10-Q Watch: Helio’s Investment Etc

Helio, the MVNO joint venture between Earthlink and Korea’s SK Telecom has soem major money invested into it…a breakdown of some of the numbers in Earthlink’s latest Q3 10-Q filed last week with SEC. Some excerpts:
— On March 24, 2005, the Company completed the formation of a joint venture with SKT, Helio, to market and sell wireless voice and data services in the U.S. Under the terms of the joint venture agreement, EarthLink and SKT each have a 50 percent voting and economic ownership interest in Helio. EarthLink and SKT, as partners, invested an aggregate of $166.0 million of cash and non-cash assets upon completing the formation of Helio, invested an aggregate of $78.0 million of cash in August 2005 and have committed to invest additional cash of $196.0 million in Helio at various dates through August 2007.
— Helio’s management team is focused on developing an infrastructure and various applications to support new wireless voice and data service offerings, and since completing its formation, Helio launched a new voice and data service offering based on the Treo 650 smartphone. As Helio continues to develop, launch and market new products and services, we expect Helio to incur losses.

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