NEW YORK — June 11, 2003 — SIRIUS (NASDAQ: SIRI), the premier satellite radio broadcaster and only service delivering uncompromised coast-to-coast music and entertainment for your car and home, today announced the appointment of David J. Frear as Executive Vice President and Chief Financial Officer.
Frear, an executive with extensive experience as a CFO for various public companies, will join SIRIUS on June 16 and will report directly to the company’s President and CEO, Joseph P. Clayton.
“David is the experienced CFO that we need at SIRIUS as we continue to grow the business,” said Clayton. “His considerable knowledge of public company financial operations, combined with his solid reputation within the financial community, will be of great benefit to SIRIUS, and we look forward to having him join our team.”
“I’ve been following the development of SIRIUS for over 10 years and am thrilled to join the company at this particular time,” said Frear. “The combination of its compelling product, strong management team, and prominent automotive, retail and product development partners, signals great things for the future of this new industry and for this company. I can’t wait to get started.”
Prior to joining SIRIUS, Frear was Executive Vice President and CFO for SAVVIS Communications, a global managed network services provider with operations in 44 countries. At SAVVIS, Frear was recruited to develop the business plan, build the company’s staff and take the new global data communications company public in a $400 million offering in February 2000. His responsibilities included accounting, treasury, tax, investor relations, insurance, planning, and telco cost control.
Frear also served as Senior Vice President and Chief Financial Officer for Orion Network Systems in Rockville, Maryland, and was recruited to the international satellite services company following the restructuring of Millicom, where he also served as CFO.
Joining Orion prior to the start of commercial operations, Frear assisted the company in raising over $850 million to fund the construction of the company’s global satellite system. He also played an important role in the company’s $1.5 billion purchase by Loral Space and Communications.
In addition to serving as Chief Financial Officer for Millicom in New York City, Mr. Frear also held management positions at Bear, Stearns & Company, Credit Suisse, Transway International and Deloitte & Touche.
Frear received an MBA from the University of Michigan, Graduate School of Business Administration, in Ann Arbor, Michigan.
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 and Mazda. Automotive brands that have announced plans to offer SIRIUS in select models include Ford, Lincoln, Mercury, Mercedes-Benz, Jaguar, Volvo, Audi, Volkswagen, Land Rover and Aston Martin.
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.