Qualcomm Incorporated (NASDAQ: QCOM) today announced that the Securities and Exchange Commission (SEC) has indicated that it has no further comments to the registration statement filed by Qualcomm's spin-off company, Leap Wireless International, Inc. Qualcomm intends to proceed with the spin-off and anticipates that the distribution of Leap Wireless common shares will take place after the close of market trading on September 23, 1998 (the "Distribution Date").
Regular public trading of Leap Wireless shares under the ticker symbol "LWIN" is expected to begin on the day following the Distribution Date, on or about Thursday, September 24, 1998. In addition, the Company anticipates that "when issued" trading of Leap Wireless shares using the ticker symbol "LWINv" will begin on the Distribution Date on or about September 23, 1998.
A copy of the Leap Wireless Information Statement (as amended), which is part of the Leap Wireless Registration Statement on Form 10, may be obtained from the SEC web site at http://www.sec.gov/edgarhp.htm or by calling Qualcomm Investor Relations (619-658-4813) or Leap Wireless Investor Relations (619-658-4260). In addition, copies of the Information Statement are being mailed to all holders of Qualcomm common stock as of September 11, 1998 (the "Record Date"). As an aid to understanding the spin-off, Qualcomm has also prepared a Frequently Asked Questions (FAQ) web site to address stockholders' questions. The web site can be accessed at http://www.qualcomm.com/ir/Leap, or the FAQ can be obtained via fax by calling 619-658-4813.
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 geostationery 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 Eudora® 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.
Headquartered in San Diego, Leap Wireless International is a wireless communications carrier that deploys CDMA networks in domestic and international markets with strong growth potential. In conjunction with its strategic partners, Leap Wireless is building or anticipates building a combination of fixed and mobile wireless solutions in Mexico, Chile, Australia, Russia, and the United States. The world is going wireless, and Leap believes CDMA is the technology of choice to increase the teledensity that is critical to economic growth. For each of its ventures, Leap Wireless expects to be actively involved in the management of the networks, combining its experience in international markets with its wireless technical expertise in CDMA. Leap Wireless is dedicated to bringing the economic benefits of a reliable, cost-effective and high-quality telecommunications infrastructure to emerging markets.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including risks associated with the events required to occur before the consummation of the distribution,lack of Leap Wireless operating history, uncertainty of future profitability of Leap Wireless, international risks and change in economic conditions of the various markets Qualcomm serves and Leap Wireless may serve. These and other risks are detailed from time to time in Qualcomm's SEC reports, including the report on Form 10-K for the year ended September 28, 1997 and most recent Form 10-Q, as well as in the Registration Statement on Form 10, as amended, filed by Leap Wireless in connection with the proposed distribution.
# # #
Qualcomm, OmniTRACS, Eudora and Eudora Pro are registered trademarks of Qualcomm Incorporated. Globalstar is a trademark of Loral Qualcomm Satellite Services, Incorporated.
September 17, 1998September 17, 1998Qualcomm Announces Intention to Proceed With Leap Wireless International Spin-offQualcomm Announces Intention to Proceed With Leap Wireless International Spin-off