NEC Electronics, Matsushita, Panasonic Mobile, and Texas Instruments announced that they will form a joint venture that they hope will be a dominant force in the future of 3rd generation mobile handsets.

With seed capital of 12 billion yen, Adcore-Tech will be jointly owned by the five companies, with approximately 44 percent being held by NEC and NEC Electronics, approximately 44 percent held by Matsushita and Panasonic Mobile, and the remainder held by Texas Instruments. Adcore-Tech plans to design, develop, and license hardware and software platforms for mobile handsets.

Adcore-Tech is set for startup in August 2006 and will be based in Yokosuka, Japan. New Adcore-Tech mobile handsets are expected to hit the market fall of 2007.

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