SAN DIEGO -- Nov. 2, 1999 -- Qualcomm Incorporated (Nasdaq: QCOM) announced today that its Board of Directors has approved, subject to stockholder approval, a four-for-one stock split of the Company's common stock and an increase in the Company's authorized common stock to 3,000,000,000 shares. The Board also authorized a special meeting of stockholders for the purposes of approving the stock split and the proposed share increase. The special stockholders meeting is expected to be held on or about December 20, 1999. If the stockholders approve the stock split and the proposed increase in the authorized number of shares, the stock split will be implemented as soon as practicable following the special meeting.
"We hope this latest stock split will make it possible for more investors to share in the promising growth of our company and our industry," said Dr. Irwin Jacobs, chairman and CEO of Qualcomm.
An investor in Qualcomm stock who bought 1,000 shares for $16,000 in 1991 would, after the latest 4-for-1 split, own 16,000 shares worth about $880,000 based on current prices.
Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company's CDMA digital technology. The Company's major business areas include CDMA phones; integrated CDMA chipsets and system software; technology licensing; and satellite-based systems including OmniTRACS® and portions of the Globalstar™ system. Headquartered in San Diego, Calif., Qualcomm is included in theS&P500 Index and is a 1999 FORTUNE 500® company traded on the NASDAQ under the ticker symbol QCOM.
This press release contains forward-looking statements that are subject to risks and uncertainties, including the risk that the recent and historical performance of the Company's Common Stock may not be indicative of its future performance. Actual results may differ substantially from those referred to herein due to a number of factors, including but not limited to the risk that, despite receiving multiple preliminary offers, the Company will not be successful in entering into an agreement for the sale of its terrestrial CDMA phone business by the end of calendar 1999, if at all; risks that the rate of growth in the CDMA subscriber population will decrease; risks that the Company may not achieve increased shipments of CDMA chipsets in the first quarter of fiscal 2000; risks associated with strategic opportunities or acquisitions the Company may pursue; risks associated with the scale-up and operations of CDMA systems; risks associated with component shortages; risks associated with the ability to sustain or improve operational efficiency and profitability; risks associated with developments in current or future litigation; risks associated with customer receivables and performance guarantees; risks associated with timing and receipt of license fees and royalties; risks associated with international business activities; as well as the other risks detailed from time to time in the Company's SEC reports.
Qualcomm, OmniTRACS and Eudora are registered trademarks of Qualcomm Incorporated. WARP, MSM, CSM, iMSM and TruckMAIL are trademarks of Qualcomm Incorporated. Globalstar is a trademark of Loral Qualcomm Satellite Services, Incorporated. All other trademarks are the property of their respective manufacturers.
SOURCE Qualcomm Incorporated