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News ReleaseNovAtel Inc. Accepted as Full Member of Galileo Services
(Calgary, Alberta, Canada, December 14, 2006) – NovAtel Inc. (NASDAQ: NGPS), a precise positioning technology company, announced that it has been accepted as a Full Member of Galileo Services, the first company outside Europe to be inducted into this leading group of organizations. Galileo Services is a non-profit organization made up of a consortium of businesses and agencies involved with Galileo satellite system downstream technology and services. One of the goals of the organization is to develop technologies and test out value-added services and applications in order to fully exploit all possible Galileo business potential. Galileo is the European Union's state-of-the-art Global Navigation Satellite System (GNSS), which is expected to be fully operable from 2010 with up to 30 satellites orbiting the earth. It is designed for both civilian and government purposes and will be controlled and operated by civil management. “As a Full Member of Galileo Services, NovAtel Inc. has joined an international group of companies who are working towards creating a complete vision of the Galileo system and the businesses it has the potential to produce,” stated Tony Murfin, NovAtel’s Vice President, Business Development. “NovAtel’s contributions to the technology and initial commercialization opportunities associated with the Galileo satellite system development are something of which we are extremely proud. We look forward to the opportunities that will arise with the growth of new markets being created by the Galileo system.” “NovAtel has been involved in the development of Galileo technology since 2000. Most recently, the Company has made a significant technological contribution with their participation in the development of the Galileo Reference Receiver for the Galileo ground system,” added Gard Ueland, President of Galileo Services. “Galileo Services selects its members on the basis of their expertise and motivation to undertake future Galileo business opportunities. NovAtel’s business and technological knowledge will be a definite asset to the Galileo Services organization, contributing to our goal of enhancing the economic value of the Galileo system.” About Galileo ServicesGalileo Services is a non-profit organization, which aims to promote the use of Galileo in equipment, applications and services, and hence develop the downstream market to fully exploit all possible business potential. Galileo Services’ mission is comprised of market development, R&D and demonstrations, and assistance to the Galileo programme implementation. The organization today comprises 27 member companies, including one non-European Full Member from Canada (NovAtel Inc.) and three non-European Associate Members from Japan, Taiwan and USA. For more information, visit www.galileo-services.org. About NovAtelNovAtel Inc. (NASDAQ:NGPS) is a leading provider of precision Global Navigation Satellite System (GNSS) components and subsystems that afford its customers rapid integration of precise positioning technology. The Company’s mission is to provide exceptional return on investment and outstanding service to our customers. An ISO 9001 certified company, NovAtel is focused on developing quality OEM products including receivers, antennas, enclosures and software that are integrated into high precision positioning applications worldwide. These applications include surveying, Geographical Information System (GIS) mapping, precision agriculture machine guidance, port automation, mining, marine and defence industries. NovAtel’s reference receivers are also at the core of national aviation ground networks in the USA, Japan, Europe, China and India. The Company is committed to providing its customers with advanced positioning technology through significant R&D investment focusing on the modernized Global Positioning System (GPS), the revitalized Russian GLONASS and the emerging European Galileo satellite systems, as well as the integration of additional complementary technologies such as Inertial Measurement Units (IMUs). For more information, visit www.novatel.com. Certain statements in this news release, including those about the Company’s future plans and intentions, including commercialization associated with the Galileo system, long-term growth prospects, levels of activity or other future events, 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, certification and market acceptance of NovAtel’s new products, 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, 2005 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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