Enorbus Technologies Secures US$3 Million in Venture Funding and Commits to Bringing Top Game and Entertainment Content to Chinese Mobile Subscribers and the BREW® SolutionBEIJING
Global private equity firm, The Carlyle Group and Qualcomm Incorporated (Nasdaq: QCOM), pioneer and world leader of Code Division Multiple Access (CDMA) digital wireless technology, today announced the successful closing of a US$3 million investment in Enorbus Technologies. Based in Beijing, Enorbus is a leading wireless application publisher and developer of games and entertainment content for wireless phones. Enorbus is also an elite BREW developer and BREW Global Publisher (BGP), and has been actively developing next-generation mobile applications since its founding in 2000.
"The investment by Carlyle and Qualcomm is a further endorsement of our current strategy, execution, and overall business approach," said Norbert Chang, CEO of Enorbus. "We have worked very hard to lead the Chinese market, and this investment validates our position, while strengthening our overall presence globally. The BREW solution has already proven to be a key component to bringing high quality content to China and enables us to rapidly bring our games to market and generate revenue. We look forward to the added value and global perspective that both Carlyle and Qualcomm provide."
"We are very excited about the mobile application and entertainment space worldwide, especially in China," said Wayne Tsou, managing director of The Carlyle Group. "We look forward to working with Enorbus to build it into a worldwide market leader for mobile entertainment," added JP Gan, vice president of The Carlyle Group.
The venture follows Qualcomm's $100 million commitment announced in June 2003, to invest in early- to mid-stage Chinese companies engaged in the development and commercialization of CDMA-based products, applications and services. Qualcomm believes that venture investments in a variety of market segments in China will promote the continued adoption of CDMA worldwide.
"Qualcomm's investment in Enorbus underscores our commitment to supporting the growing CDMA value chain in China," said Jing Wang, senior vice president of Qualcomm and chairman of Qualcomm China. "Qualcomm is thrilled to have such a high-caliber player in the Chinese wireless game industry join the expanding BREW developer community based in China. In addition to developing its own original titles, as a BREW Global Publisher, Enorbus will also help import BREW game and entertainment content from overseas markets thereby enabling Chinese CDMA operators to offer their subscribers a wide range of compelling BREW-based services and applications."
Qualcomm's BREW system provides products and services that connect the mobile marketplace value chain, which includes application developers, publishers, content providers, device manufacturers, operators and consumers.
The Carlyle Group is a global private equity firm with more than $18.3 billion under management. Carlyle generates extraordinary returns for its investors by employing a conservative, proven and disciplined approach. Carlyle invests in buyouts, venture, real estate, and leveraged finance in North America, Europe, and Asia, focusing on aerospace & defense, automotive & transportation, consumer, energy & power, healthcare, industrial, technology & business services, and telecommunications & media. Since 1987, the firm has invested $10.8 billion of equity in 317 transactions. The Carlyle Group employs more than 500 people in 14 countries. In the aggregate, Carlyle portfolio companies have more than $31 billion in revenue and employ more than 151,000 people around the world. Visit www.carlyle.com for additional information.
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 the S&P 500 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 extent and speed to which the BREW solution is deployed and adopted, 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 28, 2003, and most recent Form 10-Q.
Qualcomm and BREW are registered trademarks of Qualcomm Incorporated. All other trademarks are the property of their respective owners.
July 12, 2004July 12, 2004