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iBiquity Closes $45 Million Equity Financing, Its Largest Ever
Tuesday, April 30, 2002 by Rob Granger

iBiquity Digital Corporation, the sole developer of digital AM and FM broadcast technology in the United States, announced the closing of its Series C Financing, indicating it had raised $45 million. Susquehanna Radio, the country's eleventh largest broadcaster, joins 14 of the 20 largest U.S. radio broadcasters, strategic equipment and automobile manufacturers and leading financial institutions that have previously invested in iBiquity. Most of iBiquity's existing investors contributed additional funds, with Grotech, JP Morgan Partners, New Venture Partners and Pequot Capital leading the round.

"The proceeds raised through this financing round will fully fund iBiquity's operations through commercialization to profitability," states Robert Struble, president and CEO, iBiquity Digital. "The success of this private equity financing, which is the largest completed in our history, is a clear indication of our investor's confidence in our technology and business prospects. Additionally, with the investment by Susquehanna, the nation's top 11 broadcasters are now owners of iBiquity."

"Through Susquehanna's involvement with the National Radio Systems Committee, we've seen and heard first-hand the benefits of iBiquity's IBOC technology for broadcasters and consumers," adds David Kennedy, president and chief operating officer, Susquehanna Radio Corp. "IBOC is the digital future of AM and FM radio. We are pleased to become an investor in iBiquity and join the broad coalition of leading broadcasters and manufacturers that iBiquity has formed to successfully rollout IBOC to consumers in early 2003."

iBiquity's IBOC (In-Band On-Channel) AM and FM digital broadcast technology will transform today's radio experience by allowing broadcasters to transmit digital quality audio alongside existing analog-based broadcasts, and simultaneously deliver wireless data for a wide variety of consumer applications, including traffic, weather and artist information and more. iBiquity is licensing its IBOC technology to transmission equipment manufacturers, radio broadcasters and radio manufacturers. Transmission equipment containing iBiquity's technology was launched to broadcasters by leading manufacturers at the National Association of Broadcasters (NAB) show in early April.. IBOC-equipped receivers will be commercially launched at the Consumer Electronics Show (CES) in January 2003.

http://www.ibiquity.com