Earlier this week it was announced LG has signed an agreement to become a Global Partner and Technology Partner of Formula 1™. The agreement starts in January 2009, LG Electronics’ CMO Dermot Boden said “Formula One represents the absolute peak of technological innovation and style, which is also our vision for the LG Electronics brand. We feel the excitement and electricity of F1 is unmatched by any sport, and we feel the same passion and energy here at LG.”

Bernie Ecclestone, CEO of the Formula One Group was also excited:

“LG is a leader in its field, it pioneers cutting edge technology, delivering innovation and excellence in a stylish package, which is what Formula 1 is about too”
“We have so much in common, I am very excited to begin our association and look forward to the technology solutions they can bring to us also.”

As the Official Data Processor of Formula 1™ the LG logo will be featured on the official live timing service at Formula One events and in the associated timing and data TV graphics. They will also enjoy a comprehensive package of premium marketing rights worldwide in association with the Formula 1™ brand. Pocket Lint are already preparing for an onslaught of F1-related mobile phones. Thanks for the suggestion guys!

[Update]
We now have some footage from the press conference on our YouTube channel: