SAN DIEGO -- December 6, 2000 -- Qualcomm Incorporated (Nasdaq: QCOM), pioneer and world leader of Code Division Multiple Access (CDMA) digital wireless technology, today announced the formation of an approximately $60 million Korean partnership fund with Hansol i Ventures Co., Ltd., a subsidiary of Hansol, to invest in Korean startup companies engaged in the development of CDMA products to support the adoption of CDMA and drive usage of the wireless Internet.
Hansol iV will serve as the general partner for the fund and be responsible for managing the partnership and its investments. The fund's investment strategy will focus on enabling companies engaged in the development of new and innovative products, applications or services utilizing or applicable to CDMA technology, and receiving attractive financial returns. Qualcomm will be a limited partner and the largest investor in the fund. The remaining investors are Small and Medium Business Administration of Korea and Korean Teacher's Pension Fund.
"As a result of its early adoption of CDMA technology, Korea possesses a large pool of strong technical and marketing talent in CDMA," said Jeff Jacobs, senior vice president of business development, Qualcomm. "Additionally, Korea's entrepreneurial culture is fostering the growth of a number of promising startup companies focused on the development of advanced CDMA devices and applications. We expect to see this number increase as third-generation CDMA technology is deployed worldwide. Through our partnership with Hansol iV, we will support the Korean government's efforts to promote Korea's venture industry and enhance the success of the fund's portfolio companies. In turn, these companies will contribute to the growth of CDMA worldwide."
"Hansol and Qualcomm are pleased to establish this fund which represents the largest venture fund in Korea," said Mr. Dong Man Cho, vice chairman, Hansol Group. "Through our combined efforts, we look forward to supporting innovative startup companies positioned to deliver exciting new CDMA products and applications."
For more information on the application process, please contact Mr. Moon Park, director of business development for Qualcomm Korea, at 011-822-552-2319 or Mr. Y.C. Kim, vice president and CFO of Hansol i Ventures, at 011-822-531-8020. Hansol i Ventures Inc. is a new venture capital company that invests primarily in IT startups. With a capital of 20 billion won, Hansol i Ventures began business in August 2000, with initial investment from Hansol Group vice chairman Dong Man Cho. The company was registered at the Small and Medium Business Administration in August 2000. Hansol i Ventures plans to increase its capital to 30 billion won at the beginning of next year.
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 business areas include integrated CDMA chipsets and system software; technology licensing; Eudora® email software for Windows® and Macintosh® computing platforms; digital cinema systems; and satellite-based systems including portions of the Globalstar™ system and wireless fleet management systems, OmniTRACS® and OmniExpress™. Qualcomm owns patents that are essential to all of the CDMA wireless telecommunications standards that have been adopted or proposed for adoption by standards-setting bodies worldwide. Qualcomm has licensed its essential CDMA patent portfolio to more than 90 telecommunications equipment manufacturers worldwide. Headquartered in San Diego, Calif., Qualcomm is included in theS&P500 Index and is a 2000 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including the Company's ability to successfully design and have manufactured significant quantities of CDMA components on a timely and profitable basis, the extent and speed to which CDMA is deployed, 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, 2000, and most recent Form 10-Q.
Qualcomm, OmniTRACS and Eudora are registered trademarks and OmniExpress is a trademark of Qualcomm Incorporated. Globalstar is a trademark of Loral Qualcomm Satellite Services, Incorporated. Windows is a registered trademark of Microsoft Corp. Macintosh is a registered trademark of Apple Computer Inc. All other trademarks are the property of their respective owners.
December 06, 2000December 06, 2000Qualcomm and Hansol Form Korean Strategic Investment FundQualcomm and Hansol Form Korean Strategic Investment Fund