WITH LAUNCH OF COMMERCIAL HD RADIO™ RECEIVERS HD Radio Products from Kenwood, Panasonic, and JVC debut in First Quarter of 2004

LAS VEGAS - International Consumer Electronics Show - January 7, 2004 - iBiquity Digital Corporation, the sole developer of HD Radio™ technology, along with Consumer Electronics Association (CEA) President and Chief Executive Officer Gary Shapiro and executives representing consumer electronics manufacturers (JVC, Kenwood, Onkyo, Panasonic and Visteon), broadcasters (Beasley Broadcast Group, Greater Media and National Public Radio) and retailer (Ultimate Electronics), today announced the formal launch of commercial HD Radio products during a media conference at the 2004 International Consumer Electronics Show (CES).

"CES brought you a first look at this promising technology in 2001. Today marks a historic moment for the radio broadcast and consumer electronics industries," said Shapiro. "The transition of the world's last major medium, AM and FM radio, from analog to digital is now fulfilled with the availability of HD Radio receivers for consumers."

Robert Struble, president and chief executive officer, iBiquity Digital Corporation noted, "HD Radio receivers are for sale. We look forward to continuing to work with our industry partners on a seamless transition to HD Radio, much in the same way the television industry moved from black -and -white to color in the 1960s and 70s."

Struble continued, "At the same time, this announcement does not represent a conclusion of our efforts; it's simply the beginning of a new phase. We will continue to execute with the same focus and determination in licensing additional AM and FM radio stations across the country and further developing the HD Radio system to include capabilities like store -and -replay, on -demand services, a "buy" button, Surround Sound and a host of services that cannot even be imagined today."

In what may be the biggest change to radio since the introduction of FM in the 1940s, iBiquity's award -winning HD Radio technology transforms today's AM and FM radio by transmitting digital audio and data alongside existing analog signals, allowing listeners to enjoy CD -quality sound on FM and FM sound quality on AM with no static, hiss, pops or fades. The technology provides a platform for integrated wireless data services that, combined with display screens on HD Radio receivers, will deliver listeners a variety of additional information via scrolling text such as song titles, artist names, traffic updates, weather forecasts, sports scores and more. Nearly 300 radio stations in over 100 U.S. markets across 38 states have licensed HD Radio technology.

Several of iBiquity Digital's industry partners participated in today's launch announcement and commented on the significance the event:

Milford Smith, Greater Media: "We strongly believe that HD Radio represents the future of AM and FM radio, and to underscore our commitment to this technology, we have already begun to transition all of our stations to HD Radio."

Bob Demuth, Beasley Broadcast: "Over the last few months, we have begun broadcasting in HD Radio on several of our stations across the country, including local radio station KSTJ -FM. We have been extremely pleased with the feedback that we are receiving from these stations and feel that listeners will be dazzled by the great sound quality that HD Radio delivers."

Mike Starling, National Public Radio: "There is no question that HD Radio will deliver an immediate improvement to the AM and FM listening experience, but we are also enthused by its ability to support the long -term needs of radio. For example, we are working with Kenwood, iBiquity Digital and Harris Corporation on our 'Tomorrow Radio' project, which will leverage HD Radio technology in order to broadcast multiple programs on the same station frequency, thereby delivering more choice for our loyal listener base."

Dan Petersen, Kenwood: "Kenwood was the first consumer electronics manufacturer to be licensed by iBiquity, and we are taking orders at this show from retailers for the KTC -HR100 HD Radio Tuners with availability later this month. We are proud of the role we have played in launching HD Radio consumer products and look forward to participating in the development of future generations of HD Radio products."

Rob Lopez, Panasonic: "The HD Radio introduction further exemplifies our commitment to providing consumers with the very latest that consumer electronics has to offer. And, with Panasonic's new CQ -CB9900U integrated HD Radio/CD receiver, users will find everything to receive HD Radio broadcasts included in the single -DIN size CD receiver."

Aaron Novak, JVC: "HD Radio represents an exciting breakthrough, particularly for the mobile environment in which radio plays such an important role. JVC is committed to HD Radio as evidenced by our single -DIN model that we are showcasing during CES 2004 for delivery this spring."

Bill Whikehart, Visteon: "As a recognized leader in automotive electronics, Visteon is particularly excited about the opportunities to integrate HD Radio's data capabilities with the telematics features of the 21st century automobile. Our OEM partners are equally encouraged by these possibilities, and we continue to work with them to get HD Radio offered on future vehicles."

Don Milks, Onkyo: "As a long -term leader in home entertainment systems, Onkyo was among the first companies to integrate digital technology into the home environment with such innovations as our Net -Tune receivers. We look forward to bringing HD Radio technology into the digital living room with several new models and an innovative plug and play add -on module approach."

Dave Workman, Ultimate Electronics: "This past Monday, Ultimate Electronics sold the nation's first HD Radio receiver to a consumer in our Cedar Rapids, Iowa store. Judging by the enthusiastic reaction to the first HD Radio sale, we look forward to a positive response from consumers to these products."

HD Radio was recognized as an honoree in the Software/Embedded Technologies category during the Innovations 2004 Design and Engineering Showcase held in conjunction with the International CES. HD Radio products and demonstrations will be available at the iBiquity Digital Booth (Las Vegas Convention Center, North Hall 1 -4, #4619) through Sunday, January 11 and in iBiquity Digital's partner's booths (Alpine, Delphi, Eclipse, JVC, Kenwood, Panasonic, Personal Telecom, Sanyo, Texas Instruments, TBK and Visteon).

About iBiquity Digital Corp.
iBiquity Digital is the sole developer and licenser of HD Radio technology in the U.S., which will transform today's analog radio to digital, enabling radically upgraded sound and new wireless data services. The company's investors include 15 of the nation's top radio broadcasters, including ABC, Clear Channel and Viacom; leading financial institutions, such as J.P. Morgan Partners, Pequot Capital and J&W Seligman; and strategic partners Ford Motor Company, Harris, Texas Instruments and Visteon. iBiquity Digital is a privately held company with operations in Columbia, MD, Detroit, MI, Redwood City, CA and Warren, NJ. For more information please visit: www.ibiquity.com

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