LOS ANGELES, July 14, 2003 (PRIMEZONE) -- MB Tech, Inc. (OTCBB:MBTT) announced today that it plans to begin developing advanced satellite radio systems for both the automotive industry and general consumer offerings for mobile use.
The Company plans to manufacture a combination CD player and satellite radio system to be resold under a major high-quality consumer brand for the aftermarket. Additionally, the Company plans to develop a mobile satellite radio system for global use.
The satellite radio market is growing at an exponential clip. Two companies appear to control the industry. XM Satellite Radio (Nasdaq:XMSR) and Sirius Satellite Radio, Inc. (Nasdaq:SIRI). XM is closing in on 700,000 subscriptions, and expects to hit 1.2 million in December. XM's competitor, Sirius, which kicked off its service last summer, reported at the end of June that it had reached 100,000 subscribers.
Mr. Hanwook Bae, President of MB Tech, Inc. stated, "The satellite radio industry is expected to be a multi-billion dollar industry for service providers around the world. Given our advanced order indications, the associated hardware and receivers should prove to be extremely lucrative for the Company, even at this nascent stage of the industry."
About MB Tech, Inc.
MB Tech is a global manufacturer and distributor of satellite components. The primary product MB Tech produces is "LNB" electronic diodes, which are the essential elements enabling DBS satellites to receive and convert satellite transmission signals. MB Tech currently serves the satellite television market, and is expanding to serve the satellite radio and military hardware sectors.
MB Tech manufactures several proprietary LNB solutions that differentiate it from competitors. MB Tech's product line includes a dual-horn LNB which allows multiple set-top boxes to be connected to a single satellite dish, enabling viewing of multiple channels simultaneously on different television monitors, and a tri-horn LNB, which provides the ability to download signals from multiple satellites over a single dish.
Safe Harbor Act Disclaimer
The statements contained in this release and statements that the Company may make orally in connection with this release are not historical fact and are forward-looking statements within the meaning of the private securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements, as such statements involve risks and uncertainties that could significantly impact the company's business and the actual outcome and results may differ materially.