Qualcomm Incorporated (NASDAQ: QCOM) today announced the signing of a multi-million dollar royalty-bearing license agreement with Haitai Electronics Co., Ltd. of Seoul, Korea. Under terms of the agreement, Qualcomm granted Haitai a license to manufacture and sell Code Division Multiple Access (CDMA) subscriber products for Personal Communications Systems (PCS).
"With Korea's successful deployment of CDMA cellular systems, Haitai will participate with others to ensure that the Korean consumers' growing demandfor CDMA subscriber products continues to be satisfied," said Steve Altman, senior vice president and general manager of Qualcomm's Technology Transfer Division. "We welcome Haitai's decision to join the growing number of CDMA manufacturers in meeting the needs of a Korean market that already boasts about two million CDMA subscribers."
"We have concluded a contract with Qualcomm for the introduction of CDMA technology aiming to complete the development of a commercial PCS terminal by the end of this year," said Mr. J.H. Heo of Haitai Electronics.
Haitai Electronics Company, Ltd., is part of the Haitai Group consisting of a total of 15 companies with Corporate Headquarters in Seoul, Korea. Haitai Electronics has a diversity of product lines in telecommunications associated with brand names such as, Vatel, Sherwood, Urban, INKEL, and Elger.
Headquartered in San Diego, Qualcomm develops, manufactures, markets, licenses and operates advanced communications systems and products based on its proprietary digital wireless technologies. The Company's primary product areas are the OmniTRACS® system (a geostationary satellite-based, mobile communications system providing two-way data and position reporting services), CDMA wireless communications systems and products and, in conjunction with others, the development of the Globalstar™ low-earth-orbit (LEO) satellite communications system. Other Company products include the Eudora Pro™ electronic mail software, ASIC products, and communications equipment and systems for government and commercial customers worldwide. For more information on Qualcomm products and technologies, please visit the Company's web site at http://www.qualcomm.com.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including timely product development, change in economic conditions of the various markets the Company serves, as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 24, 1996 and mostrecent Form 10-Qs.
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