Qualcomm Incorporated (Nasdaq: QCOM), pioneer and world leader of Code Division Multiple Access (CDMA) digital wireless technology, today announced a commitment to invest up to $100 million in early- to mid-stage Chinese companies engaged in the development and commercialization of CDMA-based products, applications and services.
As part of Qualcomm's $500 million commitment announced in November 2000, Qualcomm believes that venture investments in a variety of market segments in China will promote the continued adoption of CDMA worldwide. Chinese companies receiving investments from Qualcomm will benefit from access to Qualcomm's products and technologies, as well as business and strategic relationships throughout the industry.
"This investment further demonstrates Qualcomm's commitment to enabling and fostering a growing CDMA value chain for the next phase of CDMA development in China," said Jing Wang, senior vice president of Qualcomm and chairman of Qualcomm China. "Qualcomm has been working to expand its presence in Greater China by simultaneously working in partnership with the Chinese government, China Unicom, CDMA manufacturers, BREW and gpsOne application developers, and other businesses."
"Qualcomm's investments over the next several years in promising, young, Chinese entrepreneurial companies will contribute to the growth of CDMA worldwide during this key expansion phase for the Chinese CDMA industry," said Tony Thornley, president and COO of Qualcomm. "China possesses a large pool of strong technical and marketing talent in CDMA. We expect to see a rapid increase in the number of new CDMA-related companies in China as third-generation CDMA technology is deployed worldwide."
Qualcomm will target investments within the following sectors: CDMA-based communications technology and devices; BREW™ application and platform developers, including gpsOne™ location-based application developers and service providers; and, enabling and complementary technology providers. A dedicated China-based team from Qualcomm will manage the fund and its investments, with active involvement from Qualcomm senior management.
Qualcomm will consider participating in a variety of private financing rounds, with a preference for early- to mid-stage ventures. For more information on the application process, please visit the Qualcomm Ventures Web site and the Qualcomm China Web site.
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. Headquartered in San Diego, Calif., Qualcomm is included in theS&P500 Index and is a 2003 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 30, 2002, and most recent Form 10-Q.