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Archive 2002NovAtel Delivers GPS Receivers for Phase 2 of Chinese WAAS Program
(Calgary, Alberta, Canada - January 17, 2002) - NovAtel Inc. (NASDAQ: NGPS) announced today that the company delivered an additional 12 WAAS (Wide Area Augmentation System) receivers to Shenzhen Shenyuan Trading Company for use in the Chinese Satellite Navigation Augmentation System (SNAS). This order represents the first lot of receivers for Phase 2 of the Chinese SNAS program, and includes upgrades to mini-WAAS receivers previously delivered under Phase 1 in 2000. This latest sale has a value of $1.3 million US to NovAtel. The first eleven Phase 1 Chinese SNAS reference sites have been installed in and around Beijing, and these latest receivers will be used to expand that existing ground network. These WAAS receivers are functionally identical to those used in the US FAA (Federal Aviation Administration) WAAS and Japanese MSAS (MTSAT Satellite-based Augmentation System). The Multipath Estimating Delay Lock Loop (MEDLL®) function, which minimizes multipath effects in the broadcast reference corrections, remains disabled in the majority of the fielded Phase 1 mini-WAAS receivers, but will be progressively activated as Phase 2 of the Chinese SNAS project continues to move forward. Further WAAS receiver sales are also anticipated as the ground network expands to cover all of China. "As Phase 2 of the SNAS project begins to unfold, we are seeing continuing sales of our leading WAAS reference receivers to a key Wide Area Program," said David Vaughn, President and Chief Executive Officer. " This phase of the Chinese SNAS program is building on the initial operating network established during 2001 to provide wider regional coverage," added Tony Murfin, Director, Aviation Group at NovAtel. "We should anticipate further sales of receivers and functional updates as the Chinese continue to expand their ground network towards national operational capability." NovAtel's WAAS receivers address the enhanced accuracy and integrity verification requirements of national Wide Area Augmentation Systems. These complex receivers incorporate NovAtel's patented Narrow Correlator® and MEDLL® technologies, process WAAS signals from geo-stationary satellites and include L1/L2 processing using MiLLennium® dual frequency receivers. NovAtel Inc. is the principal supplier of reference receivers to WAAS ground networks around the world, and designs, markets and supports a broad range of products that determine precise geographic locations using the Global Positioning System (GPS). NovAtel's GPS products are used principally for applications in high-end markets such as the surveying, geographic information systems, aviation, marine, mining and machine control, agriculture and precise timing markets. For further information please visit our website at www.novatel.com. Certain statements in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company's industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, operating results of subsidiaries and joint ventures, establishing and maintaining effective distribution channels, certification and market acceptance of the Company's new products, impact and timing of large orders, pricing pressures in the market and other competitive factors, maintaining technological leadership, timing of revenue recognition in connection with certain contracts, the ability to maintain supply of products from subcontract manufacturers, the procurement of components to build products, and the impact of industry consolidations, together with the other risks and uncertainties described in public filings.
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