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Archive 2002NovAtel Inc. Ships More GPS Receivers for Chinese WAAS Program
(Calgary, Alberta, Canada - December 5, 2002) - NovAtel Inc. (NASDAQ: NGPS) announced today that the company shipped additional 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 second 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 shipment has a value of $2.4 million US to NovAtel. The Chinese SNAS ground reference network infrastructure continues to expand in China with the installation of more reference sites. 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 upgrades included in this order will bring full functionality to a number of previously delivered Phase 1 receivers. “The Chinese SNAS project remains a significant, on-going project for NovAtel,” said Jon Ladd, President and Chief Executive Officer. “Our relationship with the customer continues to grow, as the Chinese GPS Augmentation System program progresses year-by-year.” “The number of receivers we have shipped to date represents a significant portion of the total we believe would be needed for a full China-wide system, and there may well be further WAAS receiver sales in China in the future,” added Tony Murfin, Vice President Business Development. 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. designs, markets and supports a broad range of products that determine precise geographic locations using the Global Positioning System (GPS) and is the principal supplier of reference receivers to WAAS ground networks around the world. NovAtel's GPS products are used principally for applications in precision markets such as the surveying, geographic information systems, aviation, marine, mining, 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, credit risks of customers and joint ventures, financing of joint ventures, 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 product, product defects and the impact of industry consolidations, together with the other risks and uncertainties described in Management’s Discussion and Analysis of Financial Condition and Results of Operations herein and in the Company’s other filings with the United States Securities and Exchange Commission.
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