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Letter to the Editor
Tuesday October 8
Ford Motor Company to Offer Sirius Satellite Radio to New Car Buyers
Sirius Satellite Radio, a satellite radio broadcaster, and Ford Motor Company have announced 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.
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