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Sirius, Ford Clarify Deal

Sirius, Ford Clarify Deal

Sirius Satellite Radio and Ford Motor Company clarified that they have an agreement confirming a long-term relationship. Ford, Lincoln, Mercury, Jaguar, Volvo and Land Rover plan to offer Sirius satellite radio systems as dealer options for the 2003 calendar year. Mazda and Aston Martin are expected to publicize their plans later.
“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.
Separately, Sirius issued a warrant to Ford for the purchase of up to 4 million shares of common stock at an exercise price of $3 a share. Vesting of this warrant is tied to installation of Sirius radios by Ford.