National, March 21, 2000 -- XM Satellite Radio (NASDAQ:XMSR) and Pana-Pacific Corporation, the nation's leading supplier of mobile electronics, today announced that Pana-Pacific will provide XM-Ready radios to its extensive commercial truck customer base. Pana-Pacific supplies the majority of mobile electronics for Peterbilt, Mack, Kenworth, Freightliner and International trucks. It supplies audio systems as well as speaker systems, DVD video systems, refrigerators, microwaves, navigation systems, CB, and CB antenna systems for the entire OEM truck industry.
"The trucking industry is an important component of our national distribution strategy and we are delighted to join with Pana-Pacific to deliver XM's choice entertainment and information services to their extensive customer base," said Hugh Panero, XM Satellite Radio's President and CEO. "Our unique agreement, which calls for Pana-Pacific to supply XM-Ready equipment to factories and authorized OEM dealers, will simplify the purchasing process and enhance the listening experience for thousands of drivers across the country," he said.
Harry Brix, Pana-Pacific's CEO, added, "Satellite radio will be a particularly attractive product for us. We anticipate strong pull-through sales, particularly from our customers' interest in XM Radio's wide selection of programming, including exclusive XM content from NASCAR, USA TODAY, the Hispanic Broadcasting Company and One-On-One Sports." Pana-Pacific will be promoting XM Satellite Radio in its booth at the Mid-America Truck Show in Louisville, KY, beginning, Thursday, March 23, 2000.
About XM Satellite Radio
The XM sound will combine leading brand-name channels with distinctive formats produced in XM Radio's fully digital state-of-the-art studios by some of the country's leading artists, producers and radio format designers. XM-Ready radios will be manufactured by such household names as Sony, Alpine, Pioneer Electronics Corporation, Delphi Delco Electronic Systems, Audiovox, Clarion, Mitsubishi Electronic Automotive America, Motorola and the Sharp Corporation. The service will be easy to order, with XM-Ready radios available at car dealerships and consumer electronics stores across the country. The company has a 12-year distribution agreement with General Motors to integrate XM-Ready radios into its vehicles commencing in 2001. American Mobile Satellite Corporation (NASDAQ:SKYC) holds a controlling interest in the company, which is also backed General Motors, Clear Channel Communications and DIRECTV, respectively, the leading car, radio and satellite TV companies in the US.
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 Radio's filings with the Securities and Exchange Commission