InterDigital Inc (IDCC)

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InterDigital Executives Review Key Accomplishments and Objectives at
Annual Shareholder Meeting
KING OF PRUSSIA, Pa., Jun 5, 2003 (BUSINESS WIRE) -- Shareholders Vote on Proposals and Re-Elect Howard Goldberg and D. Ridgely Bolgiano as Company Directors
InterDigital Communications Corporation (NASDAQ:IDCC), a leading architect, designer and provider of advanced wireless technologies and product platforms, today announced the results of its annual meeting of shareholders.
At the meeting, held yesterday in West Conshohocken, Pennsylvania, shareholders overwhelmingly approved the re-election of Howard E. Goldberg and D. Ridgely Bolgiano as directors of InterDigital for a three-year term expiring at the 2006 Annual Meeting of Shareholders. Mr. Goldberg, InterDigital's President and Chief Executive Officer, has been a director of the Company since November 2000. Mr. Bolgiano has been director of the Company since 1981, and serves as Vice President and Chief Scientist of InterDigital.
InterDigital shareholders also ratified the selection of PriceWaterhouseCoopers LLP as independent accountants for the year ending December 31, 2003. A proposal to increase the number of stock options available for issuance under the 2000 Stock Award and Incentive Plan was not adopted.
Mr. Campagna opened the official meeting commenting on InterDigital's strong performance results to date, "I'm pleased to report that our successes in 2002 and to date in 2003 have clearly placed InterDigital on a solid business and financial footing for long-term growth. We posted our fifth consecutive year of positive, or near positive cash flow, hit key performance goals and milestones, increased our cash position, and signed a number of key second and third generation patent license agreements, including agreements with Ericsson and Sony Ericsson."
Mr. Campagna also commented on the result of the vote to amend the Company's 2000 Stock Award and Incentive Plan, "The targeted use of stock options, with non-executive employees as the primary focus, has been a central element of compensation that has kept InterDigital moving forward. Given the results of today's vote, the Board will consider all avenues to meet our goals."
Howard Goldberg, President and Chief Executive Officer, reviewed InterDigital's accomplishments and provided perspective on the Company's strategic plan for growth and transformational change. He stated, "Since our last shareholders meeting we achieved important milestones in every area of our business. We have strengthened our financial position during a period of heavy technology and product investment, broadened and increased our recurring royalty revenue base, enhanced our credibility with the financial community, and publicly demonstrated significant progress in our technology and product development programs."
Mr. Goldberg continued, "Momentum is clearly on our side. As we look to build on this momentum, we will remain focused on our strategy to grow and diversify our revenue streams and broaden our reach in the global wireless communications market."
Rip Tilden, Executive Vice President and Chief Operating Officer, presented three operating imperatives for Company activities in 2003. He noted, "In order to continue to grow the enterprise value of InterDigital, we are focused on continuous progress in moving our technology to product, demonstrating our technology and products to existing and new customers, and enhancing InterDigital's presence in the wireless market."
About InterDigital
InterDigital architects, designs and provides advanced wireless technologies and products that drive voice and data communications. The Company offers technology and product solutions for mainstream wireless applications that deliver cost and time-to-market advantages for its customers. InterDigital has a strong portfolio of patented technologies covering 2G, 2.5G and 3G standards, which it licenses worldwide. For more information, please visit InterDigital's web site: www.interdigital.com. InterDigital is a registered trademark of InterDigital Communications Corporation.
SOURCE: InterDigital Communications Corporation


CONTACT: InterDigital Communications Corporation Media Contact: Dawn Goldstein, 610/878-7800 [e-mail] or Investor Contact: Janet Point, 610/878-7800 [e-mail]: http://www.businesswire.comToday's News On The Net - Business Wire's full file on the Internetwith Hyperlinks to your home page.
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