Archive 2003

NovAtel Acquires CMC Electronics’ Non-Aviation GPS OEM Product Line

FOR IMMEDIATE RELEASE	Contact:	Farlin Halsey (403) 295-4970
	INVESTOR CONTACT:	Sonia Ross (403) 295-4532

(Calgary, Alberta and Montreal, Quebec, Canada, May 15, 2003) - NovAtel Inc. (NASDAQ: NGPS), a precise positioning technology company, announced today the acquisition of CMC Electronics’ non-aviation Global Positioning System (GPS) OEM product line. The acquisition follows the signing by both parties of a Memorandum of Understanding (MOU) announced in early February of this year.

NovAtel’s new product line will extend the Company’s current high-performance, upgradeable L1 and dual frequency (L1/L2) product line into the mid-level L1 market. This will increase NovAtel’s total addressable market in core segments and also create entry points into new vertical markets.

According to Jon Ladd, NovAtel’s President and CEO, “We have been evaluating the best way to get into the single frequency (L1) market. The acquisition of CMC Electronics’ non-aviation GPS OEM product line was an ideal solution as it immediately brings to NovAtel proven L1 products and an established customer base. We intend to enhance these products and blend them with existing NovAtel product by utilizing many of our patented technologies. Also, we will bring our strong OEM customer focus to this new product line, including a commitment to improving time to market and return on investment.”

Jim Close, President and CEO, CMC Electronics, explained, “CMC Electronics is very pleased to have this growing, non-aviation product line placed under the management of our NovAtel subsidiary. This transaction aligns well with CMC Electronics’ strategic thrust to focus on the Aviation Electronics market sector. We are convinced that the L1 OEM products and technology will flourish within the NovAtel organization.”

The new single frequency products include 3 receivers - the Superstar I, Superstar II and Allstar with software options such as Wide Area Augmentation System (WAAS) corrections, Real Time Kinematic (RTK) solutions, timing applications and high quality carrier phase output. The product line also includes two enclosures - the Starbox and Smart Antenna Series, as well as development kits and other accessories.

About NovAtel Inc.
NovAtel Inc. is a leading provider of precise global positioning and augmentation technologies designed to afford our customers rapid integration and superior return on investment. The Company’s core technology is being applied in diversified positioning markets around the globe including agriculture, mining, marine, surveying, unmanned systems and machine control. NovAtel is also the prime supplier of GPS ground reference receivers to national satellite-based augmentation systems worldwide including the U.S. WAAS, Europe EGNOS, Japan MSAS and China SNAS. For more information, visit www.novatel.com.

About CMC Electronics
CMC Electronics designs and produces leading technology electronics products for the aviation, infrared sensing, global positioning and space electronics markets. Its principal locations are in Montreal, Quebec; Ottawa, Ontario; Cincinnati, Ohio; and Sugar Grove, Illinois. The company's capabilities are broadened by NovAtel Inc., its subsidiary in Calgary, Alberta. CMC Electronics is a private company controlled by an investor group led by ONCAP L.P. ONCAP is a CDN $400 million investment fund established by Onex Corporation and a number of leading Canadian financial institutions. Onex Corporation is a diversified company with annual consolidated revenues of approximately CDN $24 billion and consolidated assets of approximately CDN $23 billion. Onex is Canada's 5th largest company with global operations in service, manufacturing and technology industries.

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 products, product defects and the impact of industry consolidations, together with the other risks and uncertainties described in the Company’s filings with the United States Securities and Exchange Commission.