SIRIUS COMMENCES CFO SEARCH
New York, NY – March 21, 2003 – SIRIUS, the premier satellite radio broadcaster and only service delivering uncompromised Coast-to-coast music and entertainment for your car and home, has commenced a search for a Chief Financial Officer to succeed John J. Scelfo, who has been with the company since April 2001. Scelfo will leave SIRIUS on April 7, 2003, at which time the company’s finance and accounting groups will report directly to Joe Clayton, President and CEO, until a new CFO is named.
“John helped us through significant expense reductions and capital raising efforts including our recent recapitilization. He has indicated a desire to move on to different personal and professional ventures and we wish him well,” said Clayton.
“The last two years at SIRIUS have been challenging and rewarding for me,” said Scelfo. Now that the recapitilization is complete and the company’s balance sheet is strong, it’s a good time for me to pursue an opportunity that arose. I am proud to have been part of SIRIUS, which is transforming in-car, and soon in-home, entertainment.”
SpencerStuart has been engaged by the company to search for a new CFO with extensive public company operating experience to support the company’s focus on rapid growth, market penetration and cost controls.
SIRIUS is the only satellite radio service bringing listeners 100 streams of the best music and entertainment Coast-to-coast. SIRIUS offers 60 music streams with no commercials, along with 40 world-class sports, news, and entertainment streams for a monthly subscription fee of $12.95. 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, Audiovox, and Jensen, 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, Chrysler, Dodge, Jeep&Yreg;, and Nissan. Automotive brands that have announced plans to start offering SIRIUS in select models include Ford, Lincoln, Mercury, Mercedes-Benz, Jaguar, Volvo, Mazda, Infiniti, MINI, Audi, Volkswagen, Land Rover, and Aston Martin.
Click on sirius.com to listen to music streams on 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 Registration Statement on Form S-4 (File No. 333-101317), and amendments thereto, 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.