Ford Motor Company Announces Partnership with Sirius Satellite Radio
FORD MOTOR COMPANY TO OFFER SIRIUS SATELLITE RADIO TO NEW CAR BUYERS NEW YORK, NY, and DEARBORN, MI (October, 8, 2002) -- Sirius Satellite Radio , the premier satellite radio broadcaster, and Ford Motor Company announced today a long-term agreement confirming their relationship. Ford, Lincoln, Mercury, Jaguar, Volvo and Land Rover have announced plans to begin offering Sirius satellite radio systems on an exclusive basis in select vehicles, with Sirius product launches planned for the 2003 calendar year. Mazda and Aston Martin are expected to announce their plans at a later date. "We have been working in close cooperation with Sirius to provide a satellite radio solution that delivers high levels of quality and customer satisfaction. We believe that this is the most significant feature addition to the radio since the CD," said Cary Wilson, Director Electrical & Electronic Systems Engineering at Ford. "We are very pleased that Ford is planning to install Sirius across a wide range of its vehicle lines," said Joseph P. Clayton, President and CEO of Sirius. "Sirius now has far-reaching dealer and factory programs in place with all of our key OEM constituents. We look forward to quickly ramping up these programs and turning these automotive customers into Sirius subscribers." Separately, Sirius also announced the issuance to Ford Motor Company of a warrant to purchase up to 4,000,000 shares of its common stock at an exercise price of $3.00. This warrant replaces a similar warrant with an exercise price of $30.00. Vesting of this warrant is tied to installation of Sirius radios by Ford. About Ford Motor Company Ford Motor Company is the world's second largest automaker, with approximately 350,000 employees in more than 200 markets on six continents. Its automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Credit, Hertz and Quality Care. With world headquarters in Dearborn, Michigan, Ford Motor Company will officially observe its 100th anniversary on June 16, 2003. Additional information can be found on the company's web site at www.ford.com. About Sirius From its three satellites orbiting directly over the U.S., Sirius broadcasts 100 channels of digital quality radio throughout the continental United States for a monthly subscription fee of $12.95. Sirius delivers 60 original channels of completely commercial-free music in virtually every genre, and 40 world-class sports, news and entertainment channels. DaimlerChrysler has announced plans to offer Sirius radios in 16 models of Chrysler, Dodge and Jeep® vehicles beginning this fall. BMW has announced plans to offer Sirius radios as an accessory in its most popular models through BMW Centers across the country, including select BMW 3 Series, 5 Series, X5 vehicles and in MINI vehicles through MINI dealerships. Nissan is currently offering Sirius radios in the 2003 Nissan Pathfinder SUV and has announced plans to offer Sirius radios as an option this fall on numerous Infiniti and Nissan 2003 models. Future Audi and Volkswagen models will also offer Sirius. Kenwood, Panasonic, Clarion, Audiovox, and Jensen satellite receivers, including models that can adapt any car stereo to receive Sirius, are available at retailers such as Circuit City, Best Buy, Sears, Good Guys, Tweeter, Ultimate Electronics and Crutchfield. Click on www.sirius.com to listen to Sirius live, or to find a Sirius retailer 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, 2001. Among the key factors that have a direct bearing on our results of operations are: our need for substantial additional financing by early 2003; 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. For more information: Jim Collins Paul Woods Media and Investor Relations Public Affairs Sirius Satellite Radio Ford Motor Company 212-901-6422 313-621-2961 jcollins@siriusradio.com pwood1@ford.com Cheryl Cramer Mindy Kramer Investor Relations Media Relations Sirius Satellite Radio Sirius Satellite Radio 212-901-6466 212-584-5138 ccramer@siriusradio.com mkramer@siriusradio.com
