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News ReleaseNovAtel Ships First Production OEMV Receivers
(Calgary, Alberta, Canada, April 5, 2006) - NovAtel Inc. (NASDAQ: NGPS), a precise positioning technology company, announced that it has begun shipping the first production runs of OEMV receivers – its next generation Global Positioning System (GPS) product – meeting previously announced delivery commitments. These first shipments include a custom variant to Leica Geosystems, Heerbrugg, Switzerland. Leica’s latest GPS 1200 GG Series products, introduced on April 4, 2006, feature NovAtel’s new OEMV GPS+GLONASS technology. “We are extremely pleased to be shipping our next generation, OEMV series products to Leica and the general market,” stated Graham Purves, NovAtel’s Vice President, Sales. “We are committed to keeping our customers enabled with the latest in innovative, integrated positioning technology, incorporating GPS modernization and additional satellite constellations, such as GLONASS. We are also looking forward to future releases that will include additional competitive features, as well as a new single-frequency OEMV-1 model.” NovAtel’s OEMV receivers set a new standard in performance, feature set and integration. In addition to GLONASS capability and support of modernized GPS signals and frequencies (L2C and L5), initial models include an expanded Application Programming Interface (API) and integrated L-band functionality. NovAtel’s OEMV receivers are further designed to meet the European Union’s new Restriction of Hazardous Substances (RoHS) directive, which comes into effect in mid-2006. About NovAtelNovAtel designs, markets and sells high-precision GPS and other positioning components and sub-systems used in a wide variety of commercial applications principally in the aviation, geomatics (surveying and mapping), mining, precision agriculture, marine and defence industries. NovAtel is also the principal supplier of reference receivers to national aviation ground networks in the US, Japan, Europe, China and India. NovAtel’s solutions combine hardware, such as receivers and antennas, with software to enable its customers to fully integrate the Company’s high-precision GPS technology into their respective products and systems. NovAtel, an ISO 9001 certified company, is focused on supplying core high-precision positioning technology to OEMs and system integrators who build systems for various end market applications. For more information, visit www.novatel.com. Certain statements in this news release, including those about the Company’s future plans and intentions, future performance, market acceptance and expected shipments of its OEMV technology, are forward-looking statements. These forward-looking statements are not based on historical facts but rather on management’s current expectations regarding NovAtel’s future growth, results of operations, performance, future capital and other expenditures, competitive advantages, business prospects and opportunities. Wherever possible, words such as ‘‘anticipate’’, ‘‘believe’’, ‘‘expect’’, ‘‘may’’, ‘‘could’’, ‘‘will’’, ‘‘potential’’, ‘‘intend’’, ‘‘estimate’’, ‘‘should’’, ‘‘plan’’, ‘‘predict’’, “forecast” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements, including operating results of the Company’s joint venture Point, Inc. (“Point”), impact and timing of large orders, U.S. dollar to Canadian dollar exchange rate fluctuations, establishing and maintaining effective distribution channels, timely launch of new products, certification and market acceptance of NovAtel’s new products, impact and timing of large orders, credit risks of customers and the Company’s joint venture Point, 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, the impact of industry consolidations, vulnerability to general economic, market and business conditions, competition, environmental and other actions by governmental authorities, reliance on key personnel and other factors described in the Company’s Form 20-F for the year ended December 31, 2004 and other SEC filings, many of which are beyond the control of NovAtel. These factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. These forward-looking statements are made as of the date of this news release, and NovAtel assumes no obligation to update or revise them to reflect new events or circumstances. |
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