NovAtel Awarded Contract from FAA for New WAAS Receiver.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--June 17, 2002 NovAtel Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NGPS) announced today that the company has received a contract from the US Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control (FAA) to develop the next generation Wide Area Augmentation System The Wide Area Augmentation System (WAAS) is an elevated-accuracy navigation system developed for civil aviation by the Federal Aviation Administration (FAA), a division of the United States Department of Transportation (DOT). (WAAS (Wide Area Augmentation System) A system of earth stations and satellites that improves the tracking accuracy of the GPS navigation system to approximately 10 feet. ) receiver. The contract covers receiver development and qualification work over a 21-month period and also includes an additional option for the development of a new broadband WAAS antenna. The basic contract has a value of $2.4 million US and the option is worth $835,000 US. The new WAAS receiver is based on the NovAtel OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and 4 dual frequency GPS receiver with added L2C/A tracking. It also includes a new generation of the patented MEDLL MEDLL Multipath Estimating Delay-Lock-Loop (Novatel) MEDLL Multipath Estimation Delay Lock Loop (R) multipath reduction technology and has provision for subsequent upgrade to add L5 receiving capability. The receiver firmware also incorporates Signal Quality Monitoring (SQM) and will be qualified to RTCA RTCA Radio Technical Commission for Aeronautics RTCA Rivers Trails and Conservation Assistance (National Park Service) RTCA Rio Tinto Coal Australia RTCA Requirements and Technical Concepts for Aviation DO-178B level D. "We are extremely pleased to see the confidence in NovAtel which the FAA has shown by this new award. As their WAAS receiver supplier of choice for the last seven years, we now look forward to meeting the evolving requirements of the WAAS system for years to come," said Jonathan Ladd, NovAtel President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "When this next generation WAAS receiver is available at the end of 2003/early 2004 it will provide added integrity monitoring, and have the expansion capability to match evolving GPS system updates as they are deployed," added Tony Murfin, NovAtel Vice President Business Development. NovAtel's WAAS receivers are deployed in the national WAAS/SBAS ground networks in the US, Japan, China and Europe. These complex receivers incorporate NovAtel's patented Narrow Correlator(R) and MEDLL(R) technologies, process WAAS signals from geo-stationary satellites and include dual frequency L1/L2 processing. NovAtel Inc. is the principal supplier of reference receivers to WAAS ground networks around the world, and designs, markets and supports a broad range of products that determine precise geographic locations using the Global Positioning System Global Positioning System: see navigation satellite. Global Positioning System (GPS) Precise satellite-based navigation and location system originally developed for U.S. military use. (GPS). NovAtel's GPS products are used principally for applications in high-end markets such as the surveying, geographic information systems, aviation, marine, mining and machine control, agriculture and precise timing markets. For further information please visit our website at http://www.novatel.com. Certain statements in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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, 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, and the impact of industry consolidations, together with the other risks and uncertainties described in public filings. |
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