Business Notes

Helsinki, Finland — Reinforcing its confidence in mobile handset industry growth in 2003, Nokia said it continues to expect a total market of 400 million units in 2002, with 2003 growing 10 percent or slightly more. The company said handset sales, even though seasonally strong this holiday, have tended toward the mass market. Nokia fourth quarter sales, therefore, are expected to hit $8.9 billion to $9.1 billion, at the lower end or slightly below earlier guidance of $9 billion to $9.3 billion.

Littleton, Colo.— EchoStar Communications, provider of DISH Network satellite TV, has reached a definitive agreement with Vivendi Universal, for Vivendi to sell back its entire Echostar equity position to EchoStar for $1.1 billion in cash. As a result of the transaction, Vivendi's contingent value rights under the companies' original investment agreement will be terminated, resulting in an approximate $170 million non-cash gain for EchoStar in the fourth quarter of 2002.

Santa Ana, Calif. — Ingram Micro has closed the syndication of a three-year unsecured $150 million senior revolving credit facility that will provide the technology products wholesale provider with an additional source of long-term capital. The facility, which will be used to support Ingram's operational needs, complements the company's existing long-term financing arrangements in both the asset securitization and public debt markets. Ingram said it already had sufficient capacity to meet funding needs for at least the next 12 months, and that the new financing provides an additional monies and further strengthens its access to multiple sources of long-term capital.

Wayne, N.J.— JVC has been recognized by the U.S. Environmental Protection Agency (EPA) for its commitment to the EPA's eCycling project, a cooperative effort among manufacturers, recyclers, state environmental agencies in the mid-Atlantic region and the EPA. The eCycling program encourages local residents and small businesses to drop off used and outdated electronics at coordinated collection events throughout the region. In other eCycling program news, Panasonic, Sharp and Sony received a special proclamation from the Commonwealth of Pennsylvania for their electronic recycling efforts.

Pasadena, Calif. — By filing its 10-Q financial for the quarter ended Sept. 30, 2002 in mid-November, Gemstar-TV Guide International continues to be listed on the Nasdaq National Market. The television guide provider also must submit to the Securities and Exchange Commission, by March 3, 2003, all necessary amended filings for fiscal 2000, 2001 and 2002, including affirmative statements that the filings have been reviewed and/or audited in accordance with SEC requirements. By March 31, the company must file its 10-K annual report for the fiscal year ending Dec. 31, 2002, and by June 30, it must solicit proxies and hold an annual stockholder meeting for fiscal 2002. However, Nasdaq said it was removing Gemstar-TV Guide from its Nasdaq-100 Index, effective last week.