Directed Electronics Extends Sirius Pact
April 29, 2008 at 10:39 AM (PT)
DIRECTED ELECTRONICS has extended its deal to design and market SIRIUS SATELLITE RADIO aftermarket products from AUGUST 31st, 2008 to JANUARY 31st, 2009. The extension also includes amendment of the provisions dealing with warranty expense, reducing DIRECTED's exposure to such charges.
DIRECTED Pres./CEO JAMES E. MINARIK said. "Together with SIRIUS, over the past three years, we have achieved the #1 position in aftermarket satellite radio sales, and are once again pleased to extend our relationship. By extending the contract from AUGUST 31st, 2008 into 2009, we have the opportunity to generate significant sales of SIRIUS branded products this year, given that roughly 50% of our 2007 satellite radio sales occurred in the fourth quarter. We also look forward to what we hope will be the final approval of the SIRIUS/XM merger in the very near future, which we expect to improve retail consumer demand."