iBiquity Digital and Philips Extend Development Agreement for HD Radio Baseband Chips COLUMBIA, Md., Jan. 24 /PRNewswire/ -- iBiquity Digital Corporation, the sole developer of digital HD Radio(TM) technology, announced today that it has signed a new agreement with Royal Philips Electronics' (NYSE: PHG; AXE: PHI) semiconductors division. As part of the agreement, the companies will pursue development of next-generation Philips HD Radio baseband chips to succeed the Philips SAF3550 IC that is currently in the market. "Philips is a valued partner of iBiquity's and its semiconductor solutions have been instrumental in the development of the HD Radio market. We are pleased by Philips' continued support and commitment to HD Radio," said Jeffrey Jury, chief operating officer, iBiquity Digital Corporation. "Philips next-generation HD Radio baseband chip will provide our partners with another excellent option when designing HD Radio receivers and ultimately lead to lowered cost HD Radio consumer products." Stephan zur Verth, vice president and manager for car entertainment solutions, Philips Semiconductors, commented, "We feel very positive about the future of the HD Radio market. Working with iBiquity on HD Radio baseband chip solutions allows us to continuously provide our customers with the latest HD Radio technology." About iBiquity Digital iBiquity Digital is the sole developer and licenser of HD Radio(TM) technology in the U.S., which is transforming today's AM and FM radio stations to digital, enabling radically upgraded sound, crystal-clear reception 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 Grotech Capital Group, J.P. Morgan Partners, New Venture Partners, Pequot Capital and J&W Seligman; and strategic partners Ford Motor Company, Harris, Texas Instruments and Visteon. iBiquity, named one of Deloitte's Fast 500 Companies, is a privately held with operations in Columbia, MD, Detroit, MI, Belmont, CA and Warren, NJ. For more information please visit: http://www.ibiquity.com/. DATASOURCE: iBiquity Digital CONTACT: Vicki Stearn of iBiquity Digital, +1-410-872-1565, ; or Gil Chorbajian of Ogilvy Public Relations, +1-518-355-0966, or , for iBiquity Digital Web site: http://www.ibiquity.com/

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