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News ReleaseNovAtel Inc. Wins NRC/IRAP Innovation Award for New Technology, Western Region
(Calgary, Alberta, Canada, October 24, 2007) — NovAtel Inc. (NASDAQ: NGPS), a precise positioning technology company, has been recognized by the Canadian Manufacturers & Exporters association for innovative excellence in new technology. NovAtel received the National Research Council Canada (NRC)/Industrial Research Assistance Program (IRAP) Award for New Technology, Western Region, for its development of AdVance RTK™ (Real-Time-Kinematic), an embedded algorithm for its GPS receivers that enables users to obtain real-time centimeter-level positioning accuracy much faster and over longer distances. “I am very pleased that CME has selected NovAtel for this award, which recognizes companies whose technological contributions foster Canada’s international reputation for innovation,” said Mike McAloney, Vice President, Operations and Corporate Quality for NovAtel. “One of the core areas in which NovAtel has truly shown outstanding leadership is in our development of significant technology advancements for the precise positioning market.” NovAtel's AdVance RTK is an embedded software algorithm for NovAtel's OEMV professional-quality GPS receivers that enables users to obtain real-time centimeter-level positioning accuracy much faster and over longer distances. The term RTK (Real-Time-Kinematic) refers to the most accurate positioning method possible with GPS. RTK requires two GPS antennas: the rover being positioned (for tasks such as construction layout surveys) and a base antenna at a known location. AdVance RTK improves survey productivity by allowing the surveyor to work over a larger area and still enjoy fast, consistent high accuracy positioning. Canada’s largest trade and industry association, Canadian Manufacturers & Exporters (CME) promotes the continuous improvement of Canadian manufacturing and exporting through engagement of government at all levels. Its mandate is to promote the competitiveness of Canadian manufacturers and enable the success of Canadian goods and services exporters in markets around the world. About NovAtel Inc.NovAtel 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 firmware 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 press release, including those about the Company’s future plans and intentions, financial guidance, risk factors, long-term growth prospects, levels of activity or other future events, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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”, “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”), U.S. dollar to Canadian dollar exchange rate fluctuations, establishing and maintaining effective distribution channels, certification and market acceptance of NovAtel’s new products, the impact and timing of large orders, dependence on key customers, 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, including the proposed merger between Sokkia Co. Ltd. and Topcon Corp., 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, 2006 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 Quarterly Report, and NovAtel assumes no obligation to update or revise them to reflect new events or circumstances. |
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