NGPS Novatel (MM)

NovAtel, Inc. (NASDAQ:NGPS), a precise positioning technology company, today introduced OEMV, its next generation of Global Positioning System (GPS) receivers. The OEMV family of receivers supports modernized GPS frequencies and signals, and incorporates NovAtel's new Vision Correlator(TM), an innovative technology that virtually eliminates multipath errors. The announcement was made at the 18th international technical meeting of the Institute of Navigation(R) Satellite Division. NovAtel's latest receiver technology sets a new standard in performance, feature set and integration. The OEMV receivers incorporate new high-fidelity radio frequency (RF) designs and a highly integrated System-on-Chip digital ASIC. The OEMV receivers feature fully integrated satellite-based augmentation system (SBAS), Omnistar and Canada-wide Differential GPS (CDGPS); faster processing speed and improved memory for expanded Application Programming Interface (API); 100 Hz measurements; and lower power consumption. The first single, dual, and triple frequency models will be available to customers at the end of Q1, 2006. Three different form factors include: the OEMV-1 with L1; the OEMV-2 with L1, L2, L2C; and the OEMV-3 with L1, L2, L2C and L5 (initial release hardware capable only). The OEMV-2 and OEMV-3 models have been designed as drop in replacements for existing OEM4 engines. All of the OEMV receivers are designed to meet the European Union's new Restriction of Hazardous Substances (RoHS) directive, which comes into effect in mid-2006. "Creation of the new OEMV technology is further proof of our continuing commitment to invest in the development of innovative, highly integrated, precise positioning technology that provides our customers very competitive price/performance solutions, allowing them faster time to market and improved return on their investment," said Jon Ladd, NovAtel's President and CEO. "Furthermore, we have achieved another industry first, with commercial GPS receiver hardware that supports the modernized GPS frequencies and civil signals, including L5." The OEMV family also features Vision Correlator(TM) - a ground-breaking technology that virtually eliminates multipath, a significant remaining error component in GPS measurements, resulting in improved measurement accuracy and positioning reliability. Multipath errors are GPS measurement errors caused by the interaction of the direct GPS satellite signal and its reflections in environments that include urban canyons, foliage canopies and overhead obstructions. NovAtel's Vision Correlator(TM) flags poor signal quality and removes affected measurements, even on low elevation satellites, practically eliminating multipath in even the harshest environments. According to Pat Fenton, NovAtel's Vice President and CTO, "Our OEMV family of receivers addresses key industry requirements, from new signal tracking to improved API and data update rates. The Vision Correlator(TM) was developed to meet industry needs for better accuracy in multipath environments where the reflecting surface is within meters of the GPS antenna. Current multipath mitigation techniques fall short of this and leave the user with the task of sorting through data to determine what is valid. Our OEMV receivers with Vision Correlator(TM) significantly improve on current standards for high accuracy and reliability of positioning data in challenging environments." About NovAtel Inc. NovAtel 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'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, and future performance and market acceptance 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 Point, impact and timing of large orders, US 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 Point, pricing pressures in the market and other competitive factors, maintaining technological leadership, timing of revenue recognition in connection with certain contracts, actions by governmental authorities, and other factors described in our 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.