Mitsubishi Electric Licenses HD Radio(TM) Technology for the Automotive Market

iBiquity Continues its Automotive Licensing Momentum with OEM Leaders

COLUMBIA, Md., and WARREN, N.J., June 26 -- iBiquity Digital Corporation, the sole developer and licenser of HD Radio technology, and Mitsubishi Electric Corporation , announced today that Mitsubishi Electric has signed a license to develop products using iBiquity's HD Radio technology. Mitsubishi Electric's US subsidiary, Mitsubishi Electric Automotive America, plans to integrate iBiquity's HD Radio technology into automotive receivers slated for availability to automakers in the 2005 timeframe. Mitsubishi Electric Automotive America supplies automotive electronic products to DaimlerChrysler, Mitsubishi Motors, Volvo and other leading automakers.

"Responding to demand by our automotive partners, we're proactively introducing HD Radio receivers into the marketplace," said Mitsubishi Electric Automotive America's Bruce Beyer. "This technology greatly enhances the sound quality and reception of AM and FM radio. In addition, its wireless data capabilities for telematics applications have the potential to vastly increase the information available to consumers and enhance the receiver products we are developing."

"Mitsubishi Electric is an important global supplier of OEM products to many of the leading automakers and their adoption of HD Radio technology sends a strong and positive message to the OEM marketplace about the future of HD Radio," said Robert Struble, President and CEO, iBiquity Digital. "We are very pleased to be working with Mitsubishi Electric Automotive America to offer consumers a new in-vehicle experience with AM and FM radio."

About Mitsubishi Electric Automotive America

Mitsubishi Electric Automotive America (MEAA), a U.S. subsidiary of Mitsubishi Electric Corporation , was established in 1979 in response to the continued growth of the North American automotive business, particularly for electronics. MEAA offers all aspects of engineering, manufacturing, sales and marketing, distribution and service of electrical and electronic systems and components for automobile manufacturers and industrial engine manufacturers. MEAA has close to $700 million in annual sales and 800 employees in North America. For more information about Mitsubishi Electric Automotive America, visit www.meaa-mea.com.

About iBiquity Digital Corporation

iBiquity Digital is the sole developer and licenser of HD Radio technology in the U.S., which will transform today's analog radio to digital, enabling radically upgraded sound and new wireless data services. The company's investors include 15 of the nation's top radio broadcasters, including ABC, Clear Channel and Viacom; leading financial institutions, such as J.P. Morgan Partners, Pequot Capital and J&W Seligman; and strategic partners Ford Motor Company, Harris, Texas Instruments and Visteon. iBiquity Digital is a privately held company with operations in Columbia, MD, Detroit, MI, Redwood City, CA and Warren, NJ. For more information please visit: www.ibiquity.com