EarthLink and SK Telecom to Invest Additional Funds in Helio JV

Press Release - July 3, 2007

South Korea’s SK Telecom Co. and American ISP, EarthLink, have tentatively agreed to inject up to $100 million each into their loss-making wireless joint venture, Helio.

“Our initial investment in the venture has been spent, and we will need to inject more money during the second half,” said SK Telecom spokeswoman, Kim Hye-jin, in a statement yesterday.

The two companies are actively negotiating exact terms for the new round funding, which would be used to aggressively market Helio mobile phone services to young American customers. SK Telecom is hoping to bring Helio to profitability by 2009.