SIRIUS ANNOUNCES COMMON STOCK OFFERING
NEW YORK - November 19, 2003 - SIRIUS (NASDAQ: SIRI), known for delivering the very best in commercial-free music and premium broadcast entertainment to cars and homes across the country, today announced an offering of 73,170,732 shares of common stock.
The offering, underwritten by UBS Securities LLC, is expected to close on Monday, November 24th. SIRIUS intends to use the net proceeds of the offering for general corporate purposes, including investments in programming and retail and automotive distribution.
As part of the offering, the company granted UBS Securities LLC an over-allotment option to purchase an additional 10,975,610 shares. The common stock issued in conjunction with this offering will be covered by the company's shelf registration statement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of common stock in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Offers to sell shares of the company's common stock will be made only by means of a prospectus. Copies of the prospectus supplement and prospectus are available from UBS Securities LLC, 299 Park Avenue, New York, New York 10171.
SIRIUS is the only satellite radio service bringing listeners more than 100 streams of the best music and entertainment coast-to-coast. SIRIUS offers 60 music streams with no commercials, along with over 40 world-class sports, news and entertainment streams for a monthly subscription fee of only $12.95, with greater savings for upfront payments of multiple months or a year or more. Stream Jockeys create and deliver uncompromised music in virtually every genre to our listeners 24 hours a day. Satellite radio products bringing SIRIUS to listeners in the car, truck, home, RV and boat are manufactured by Kenwood, Panasonic, Clarion and Audiovox, and are available at major retailers including Circuit City, Best Buy, Car Toys, Good Guys, Tweeter, Ultimate Electronics, Sears and Crutchfield. SIRIUS is the leading OEM satellite radio provider, with exclusive partnerships with DaimlerChrysler, Ford and BMW. Automotive brands currently offering SIRIUS radios in select new car models include BMW, MINI, Chrysler, Dodge, Jeep®, Nissan, Infiniti, Mazda, Audi, Ford and Lincoln-Mercury. Automotive brands that have announced plans to offer SIRIUS in select models include Mercedes-Benz, Jaguar, Volvo, Volkswagen, Land Rover and Aston Martin. Genmar Holdings, the world's largest manufacturer of recreational boats, Formula Boats and Winnebago, the leading supplier of recreational vehicles and motor homes, have also announced plans to offer SIRIUS.
Click on www.sirius.com to listen to SIRIUS live, or to find a SIRIUS retailer or car dealer in your area.
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 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, 2002 filed with the Securities and Exchange Commission. Among the key factors that have a direct bearing on our results of operations are: our dependence upon third parties to manufacture, distribute, market and sell SIRIUS radios and components for those radios; the unproven market for our service; our competitive position and any events which affect the useful life of our satellites.