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SIRIUS XM Radio Announces Results of Voting at 2008 Annual Meeting of Stockholders
Posted by: gurufocus (IP Logged)
Date: December 25, 2008 04:05PM
Press Release: SIRIUS XM Radio Announces Results of Voting at 2008 Annual Meeting of Stockholders Sirius Satellite Radio is building a digital satellite radio system that will broadcast up to 100 channels of music and entertainment programming to motorists throughout the continental United States. The company plans to offer channels of commercial-free music and channels of news sports and entertainment programming for a monthly subscription fee. Sirius Satellite Radio has an exclusive agreement with Ford Motor Company to install Sirius receivers in Ford vehicles. (PRESS RELEASE) Sirius Satellite Radio Inc. has a market cap of $503.12 million; its shares were traded at around $0.1175 with and P/S ratio of 0.55.
At the Annual Meeting, SIRIUS XM stockholders voted to re-elect the existing Board of Directors, which consists of
SIRIUS XM stockholders also approved two amendments to the Company's certificate of incorporation. The first amendment increases the number of authorized shares of SIRIUS XM common stock from 4,500,000,000 shares to 8,000,000,000 shares. The second amendment permits the Board of Directors of SIRIUS XM at any time prior to
Finally, stockholders ratified the appointment of KPMG LLP as the independent auditors of the company for the fiscal year ending
The final results of the voting are expected to be filed with the Securities and Exchange Commission as part of the company's Annual Report on Form 10-K for the year ending
Total shares represented at the meeting were 2,821,080,936, representing approximately 87.07% of the total shares outstanding as of the record date,
About SIRIUS XM Radio
SIRIUS XM Radio is America's satellite radio company delivering commercial-free music channels, premier sports, news, talk, entertainment, traffic and weather, to more than 18.9 million subscribers.
SIRIUS XM Radio has content relationships with an array of personalities and artists, including
SIRIUS XM Radio has arrangements with every major automaker. SIRIUS XM Radio products are available at shop.sirius.com and shop.xmradio.com, and at retail locations nationwide, including Best Buy, RadioShack, Target, Sam's Club, and Wal-Mart.
SIRIUS XM Radio also offers SIRIUS Backseat TV, the first ever live in-vehicle rear seat entertainment featuring Nickelodeon, Disney Channel and Cartoon Network; XM NavTraffic(R) service for GPS navigation systems delivers real-time traffic information, including accidents and road construction, for more than 80 North American markets.
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the benefits of the business combination transaction involving SIRIUS and XM, including potential synergies and cost savings and the timing thereof, future financial and operating results, the combined company's plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of SIRIUS' and XM's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of SIRIUS and XM. Actual results may differ materially from the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statement: general business and economic conditions; the performance of financial markets and interest rates; the failure to realize synergies and cost-savings from the merger or delay in realization thereof; the businesses of SIRIUS and XM may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected. Additional factors that could cause SIRIUS' and XM's results to differ materially from those described in the forward-looking statements can be found in SIRIUS' and XM's Annual Reports on Form 10-K for the year ended
Contacts for SIRIUS XM Radio:
Media Relations Investor Relations Patrick Reilly Paul Blalock 212-901-6646 212-584-5174 PReilly@siriusradio.com PBlalock@siriusradio.com Kelly Sullivan Hooper Stevens Joele Frank, Wilkinson Brimmer Katcher 212-901-6718 212-355-4449 HStevens@siriusradio.com KSullivan@joelefrank.com
Gurus who own SIRISIRI is in the portfolios of Arnold Schneider.
Stocks Discussed: SIRI,