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Archive 2002NovAtel Awarded Contract from FAA for New WAAS Receiver
(Calgary, Alberta, Canada - June 17, 2002) - NovAtel Inc. (NASDAQ: NGPS) announced today that the company has received a contract from the US Federal Aviation Administration (FAA) to develop the next generation Wide Area Augmentation System (WAAS) receiver. The contract covers receiver development and qualification work over a 21-month period and also includes an additional option for the development of a new broadband WAAS antenna. The basic contract has a value of $2.4 million US and the option is worth $835,000 US. The new WAAS receiver is based on the NovAtel OEM4 dual frequency GPS receiver with added L2C/A tracking. It also includes a new generation of the patented MEDLL® multipath reduction technology and has provision for subsequent upgrade to add L5 receiving capability. The receiver firmware also incorporates Signal Quality Monitoring (SQM) and will be qualified to RTCA DO-178B level D. “We are extremely pleased to see the confidence in NovAtel which the FAA has shown by this new award. As their WAAS receiver supplier of choice for the last seven years, we now look forward to meeting the evolving requirements of the WAAS system for years to come,” said Jonathan Ladd, NovAtel President and CEO. “When this next generation WAAS receiver is available at the end of 2003/early 2004 it will provide added integrity monitoring, and have the expansion capability to match evolving GPS system updates as they are deployed,” added Tony Murfin, NovAtel Vice President Business Development. NovAtel's WAAS receivers are deployed in the national WAAS/SBAS ground networks in the US, Japan, China and Europe. These complex receivers incorporate NovAtel's patented Narrow Correlator® and MEDLL® technologies, process WAAS signals from geo-stationary satellites and include dual frequency L1/L2 processing. 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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