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CD Radio and Panasonic Announce Receiver Agreement
NEW YORK, July 27 /PRNewswire/ -- CD Radio, the satellite- to-car radio broadcaster, and Matsushita, the world's largest consumer electronics company and maker of Panasonic products, today announced an agreement for the design and development of CD Radio receivers.

Under terms of the agreement, Matsushita Communication Industrial Corporation of U.S.A. (MCUSA) will design and develop CD Radio receivers for installation by automotive manufacturers and for sale to consumers in the mobile electronics aftermarket. Panasonic's automotive customers include DaimlerChrysler, Toyota, Honda, Nissan, General Motors, Mitsubishi, and Subaru.

"CD Radio is one of the most exciting new products in the recent history of consumer electronics," said Toshiyuki Imazu, President of MCUSA. "Consumers will have unprecedented choice, commercial-free music, digital quality sound, and seamless coast- to-coast coverage. We are excited to partner with CD Radio in bringing this revolutionary new service to U.S. consumers."

"Panasonic is one of the largest U.S. manufacturers of aftermarket and original equipment car audio and information systems, and is one of the best- known electronics innovators in the world," said David Margolese, CD Radio's chairman and chief executive. "They are an ideal partner for CD Radio and we're extremely pleased to be working with them to make CD Radio receivers available to consumers across the U.S."

CD Radio is building a digital satellite radio system that will broadcast up to 100 channels of music and other programming to motorists throughout the United States. The company plans to offer 50 channels of commercial-free music and up to 50 channels of news, sports and entertainment programming for a monthly subscription fee of $9.95. CD Radio recently announced an exclusive agreement with Ford Motor Company to install CD Radio receivers in Ford vehicles as early as first quarter 2001. CD Radio has also announced numerous content agreements, including agreements with National Public Radio, Bloomberg and SpeedVision, as well as manufacturing agreements with Alpine, Delphi Delco Electronics Systems and Recoton. Commercial operations are scheduled to commence at the end of the fourth quarter of 2000.

Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance 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 the forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the factors discussed in CD Radio's Annual Report on Form 10-K for the year ended December 31, 1998. Among the key factors that have a direct bearing on CD Radio's results of operations are the potential risk of delay in implementing CD Radio's business plan; increased costs of construction and launch of necessary satellites; dependence on satellite construction and launch contractors; dependence on Lucent Technologies; risk of launch failure; unproven market and unproven applications of existing technology; unavailability of CD Radio receivers; and CD Radio's need for additional financing.


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