Denon and Marantz Licensed for HD Radio Technology

FOR IMMEDIATE RELEASE
DENON AND MARANTZ LICENSED FOR HD RADIO TECHNOLOGY

Parent Company D&M Holdings Licenses iBiquity’s HD Radio Digital AM and FM Technology for Home Receivers

Columbia, MD — (July 27, 2004) — iBiquity Digital Corporation, the sole developer of HD Radio technology, and D&M Holdings, parent company of Denon Ltd., Marantz Japan, Inc., McIntosh Laboratory, Inc., and Digital Networks North America, Inc. (DNNA), today announced that D&M Holdings has licensed iBiquity’s HD Radio AM and FM digital broadcast technology for integration into its Denon and Marantz premium home audio product lines.

“Our agreement to license HD Radio complements our mission at D&M Holdings of creating premium class entertainment solutions that provide superior sound and images in the home,” said Bob Weissburg, President of Sales and Marketing North America for D&M Holdings. “Integrating HD Radio technology into our products will provide our customers with the highest-quality digital sound from AM and FM radio.”

“Denon and Marantz have long been known as premium home audio brands,” said iBiquity Digital President and CEO Robert Struble. “We are thrilled that D&M Holdings has chosen to license HD Radio technology, joining a growing list of licensees working to bring HD Radio products to market.”

More than 350 radio stations in over 100 U.S. markets across 39 states have licensed HD Radio technology and are live, or in the process of going live, with digital broadcasts. A complete list of these stations can be found at: http://www.ibiquity.com/hdradio/hdradio_hdstations.htm.

About D&M Holdings Inc.
D&M Holdings Inc. (TSE II: 6735) is based in Tokyo and is the parent company of wholly owned subsidiaries Denon Ltd., Marantz Japan, Inc. and McIntosh Laboratory, Inc. Denon, Marantz and McIntosh are global industry leaders in the specialist home theater, audio/video consumer electronics and professional audio markets, with a strong and long-standing heritage of manufacturing and marketing high-performance audio and video components. A wholly owned subsidiary of D&M Holdings U.S., Inc., Digital Networks North America, Inc. (DNNA), owns the ReplayTV, Rio and Escient brands—all representing award-winning technologies in digital home entertainment. Additional information is available at www.dm-holdings.com.

About iBiquity Digital
iBiquity Digital is the sole developer and licenser of HD Radio technology in the U.S., which is transforming 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 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 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.