shaw, Chairman and CEO of Hughes Network Systems, Inc., and Executive Vice President of Hughes Electronics Corporation; Dr. Rajendra Singh, Board member and a co-founder of LCC International, Inc.; and Ronald L. Zarrella, Executive Vice President of General Motors and President of GM North America.
XM Welcomes Two New Independent Board Members
XM Satellite Radio is developing a new band of radio. It will use direct satellite-to-receiver broadcasting technology to provide listeners in their cars and at home with crystal-clear sound seamlessly from coast to coast. XM will create and package up to 100 channels of digital-quality music, news, sports, talk and children's programming at it Washington, DC, broadcast facility. The service will be uplinked to XM's two powerful satellites and transmitted directly to vehicle, home and portable radios across the country. XM is scheduled to start during the first half of 2001 for a monthly subscription fee of $9.95.
In October 1999, XM Satellite Radio (NASDAQ: XMSR) completed a successful public offering on the National NASDAQ Market. American Mobile Satellite Corporation (NASDAQ:SKYC) holds controlling interest in the company. XM's other investors include industry leaders Clear Channel Communications Inc. (NYSE:CCU); DIRECTV, Inc., a unit of Hughes Electronics Corporation (NYSE:GMH); the General Motors Corporation (NYSE:GM); 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. First there was AM, then FM and soon. . . XM Satellite Radio. For more information, please visit the XM website: www.xmradio.com.
Factors that could cause forward-looking statements in this document to differ materially from actual results are discussed in XM's Registration Statement on Form S-1 (No.333-83619) filed with the Securities and Exchange Commission on July 23, 1999 and declared effective on October 4, 1999.