NEW YORK - September 24, 2003 - The Bottom Line, the venerable Greenwich Village music cabaret, may not have to close its doors after all. SIRIUS Satellite Radio (NASDAQ: SIRI) today announced an agreement for SIRIUS to provide financial support that would enable the club to continue operating. SIRIUS has pledged funds to help the club with past obligations and future expenses.
"The Bottom Line is too important of a music institution to lose," said Meg Griffin, the SIRIUS Satellite on-air personality who is spearheading the drive to save the club. "Our goal is to help this historic club get back on its feet and do what it does best, showcase some of the music world's greatest names."
SIRIUS also broadcasts the show "Live From The Bottom Line," to its nationwide subscribers several times a week.
Thanks in part to SIRIUS' commitment, The Bottom Line and its landlord, New York University, agreed today to suspend an eviction proceeding for thirty days while they seek to negotiate a new long-term lease for the club.
A Greenwich Village fixture since 1974, The Bottom Line has hosted such music icons as Lou Reed, k.d. Lang, Stevie Wonder, Billy Joel, Jerry Garcia and Bruce Springsteen. Opened by Allan Pepper and Stanley Snadowsky, the club has suffered in recent years following the World Trade Center attack.
"I am gratified that SIRIUS shares my passion for live music," remarked Pepper. "Stanley and I founded the club to showcase great music by artists young and old. Thanks to SIRIUS, I hope to continue the tradition for another three decades."
The Bottom Line partners with WFUV, the public radio station at Fordham University, to produce "Required Listening," "In Their Own Words" and other programs. "WFUV's partnership with The Bottom Line has been very important to the station, artists and audiences in New York and beyond," said Chuck Singleton, Program Director of WFUV. "We speak for the entire music community in our desire to see a resolution of this difficulty, so that there will continue to be a supportive home for intelligent songwriting on West Fourth Street."
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.
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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.